The author thanks Daron Acemoglu, George-Marios Angeletos, Ricardo Caballero, Oguzhan Celebi, Hui Chen, Roberto Corrao, Drew Fudenberg, Daniel Greenwald, Leonid Kogan, Stephen Morris, George Nikolakoudis, Yury Olshanskiy, Parag Pathak, Karthik Sastry, Lawrence Schmidt, Alp Simsek, John Sturm, Robert Townsend, Adrien Verdelhan, Ivan Werning, Basil Williams, Haoxiang Zhu, the editor Agostino Capponi, two anonymous referees, and seminar participants in the 2021 European Winter Meeting of the Econometric Society, MIT Theory Lunch, MIT Macro Lunch, and MIT Sloan Finance Workshop for helpful comments.