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Luis Garicano, industry influencer, highlights research on the economic value of the dollar's reserve currency status.
According to Garicano, Arvid Krishnamurthy used a supply and demand framework at Hoover to estimate the worth of this status, building on a paper co-authored with Jiang, Hanno Lustig, and Richmond in 2026.
Garicano has previously discussed market reactions to shifts in U.S. fiscal policy, noting that investors have begun to treat U.S. Treasuries as increasingly risky assets when yields rise on fiscal news. He has also commented on the wider economic implications of recent security shocks in Europe, with Poland’s per capita GDP catching up to Western economies. These observations provide further context to his focus on reserve currency dynamics.