Capital Flows and the Risk-Taking Channel of Monetary Policy

We are grateful to Christopher Sims, John Taylor, Jean-Pierre Landau, Guillaume Plantin, Lars Svensson and Tarek Hassan for their comments on an earlier version of this paper. We also thank participants at the 2012 BIS Annual Conference, Bank of Canada Annual Research Conference, 2013 AEA meetings and presentations at the Monetary Authority of Singapore, Bank of Korea and at the Central Bank of the Republic of Turkey. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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