Exorbitant Privilege: A Safe-Asset View
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https://www.nber.org/papers/w32454
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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
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美国国家经济研究局创建时间：
2024-05-01
