Safe Asset Scarcity and Aggregate Demand

By Ricardo J. Caballero, Emmanuel Farhi, P. Gourinchas. 2016

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Global trends in interest rates (2018, background): “…of LTCM, were key turning points in the emergence of global imbalances (e.g., Bernanke, 2005; Bernanke et al., 2011; Caballero and Krishnamurthy, 2009; Caballero, 2010; Caballero and Farhi, 2014; Caballero et al., 2015; Gourinchas and Rey, 2016; Hall, 2016; Caballero et al., 2017; Caballero, 2018).”
ESBies: Safety in the Tranches (2017, background): “1 Other proposals are summarized by Claessens et al. (2012) and Tumpel-Gugerell (2014).”
On Secular Stagnation in the Industrialized World (2019, background): “to this topic, Christopher Carroll and Lawrence Summers (1991) established that, across countries, consumption growth and income growth are tightly linked and follow each other, and that households with more steeply rising income profiles tend to save more, not less.”