Als Vortragende dürfen wir Zhengyang Jiang (Kellogg School of Management, Northwestern University) begrüßen.

Er wird sein Paper "Exorbitant Privilege: A Safe-Asset View" vorstellen.

Abstract: I develop a model of the reserve currency paradigm that centers on demand for safe assets. In global recessions, the demand for U.S. safe bond increases and raises its convenience yield, giving rise to a stronger dollar and a countercyclical seigniorage revenue. This seigniorage revenue raises the U.S. wealth and consumption shares in recessions, despite the U.S. suffering portfolio losses from its external positions. The asset demand channel also connects wealth decline during local recessions to local currency depreciation, which generates procyclical exchange rates and provides a new perspective on the relationship between exchange rates and capital flows. Under this safe asset view, exorbitant privilege does not require exorbitant duty.

Das Brown Bag Seminar findet am 22. Mai 2024 von 13:00-14:15 Uhr im Raum D3.0.222 statt.