Monetary Independence and Rollover Crises
---- Acknowledgments ----
We would like to thank Manuel Amador, Tim Kehoe, and Sushant Acharya for very useful discussions. We have also benefited from comments by seminar participants at IX Annual CIGS Conference on Macroeconomic Theory and Policy, Columbia, Drexel-Philadelphia Fed Conference on Credit Markets and the Macroeconomy, Federal Reserve System Conference, Federal Reserve Bank of Minneapolis, Lacea, NCID VII Annual Research Workshop, Society of Economic Dynamics, the Trade Workshop at the University of Minnesota, University of Houston, and University of Toronto. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis, the Federal Reserve System, or the National Bureau of Economic Research.