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    • An Equilibrium Model of "Global Imbalances" and Low Interest Rates 

      Caballero, Ricardo J.; Farhi, Emmanuel; Gourinchas, Pierre-Olivier (American Economic Association, 2008)
      Three of the most important recent facts in global macroeconomics — the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global ...