| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22943 |
| 来源ID | Working Paper 22943 |
| Dominant Currency Paradigm | |
| Gita Gopinath; Emine Boz; Camila Casas; Federico J. Díez; Pierre-Olivier Gourinchas; Mikkel Plagborg-Møller | |
| 发表日期 | 2016-12-19 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Most trade is invoiced in very few currencies. Yet, standard models assume prices are set in either the producer’s or destination’s currency. We present instead a ‘dominant currency paradigm’ with three key features: pricing in a dominant currency, pricing complementarities, and imported input use in production. We test this paradigm using both a newly constructed data set of bilateral price and volume indices for more than 2,500 country pairs that covers 91% of world trade, and very granular firm-product-country data for Colombian exports and imports. In strong support of the paradigm we find that: (1) Non-commodities terms of trade are essentially uncorrelated with exchange rates. (2) The dollar exchange rate quantitatively dominates the bilateral exchange rate in price pass-through and trade elasticity regressions, and this effect is increasing in the share of imports invoiced in dollars. (3) U.S. import volumes are significantly less sensitive to bilateral exchange rates, compared to other countries’ imports. (4) A 1% U.S. dollar appreciation against all other currencies predicts a 0.6% decline within a year in the volume of total trade between countries in the rest of the world, controlling for the global business cycle. |
| 主题 | Macroeconomics ; International Economics |
| URL | https://www.nber.org/papers/w22943 |
| 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/580616 |
| 推荐引用方式 GB/T 7714 | Gita Gopinath,Emine Boz,Camila Casas,et al. Dominant Currency Paradigm. 2016. |
| 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 | ||
| w22943.pdf（931KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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