Cost-benefit analysis of leaning against the wind

Presentation at the AQR Institute of Asset Management event Perspectives: Unprecedented Monetary Policy Intervention, London Business School, London, June 25, 2015.

Previous version presented at the Bank of England-Hong Kong Monetary Authority-International Monetary Fund conference on Monetary, Financial and Prudential Policy Interactions in the Post-Crisis World held at Bank of England, London, June 16-17, 2015.