Crowding Out Redefined: The Role of Reserve Accumulation
---- Acknowledgements -----
This paper was prepared for Prospects for Asia and the Global Economy 2013 Asia Economic Policy Conference Federal Reserve Bank of San Francisco November 3-5, 2013. We wish to thank Brad DeLong, Olivier Jeanne, Vincent Reinhart, Kenneth Rogoff, Alan Taylor, and conference participants for helpful comments and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.