Macroeconomic interdependence and the international role of the dollar

• 成果类型: Article
• 署名作者: Goldberg, Linda; Tille, Cedric
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - New York; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2009.09.008
• 发表日期: 2009
• 页码: 990-1003
• 关键词: Exchange rate; pass-through; Center-periphery; Invoicing; monetary policy

摘要

The U.S. dollar holds a dominant place in the invoicing of international trade. In addition to a direct role for most U.S. exports and imports, it plays a global role for trade flows outside the United States. Using a simple center-periphery model, we show that this global role magnifies the exposure of periphery countries to the U.S.'s monetary policy even when trade flows with the U.S. are limited. This generates gains from coordinated monetary policy, as U.S. policy leads to inefficient movements in intra-periphery relative prices. Despite this inefficiency, flexible exchange rates remain valuable. (C) 2009 Elsevier B.V. All rights reserved.