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Global Safe Asset Shortage: The Role of Central Banks

Ricardo J. Caballero

in Progress and Confusion: The State of Macroeconomic Policy

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034623
eISBN:
9780262333450
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034623.003.0026
Subject:
Economics and Finance, Public and Welfare

The chapter argues that there is a global shortage of safe assets, which puts downward pressure on safe real rates and leads to a stubborn form of liquidity trap (a safety trap). Central banks are ... More


Factor Investing

Andrew Ang

in Asset Management: A Systematic Approach to Factor Investing

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199959327
eISBN:
9780199382323
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199959327.003.0014
Subject:
Economics and Finance, Financial Economics

There are many factor strategies—value-growth investing, momentum, and short volatility strategies, to name but a few—that beat the market. To determine which factors that we should choose, factor ... More


The Mirage of Safety

Eswar S. Prasad

in Gaining Currency: The Rise of the Renminbi

Published in print:
2016
Published Online:
October 2016
ISBN:
9780190631055
eISBN:
9780190631086
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190631055.003.0007
Subject:
Economics and Finance, International

This chapter draws a distinction between a reserve currency and a safe haven currency, one that investors turn to for safety during times of financial turmoil. The chapter identifies the ... More


Empirical Relevance

Bernt P. Stigum

in Econometrics in a Formal Science of Economics: Theory and the Measurement of Economic Relations

Published in print:
2014
Published Online:
September 2015
ISBN:
9780262028585
eISBN:
9780262323109
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028585.003.0003
Subject:
Economics and Finance, Econometrics

Chapter III explains and illustrates what it means for an economic theory to be empirically relevant. A theory’s empirical relevance depends on the empirical context in which it is tested and on the ... More


Gaining Currency: The Rise of the Renminbi

Eswar S. Prasad

Published in print:
2016
Published Online:
October 2016
ISBN:
9780190631055
eISBN:
9780190631086
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190631055.001.0001
Subject:
Economics and Finance, International

China’s currency, the renminbi (RMB), has taken the world by storm. The RMB is well on its way to becoming a significant international currency, one that is used widely in international trade and ... More


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