NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

On the Macroeconomics of Asset Shortages

Ricardo J. Caballero

NBER Working Paper No. 12753
Issued in December 2006

---- Acknowledgements -----

Correspondence: caball@mit.edu. These notes were prepared for the 4th ECB Central Banking Conference on "The Role of Money: Money and Monetary Policy in the Twenty-first Century," Frankfurt, November 2006. I thank George-Marios Angeletos, Olivier Blanchard, Arvind Krishnamurthy, Leonid Kogan and conference participants for their comments. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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