We thank Saleem Bahaj, Maarten De Ridder, Basil Halperin, Xavier Jaravel, Pete Klenow, David Lagakos, Eben Lazarus, Huiyu Li, Yueran Ma, Benjamin Moll, Christina Patterson, Lukasz Rachel, Christopher Tonetti and seminar participants at the NBER Summer Institute (Economic Growth and Long-Run Macroeconomic Development) and SED for valuable comments and suggestions; Gregor Schubert for sharing data; and Sven van Holten Charria and Nicholas Tokay for outstanding research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.