普林斯顿大学Guillaume Plantin。
Abstract
We ask when currency carry trades are associated with destabilizing
dynamics in the foreign exchange market, and investigate the role of
monetary policy rules in setting off such dynamics. In a model where
the exchange rate has a long-term fundamental anchor, we find that
carry trades can be stabilizing or destabilizing at shorter horizons,
depending on the propensity of capital inflows to overheat the recipient
economy. In the destabilizing case, we solve for a unique equilibrium
that exhibits the classic pattern of the carry trade recipient currency
appreciating for extended periods, punctuated by sharp falls.

在这个宽松年代，carry trade是个很好的话题。