International Capital Flows under Dispersed Information: Theory and Evidence
---- Acknowledgements ----
Cedric Tille gratefully acknowledges financial support from the Swiss National Science Foundation and the National Centre of Competence in Research "Financial Valuation and Risk Management" (NCCR FINRISK). van Wincoop gratefully acknowledges financial support from the National Science Foundation (grant SES-0649442), the Bankard Fund for Political Economy, the Hong Kong Institute for Monetary Research and the Netherlands Central Bank. We thank Philippe Bacchetta, Paul Bergin, Casper de Vries, Bernard Dumas, Robert Kollmann, Frank Warnock, participants at the CEPR Third Annual Conference on the Macroeconomics of Global Interdependence, the 2008 NBER summer institute, the 2008 meetings of the Society for Economic Dynamics and the European Economic Association, Cornell University, the IMF, the Federal Reserve Bank of New York, the Board of Governors of the Federal Reserve, the Netherlands Central Bank, Hong Kong Authority Authority, UC Davis and the University of Amsterdam for valuable discussions and comments on an earlier draft. We thank Simone Meier for valuable research assistance. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.