Choi, Jason; Dang, Duong Q.; Kirpalani, Rishabh; Perez, … - National Bureau of Economic Research - 2023
We document the decline in market power of the U.K. in safe assets and quantify the resulting losses. We estimate an … increasing elasticity of demand for U.K. public debt during the latter half of the 20th century. This is in sharp contrast to the … decline in market power of the U.K. in safe assets resulted in a sizable decline in seigniorage revenues …