Global Portfolio Rebalancing Under the Microscope
---- Acknowledgements -----
Sylvain Champonnois provided excellent research assistance. We are very grateful to the Fondation Banque de France and especially Henri Pagès for financial support and feedback. We also benefited greatly from comments by Philippe Bachetta, Mick Devereux, Marcel Fratscher, Stéphane Guibaud, Karen Lewis, Paolo Mauro, Jay Shambaugh, Andrew Rose, Mark Seasholes, Kenichi Ueda and seminar participants at the NBER, the CEPR, the University of Amsterdam, the University of Brussel, HEI, Harvard University and the AEA 2009 meeting. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.