Foreign Safe Asset Demand and the Dollar Exchange Rate
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We develop a theory that links the U.S. dollars valuation in FX markets to the convenience yield that foreign investors derive from holding U.S. safe assets. We show that this convenience yield can be inferred from the Treasury basis: the yield gap between U.S. government and currency-hedged foreign
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美国国家经济研究局创建时间：
2018-03-01
