1. Financial Stability Department, Bank of Canada, 234 Wellington Street, Ottawa, ON. K1A0G9 (email: )
2. Department of Economics, University of Chicago, 1126 E. 59th Street, Chicago, IL, 60637, and NBER (email: )
3. Department of Economics, Princeton University, 391 Julis Romo Rabinowitz Bldg., Princeton, NJ, 08544-1021, NBER, and CEPR (email: )