Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/60883 
Full metadata record
DC FieldValueLanguage
dc.contributor.authorGoldberg, Lindaen
dc.contributor.authorTille, Cédricen
dc.date.accessioned2010-04-16-
dc.date.accessioned2012-08-17T14:36:08Z-
dc.date.available2012-08-17T14:36:08Z-
dc.date.issued2008-
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
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x316en
dc.subject.jelF41en
dc.subject.jelF42en
dc.subject.ddc330en
dc.subject.keywordExchange rateen
dc.subject.keywordpass-throughen
dc.subject.keywordcenter-peripheryen
dc.subject.keywordinvoicingen
dc.subject.keywordmonetary policyen
dc.subject.keywordinterdependenceen
dc.subject.stwInternationale Wirtschaftsbeziehungenen
dc.subject.stwAußenwirtschaften
dc.subject.stwInternationaler Zahlungsverkehren
dc.subject.stwReservewährungen
dc.subject.stwGeldpolitiken
dc.subject.stwUS-Dollaren
dc.subject.stwEuroen
dc.subject.stwWelten
dc.titleMacroeconomic interdependence and the international role of the dollar-
dc.typeWorking Paperen
dc.identifier.ppn587537671en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

Files in This Item:
File
Size
240.17 kB
191.75 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.