000			01470nam a22001577a 4500
999			_c527485 _d527485
008			240902b ||||| |||| 00| 0 eng d
100			_aKekre, Rohan and Lenel, Moritz _957690
245			_aThe flight to safety and international risk sharing
260			_aThe American Economic Review
300			_a114(6), Jun, 2024: p. 1650-1691
520			_aWe study a business cycle model of the international monetary system featuring a time varying demand for safe dollar bonds, greater risk-bearing capacity in the United States than the rest of the world, and nominal rigidities. A flight to safety generates a dollar appreciation and decline in global output. Dollar bonds thus command a negative risk premium, and the United States holds a levered portfolio of capital finances in dollars. We quantify the effects of safety shocks and heterogeneity in risk-bearing capacity for global macroeconomic volatility, US external adjustment, and policy transmission, as of dollar swap lines.- Reproduced https://www.aeaweb.org/articles?id=10.1257/aer.20211319
650			_aFlight to Safety, International Monetary System, Safe Dollar Bonds, Risk-Bearing Capacity, Dollar Appreciation, Global Output Decline, Negative Risk Premium, Leveraged Capital Portfolio, Safety Shocks, Macroeconomic Volatility, US External Adjustment, Policy Transmission, Dollar Swap Lines _957691
773			_aThe American Economic Review
906			_aINTERNATIONAL TRADE
942			_cAR