To contribute to this conversation, the NBER Asset Pricing program convened a panel
discussion on “Perspectives on the Future of Asset Pricing” at its November 8, 2019, meeting …

The government budget constraint ties the market value of government debt to the expected
present discounted value of fiscal surpluses. We find evidence that US Treasury investors …

At the 25th anniversary of the Maastricht Treaty, this paper reviews the merits of introducing
a safe sovereign asset for the eurozone. The triple euro area crisis showed the costly …

This paper explores the consequences of extremely low equilibrium real interest rates in a
world with integrated but heterogenous capital markets, and nominal rigidities. In this …

This paper examines how a newly designed global safe asset can mitigate international
capital flows induced by flight-to-safety. In the model domestic investors have to co-invest in …

How should successive generations insure each other when the young can default on
previously promised transfers to the old? This paper studies intergenerational insurance that …

Schattenbanken und Kreditverbriefung haben die globale Finanzkrise ausgelöst. Dennoch
fördert die Europäische Kommission mit dem nur wenige Jahre später aufgelegten Projekt …

Granular Treasury Demand with Arbitrageurs Page 1 Granular Treasury Demand with
Arbitrageurs Kristy AE Jansen1,2 Wenhao Li1 Lukas Schmid1,3 1. USC Marshall 2. De …

We argue that most investable assets and strategies cluster into two broad groups:
productive and scarce. Intuitively, productive assets have high equity beta and positive carry …

We analyze public debt policies within a calibrated stochastic OLG model with distortionary
taxation. The risk-free interest rate is realistically sensitive to public debt and lower than the …