| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6730 |
| DP6730 A Model of Vertical Oligopolistic Competition | |
| Monika Schnitzer; Markus Reisinger | |
| 发表日期 | 2008-02-29 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | The U.S. dollar holds a dominant place in the invoicing of international trade, along two complementary dimensions. First, most U.S. exports and imports invoiced in dollars. Second, trade flows that do not involve the United States are also substantially invoiced in dollars, an aspect 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 even though exchange rate movements are not fully efficient, flexible exchange rates are a central component of optimal policy. |
| 主题 | International Macroeconomics |
| 关键词 | Center-periphery Exchange rate pass-through Invoicing monetary policy |
| URL | https://cepr.org/publications/dp6730 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535567 |
| 推荐引用方式 GB/T 7714 | Monika Schnitzer,Markus Reisinger. DP6730 A Model of Vertical Oligopolistic Competition. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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