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"The dollar’s role as the world’s primary reserve currency has allowed the United States to borrow more cheaply than other countries, an advantage that economists call the “exorbitant privilege.” Foreign central banks, investors, and institutions hold Treasury bonds and other dollar assets not just for returns but for their value as safe, liquid instruments for payments and collateral. This demand generates what amounts to a fee, or seigniorage, paid by the rest of the world for access to dollar liquidity. There have been recent signs that this privilege is eroding: The premium investors pay to hold Treasuries over comparable foreign bonds has fallen since 2022. In the last two decades, foreign ownership of US public debt has dropped from roughly 45 to 30 percent, even as foreign holdings of private dollar assets have held steady."

"In Dollar Erosion: Understanding the Loss of Reserve Currency Status (NBER Working Paper 35328), Zhengyang Jiang, Arvind Krishnamurthy, Hanno Lustig, and Robert J. Richmond estimate how..."

"NBER Research Associates Christopher Phelan and Hélène Rey have taken up new roles at the US Council of Economic Advisers (CEA) and the Bank for International Settlements (BIS), respectively. Phelan was confirmed as CEA Chair in early August. Phelan, a professor of economics at the University of Minnesota and an adviser to the research department of the Federal Reserve Bank of Minneapolis, is an expert on macroeconomics and economic theory. He was a Research Associate in the Economic Fluctuations and Growth program prior to taking up his new position. Rey, a professor of economics at the London Business School whose research focuses on monetary..."

"Ajay K. Agrawal, Erik Brynjolfsson, and Anton Korinek, editors."

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