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You are perhaps best known for your Dilemma not trilemma paper.1 Can you explain how that work came about?
It was a paper I wrote for the Jackson Hole symposium in 2013. I had been doing research for quite a while on international capital flows, and their interrelation with asset prices and valuation effects. I had studied the external account of the US in detail, for example, together with Pierre-Olivier Gourinchas. So, I had already been interested in trying to understand international
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