Dollar Safety and the Global Financial Cycle
构建了一个模型，以全球对安全美元资产的需求为核心，解释了美元借贷、货币错配、美国外部资产负债表、美国货币政策的全球溢出效应以及美元作为全球风险因素等现象，揭示了美国货币政策影响全球经济和汇率市场的新传导机制。
Abstract We develop a model of the global financial cycle with one key ingredient: the international demand for safe dollar assets. The model matches patterns of dollar borrowing and currency mismatch, the U.S. external balance sheet, exorbitant privilege, spillovers of the U.S. monetary policy to the rest of the world, and the dollar as a global risk factor. In doing so, we lay out a novel transmission mechanism through which the U.S. monetary policy affects the currency market and the global economy. The global financial cycle is a dollar cycle.