The Carry Trade and Fundamentals: Nothing to Fear But FEER Itself

Òscar Jordà, Alan M. Taylor

NBER Working Paper No. 15518
Issued in November 2009

---- Acknowledgements -----

Taylor has been supported by the Center for the Evolution of the Global Economy at UC Davis and Jorda by DGCYT Grant (SEJ2007-63098-econ); part of this work was completed whilst Taylor was a Houblon-Norman/George Fellow at the Bank of England; all of this research support is gratefully acknowledged. We thank Travis Berge and Yanping Chong for excellent research assistance. We acknowledge helpful comments from Vineer Bhansali, Richard Meese, Michael Melvin, Stefan Nagel, Michael Sager, Mark Taylor, and seminar participants at The Bank of England, Barclays Global Investors, London Business School, London School of Economics, the 3rd annual JIMF-SCCIE conference, the NBER IFM program meeting, and PIMCO. All errors are ours. 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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