behind this crisis is the large demand for riskless assets from the rest of the world. In this paper we present a model to …

behind this crisis is the large demand for riskless assets from the rest of the world. In this paper we present a model to …

This paper explores the consequences of extremely low equilibrium real interest rates in a world with integrated but …

that the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …