| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13820 |
| 来源ID | Working Paper 13820 |
| Macroeconomic Interdependence and the International Role of the Dollar | |
| Linda S. Goldberg; Cédric Tille | |
| 发表日期 | 2008-02-14 |
| 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 Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w13820 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571494 |
| 推荐引用方式 GB/T 7714 | Linda S. Goldberg,Cédric Tille. Macroeconomic Interdependence and the International Role of the Dollar. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13820.pdf（275KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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