Housing Cycles and Exchange Rates

The authors thank the editor David Sraer, associate editor Ricardo Colacito, and three anonymous referees for many constructive comments and suggestions; discussants Yu-chin Chen, Nancy Xu, and Kamila Sommer; and Hengjie Ai, Ricardo Correa, Kewei Hou, Seung Lee, Gordon Y. Liao, Sydney C. Ludvigson, Daniel Molina, Nick Roussanov, Ivan Shaliastovich, and seminar participants at the American Finance Association Annual Meeting, Federal Reserve Board Macro-Asset Pricing Workshop, Northern Finance Association Annual Meeting, the Chinese University of Hong Kong, the Fed Board, Hong Kong University, Hong Kong University of Science and Technology, San Francisco Fed, The Ohio State University, Temple University, University of Tennessee, and University of Wisconsin for comments and suggestions. The views expressed here are those of the authors and not necessarily those of the Federal Reserve Board or the Federal Reserve System. All errors are our own.