David Beckworth on the Safe Asset Theory of Inflation, Comparing Central Bank Frameworks, and a Year of Macro Musings in Review
Macro Musings with David Beckworth
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The Safe Ass Asad Shortage Problem
i was going to ask lake, what sort of theoretical framework did you bring to bear on this issue? Av, i nou you mention the safe asids asad shortage phenomon. Maybe take a little bit of time to explain what this framework is and kind of ot helps you interpret this low inflation episode. Yes, before i get to ma be the theory, let me just describe the safe ass shortage phenomenon. And so and many of your listeners will know since i've had many guests on talking about this. But around the world, there was effectively a dearth or shortage of safe stores of value,. securities that would maintain their value in a very large financial crisis. Of course,
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