The "Other" Imbalance and the Financial Crisis
NBER Working Paper No. 15636
---- Acknowledgments ----
Prepared for the Paolo Baffi Lecture delivered at the Bank of Italy on December 10th, 2009. I thank Francesco Giavazzi, Arvind Krishnamurthy, James Poterba and seminar participants at the Bank of Italy for their comments, and Fernando Duarte, Jonathan Goldberg, and Matthew Huang for outstanding research assistance. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.