We thank Wilko Bolt, Beth Kiser, Ariel Pakes, and Bob Triest, as well as numerous seminar audiences for insightful comments on the article. We also thank Mingli Chen, Vikram Jambulapati, Sarojini Rao, and Hanbing Zhang for excellent research assistance. The comments of the Editor and two anonymous referees greatly improved the article. The views presented here are those of the authors only and do not necessarily represent the views of the Federal Reserve Bank of Boston, Federal Reserve System, or the Consumer Financial Protection Bureau.
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