Household investors chase stock market returns. Surveys suggest that households intend to "ride the bubble" by buying …

theoretical and empirical literature that documents patterns of currency use in global trade, the implications of dominant … policy. We describe advances in the endogenous currency choice literature including conditions for the emergence and … persistence of dominant currency equilibria …

Over time, there has been a tendency for political jurisdictions and residents to converge on a single currency … uniform currency, insofar as it is free of counterparty and liquidity risk, facilitates economic activity. But will digital … maintain their stability is doubtful. The one unit that can clearly meet these challenges is central bank digital currency. But …

Using new data on currency invoicing for Belgian firms, we analyze how firms make their currency choice, for both … staggered price setting with endogenous currency choice. Our structural specification provides a new test of the allocative … consequences of nominal rigidities, by estimating the treatment effect of foreign-currency price stickiness on the dynamic response …

More than half of U.S. currency circulates abroad. As a result, much of the seignorage income of the United States is … foreign demand for its currency. In the absence of such demand, the model implies that the Friedman rule--deflation at the … foreign demand for domestic currency is taken into account, the Friedman rule ceases to be Ramsey optimal. Calibrated versions …

to be invoiced in the importer's currency. We offer a potential theoretical explanation for the empirical link between …

We show that "commodity currency" exchange rates have remarkably robust power in predicting global commodity prices …