Gianluca Benigno on the Basics and Policy Functionality of R** and the Dollar’s Imperial Circle
Macro Musings with David Beckworth
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The Cost of Financial Integration in the United States
There are benefits in some ways from financial integration, but there are also costs. And sometimes this cost has been neglected, more generally speaking. So I think that effect is there and is present and put pressure on low interest rate. There are other secular forces, even more secular than these effects that are playing a role onlow interest rate. But of course,there are other factors that affecting equilibrium rates that can be relevant in terms of policy.
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