The Macroeconomic Implications of US Market Power in Safe Assets
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The US government is the dominant supplier of global safe assets and faces a downward-sloping demand for its debt. In this paper, we ask if the US exercises its market power when issuing debt and study its macroeconomic consequences. We develop a model of the global economy in which US public debt
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美国国家经济研究局创建时间：
2022-12-01
