NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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A Model of Fickle Capital Flows and Retrenchment

Ricardo J. Caballero, Alp Simsek

NBER Working Paper No. 22751
Issued in October 2016, Revised in July 2019

---- Acknowledgments ----

We thank three anonymous referees, and the editor Harald Uhlig especially, for their detailed, constructive comments. Masao Fukui, Antoine Levy, Andrea Manera, and Zilu Pan provided outstanding research assistance. We are also grateful to Daron Acemoglu, Chris Ackerman, Charles Engel, Kristin Forbes, Sebnem Kalemli-Ozcan, Anton Korinek, Signe Krogstrup, Arvind Krishnamurthy, Jonathan Ostry, Andrei Shleifer, and Frank Warnock, as well as the seminar participants at YALE SOM, Harvard University, Duke University, Tufts University, Brown University and the conference participants at the NBER IFM Meeting, Chicago International Macro Finance Conference, Harvard/MIT Financial Economics Workshop, the ECB/FED/FEDNY Global Research Forum on International Macroeconomics and Finance, for their comments. Simsek acknowledges support from the National Science Foundation (NSF) under Grant Number SES-1455319. A previous version of this paper circulated under the title “A Model of Fickle Capital Flows and Retrenchment: Global Liquidity Creation and Reach for Safety and Yield.” First draft: August 31, 2016. 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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