The author is grateful to the National Bureau of Economic Research for financial support and to Michael Burda and Wing Woo for research assistance. The research reported here is part of the NEER's research program in Financial Markets and Monetary Economics and project on the Changing Role of Debt and Equity Finances in the United States, which is being financed by a grant from the American Council of Life Insurance. Any opinions expressed are those of the author and not those of the National Bureau of Economic Research.