A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy
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The global economy has a chronic shortage of safe assets which lies behind many recent macroeconomic imbalances. This paper provides a simple model of the Safe Asset Mechanism (SAM), its recessionary safety traps, and its policy antidotes. Safety traps share many common features with conventional
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美国国家经济研究局创建时间：
2013-01-01
