, which refers to price stability and high employment, and in which the exchange rate and other international variables matter … heavily shaped by the distinctive circumstances of the last three decades, when the influence of international considerations … on Fed policy has been limited. I discuss how the Federal Reserve paid significant attention to international …

A handful of currencies, especially the US dollar, play a dominant role in international trade. We survey the active … theoretical and empirical literature that documents patterns of currency use in global trade, the implications of dominant … currencies for international transmission of shocks, exchange rate pass-through, expenditure switching, and optimal monetary …

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 … our estimating equations from a theoretical framework featuring variable markups, international input sourcing, and … staggered price setting with endogenous currency choice. Our structural specification provides a new test of the allocative …

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 …

The use of different currencies in the invoicing of international trade transactions plays a major role in the … international transmission of economic fluctuations. Existing studies argue that an exporter's invoicing choice reflects structural … 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 …

establishment of currency unions, the monetizing of recently acquired colonies, preferential trade arrangements, and customs unions …