NBER Working Paper No. 18587
---- Acknowledgements -----
I am grateful to Ufuk Akcigit, Manuel Amador, Maya Eden, Huberto Ennis, Juan C. Hatchondo, Andreas Horstein, Todd Keister, Anton Korinek, Enrique Mendoza, Andy Powell, Thomas Sargent, John Shea, Ali Shourideh, Carlos Vegh, Stijn Van Nieuwerburgh, for helpful comments. I also thanks seminar participants at Harvard, NYU, Stanford, University of Maryland, University of Pennsylvania, Minneapolis Fed, New York Fed, Richmond Fed, World Bank, Bank of Italy, Central Bank of Uruguay, Universidad de Montevideo, Society of Economic Dynamics (SED), HKUST 'International Workshop on Macroeconomics', Di Tella 'XIV Workshop in International Economics and Finance', and Dallas Fed Conference on 'Financial frictions and Monetary Policy in an Open Economy' for useful comments. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.