Are Valuation Effects Desirable from a Global Perspective?

Pierpaolo Benigno

NBER Working Paper No. 12219
Issued in May 2006

---- Acknowledgements -----

I am grateful to Gianluca Benigno, Refet Gurkaynak, Philip Lane, Ken Rogoff, Luca Sessa, Cedric Tille, Mike Woodford, seminar participants at the Bank of Italy, ECB, IMF, John Hopkins University, the Konstanz Seminar on Monetary Theory and Policy and the conference on ?New Perspective on Financial Globalization? at the IMF for helpful comments and discussions. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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