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Our most academic publication offers research and surveys on monetary policy, national and international developments, banking, and more. The content is written for an economically informed readership—from the undergraduate student to the PhD.

Vol. 94, No. 3 (Posted 2012-05-01)

Liquidity Shocks, Real Interest Rates, and Global Imbalances

by David Andolfatto

The author uses a simple neoclassical model to show how liquidity shocks at home and abroad can contribute to trade imbalances and low real interest rates. The author’s interpretation is consistent with Bernanke’s (2005) “global saving glut” hypothesis.

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