Not so Disconnected: Exchange Rates and the Capital Stock

Tarek Alexander Hassan, Thomas Mertens, Tony Zhang

NBER Working Paper No. 21445
Issued in August 2015

---- Acknowledgments ----

Prepared for the International Seminar on Macroeconomics 2015. We thank Charles Engel, Luca Fornaro, Tommaso Monacelli, Brent Neiman, Anna Pavlova, Hélène Rey, and Robert Richmond for helpful comments. Hassan is grateful to the Fama-Miller Center at the University of Chicago for providing financial support. 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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