NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Safe Assets

Robert J. Barro, Jesús Fernández-Villaverde, Oren Levintal, Andrew Mollerus

NBER Working Paper No. 20652
Issued in October 2014, Revised in May 2017

---- Acknowledgments ----

We appreciate comments from Andrew Abel, Ben Broadbent, Ricardo Caballero, Emmanuel Farhi, Xavier Gabaix, Oded Galor, Nicola Gennaioli, Matteo Maggiori, Ricardo Perez-Truglia, Andrei Shleifer, Jon Steinsson, Mike Woodford, Luigi Zingales, participants of seminars at Columbia and Brown, and participants at the conference on “Safe Assets” at Columbia in February 2015. 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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