Disappearing Dollar Convenience? -- by Arvind Krishnamurthy, Miguel Chumbo

This paper was prepared for the Central Bank of Chile’s XXVIII Annual Conference on “Monetary Policy, Financial Markets, and Challenges Ahead: Celebrating the Centennial of the Central Bank of Chile”, November 2025. We thank Zhengyang Jiang, Annette Vissing-Jorgensen and Guido Lorenzoni for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.