A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy
NBER Working Paper No. 18737
---- Acknowledgements ----
For useful comments, we thank Daron Acemoglu, Oliver Hart, Gary Gorton, Bengt Holmstrom, Narayana Kocherlakota, Guillermo Ordonez, Ricardo Reis, Andrei Shleifer, Alp Simsek, Jeremy Stein, Kevin Stiroh, and Ivan Werning. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.