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). Conversely, a sell-off of foreign...

The last 20 years have been marked by a sharp rise in international demand for U.S. reserve assets, or safe stores-of-value. What are the welfare consequences to U.S. households of these trends, or of a reversal? In a lifecycle model with aggregate and idiosyncratic risks, the young and oldest...

The last 20 years have been marked by a sharp rise in international demand for U.S. reserve assets, or safe stores-of-value. What are the welfare consequences to U.S. households of these trends, or of a reversal? In a lifecycle model with aggregate and idiosyncratic risks, the young and oldest...

Die schwerste Krise der Weltwirtschaft seit mehr als sechzig Jahren hat viele Ursachen. Zu viel Liquidität im globalen Finanzsystem, gepaart mit schlechter Regulierung, waren Auslöser für eine Finanzkrise, die bald auch in die Realwirtschaft übergriff. Die Folge war eine massive Zerstörung...