We are grateful to Keith Ericson, Jim Rebitzer, Ágnes Szabó-Morvai, and seminar participants at Lehigh University, Purdue University, Stanford University, the University of Georgia, Georgia State University, the University of Ottawa, the University of Pennsylvania, the University of Virginia, the University of San Diego, the University of Duisburg-Essen, and the CERS Institute of Economics for useful feedback. Amanda Stiebris provided superb research assistance.