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Professor Krugman on maturity transformation

Unqualified Reservations

There's always time for a short lecture on UR's favorite topic. It's important to remember that Paul Krugman is an idiot, but he's not a fool:
Like a lot of people, my insights draw heavily on Diamond-Dybvig, one of those papers that just opens your mind to a wider reality. What DD argue is that there is a tension between the needs of individual savers — who want ready access to their funds in...

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