Exorbitant Privilege: A Safe-Asset View
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下载链接：
https://www.nber.org/papers/w32454
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资源简介：
I propose a model of the reserve currency paradigm that centers on liquidity demand for safe assets. In global recessions, the demand for U.S. safe assets increases and raises their convenience yields, giving rise to stronger dollar and countercyclical seigniorage revenues. The seigniorage revenues
提供机构：
美国国家经济研究局
创建时间：
2024-05-01
