Ludvigson, Sydney; Nieuwerburgh, Stijn Van; Favilukis, Jack - Society for Economic Dynamics - SED - 2012
The last 20 years have been marked by a sharp rise in international demand for U.S. reserve assets, or safe stores-of-value. We argue that these trends in international capital flows are likely to be a boon for some (by a lot) but a bane for others (by less). The young benefit from a capital...