NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

On Returns Differentials

Stephanie E. Curcuru, Charles P. Thomas, Francis E. Warnock

NBER Working Paper No. 18866
Issued in March 2013

---- Acknowledgements -----

A revised version of this paper is forthcoming in Journal of International Money and Finance. The authors thank for helpful comments Kristin Forbes, Ralph Koijen, Philip Lane, Bob McCauley, Enrique Mendoza, Gian Maria Milesi-Ferretti, Brent Neiman, Maurice Obstfeld, Jules van Binsbergen, and participants in seminars or conferences at the AEAs, NBER, Georgetown, Federal Reserve Board and Koc University. Warnock thanks the Darden School Foundation for generous support. The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the National Bureau of Economic Research, the Federal Reserve Bank of Dallas, the Board of Governors of the Federal Reserve System, or of any other person associated with the Federal Reserve System.

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