Dollar Safety and the Global Financial Cycle

We thank Xuning Ding, Xu Lu, Jonathan Wallen, and Oliver Xie for excellent research assistance. We thank Rohit Lamba, Pierre-Olivier Gourinchas, Victoria Ivashina, Rohan Kekre, Moritz Lenel, Helene Rey, Jesse Schreger and seminar participants at UC-Berkeley, CEBRA, University of Chicago, Dartmouth, ECB, Federal Reserve Board, Harvard University, Macro-Finance Society, NBER CF and IFM meetings, Northwestern University, Princeton University, Reserve Bank of India, Stanford University, Tsinghua University, UT Austin, University of Wisconsin, Yale University, AFA meetings, and ASSA meetings for their comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• August 12, 2020