英格兰银行 美国风险与财资便利.pdf

U.S. Risk and Treasury Convenience International Asset Pricing, NBER Summer Institute 2023 Giancarlo Corsetti’ Simon Lloyd2 Emile Marin3 Daniel Ostry2 ’European University Institute and C.E.P.R. 'Bank of England and Centre for Macroeconomics 3U c Davis July 10 2023 Thqv,o响。xprc”时 间，.曲闹忖侃””rily ""'" the po，；”。”。fthq 』耐or<ogl,ad I '""""' Lloyd Mo,＂，民阳可 仰of,fU> U（阳电｝ l1S ,;,, ,.,. ＇＂＇＂号叫C阴阳刚ω j呻刷1 ' ' The U.S. (Dollar) in the Global Financial System .,.. Dollar pe阿eived as safe in short run . Fligh臼－to-safety appreciate dollar in bad times [Maggi。ri 2017; Kekre 晶Lenel 20剖 Ostry 20习，l ， t ,., ＂＂ “酬，旬，叫阳刚8of WI U（阳吵 US "'' aad ＇＂＇＂与u,yCoo;•n;,,,.. 附叫 ' ' The U.S. (Dollar) in the Global Financial System .,.. Dollar pe阿eive as safe in short run － . Fligh臼 to-safety appreciate dollar in bad times [Maggiori 2011; Kekre 晶Lenel 20剖 Ostry 20习，l ， · But in long run: ne