Kashiwagi, Masanori - In: Japan and the World Economy 30 (2014) C, pp. 75-85
consequences of vehicle currency use in invoicing international trades. Such vehicle currency use is prominent in the data. The … literature points out welfare loss under optimal monetary policy due to vehicle currency pricing relative to the flexible price … country's exports are invoiced with the producer's currency. That is, this paper derives a condition under which vehicle …