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dc.contributor.authorGoldberg, Lindaen_US
dc.contributor.authorTille, Cédricen_US
dc.date.accessioned2010-04-16en_US
dc.date.accessioned2012-08-17T14:36:08Z-
dc.date.available2012-08-17T14:36:08Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/60883-
dc.description.abstractThe U.S. dollar plays a key role in international trade invoicing along two complementary dimensions. First, most U.S. exports and imports are invoiced in dollars; second, trade flows that do not involve the United States are often invoiced in dollars, a fact that has received relatively little attention. Using a simple center-periphery model, we show that the second dimension magnifies the exposure of periphery countries to the center's monetary policy, even when direct trade flows between the center and the periphery are limited. When intra-periphery trade volumes are sensitive to the center's monetary policy, the model predicts substantial welfare gains from coordinated monetary policy. Our model also shows that although exchange rate movements are not fully efficient, flexible exchange rates are a central component of optimal monetary policy.en_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of New York New York, NYen_US
dc.relation.ispartofseriesStaff Report, Federal Reserve Bank of New York 316en_US
dc.subject.jelF41en_US
dc.subject.jelF42en_US
dc.subject.ddc330en_US
dc.subject.keywordExchange rateen_US
dc.subject.keywordpass-throughen_US
dc.subject.keywordcenter-peripheryen_US
dc.subject.keywordinvoicingen_US
dc.subject.keywordmonetary policyen_US
dc.subject.keywordinterdependenceen_US
dc.subject.stwInternationale Wirtschaftsbeziehungenen_US
dc.subject.stwAußenwirtschaften_US
dc.subject.stwInternationaler Zahlungsverkehren_US
dc.subject.stwReservewährungen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwUS-Dollaren_US
dc.subject.stwEuroen_US
dc.subject.stwWelten_US
dc.titleMacroeconomic interdependence and the international role of the dollaren_US
dc.typeWorking Paperen_US
dc.identifier.ppn587537671en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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