NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Crowding Out Redefined: The Role of Reserve Accumulation

Carmen M. Reinhart, Takeshi Tashiro

NBER Working Paper No. 19652
Issued in November 2013

---- 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.

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