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来源类型Working Paper
规范类型报告
DOI10.3386/w13820
来源IDWorking 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
URLhttps://www.nber.org/papers/w13820
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/571494
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GB/T 7714
Linda S. Goldberg,Cédric Tille. Macroeconomic Interdependence and the International Role of the Dollar. 2008.
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