@article{chen2025exorbitant,
  title={Exorbitant privilege gained and lost: Fiscal implications},
  author={Chen, Zefeng and Jiang, Zhengyang and Lustig, Hanno and {Van Nieuwerburgh}, Stijn and Xiaolan, Mindy Z},
  year={2025},
  journal      = {Journal of Political Economy},
  year         = {2025},
  volume       = {133},
  number       = {10},
  pages        = {3713--3761},
  doi          = {10.1086/738149},
}