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We thank the editor Gregor Matvos, two anonymous referees, Manuel Adelino, Samuel Antill, Eduardo Dávila, Jason Donaldson, Simon Gervais, Stefano Giglio, Joao Gomes, Kinda Hachem, Ben Iverson, Charles Kahn, Ron Kaniel, Stefan Nagel, Greg Nini, Martin Oehmke, Michael Roberts, Juan Sagredo, Michael Schwert, Amir Sufi, Mathieu Taschereau-Dumouchel, Wei Wang, Yao Zeng, Xingtan Zhang, and Hongda Zhong as well as seminar participants at the Asian Consortium Macro/Finance Seminar Series, Bonn, Frankfurt, IDC Herzliya, Imperial, LSE, Notre Dame, Queen Mary, Tilburg, Warwick, Wharton, the AFA Meetings, the Bank of Italy Workshop on the Post-COVID-19 Economy, the EFA Meetings, the FIRS Meetings, the Financial Theory Webinar, the NFA Meetings, the SFS Cavalcade, the SITE Workshop on Banks and Financial Frictions, the University of Kentucky Finance Conference, and the Virtual Finance Theory Seminar for their helpful comments.将信件发送到Vincent Glode，vglode @ wharton.upenn.edu。
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