NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Persistent Appreciations and Overshooting: A Normative Analysis

Ricardo J. Caballero, Guido Lorenzoni

NBER Working Paper No. 13077
Issued in May 2007

---- Acknowledgements -----

Respectively, caball@mit.edu and glorenzo@mit.edu. We are grateful to Arvind Krishnamurthy, Pablo Kurlat, Enrique Mendoza, Klaus Schmidt-Hebbel and seminar participants at Berkeley, Harvard, IMF, MIT, IFM-NBER, WEL-MIT, the World Bank, San Francisco Fed, LACEA-Central Bank of Chile, and Paris School of Economics for their comments, and to Nicolas Arregui, Jose Tessada, Lucia Tian, and, especially, Pablo Kurlat for excellent research assistance. Caballero thanks the NSF for financial support. First draft: September 2006. This paper circulated previously as "Persistent Appreciations, Overshooting, and Optimal Exchange Rate Interventions." 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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