Monetary Independence and Rollover Crises

We are grateful to Sushant Acharya, Manuel Amador, Luigi Bocola, Fernando Broner, Alessandro Dovis, Mark Gertler, Tim Kehoe for excellent comments. We have also benefited from comments by seminar participants at IX Annual CIGS Conference on Macroeconomic Theory and Policy, the 27th CEPR ESSIM Workshop, Columbia, Drexel-Philadelphia Fed Conference on Credit Markets and the Macroeconomy, European Central Bank, Federal Reserve System Conference, Federal Reserve Bank of Minneapolis, Goethe University, Lacea, XXII IEF Workshop, NBER IFM Spring Meetings, NCID VII Annual Research Workshop, Society of Economic Dynamics, the Trade Workshop at the University of Minnesota, University of Houston, University of Toronto, and Wharton. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis, or the National Bureau of Economic Research.

• December 4, 2018