.S. dollar is a key predictor of rest-of-world aggregate trade volume and consumer/producer price inflation. A 1% U.S. dollar … appreciation against all other currencies in the world predicts a 0.6--0.8% decline within a year in the volume of total trade … between countries in the rest of the world, controlling for the global business cycle. 4) Using a novel Bayesian …

currencies for much of the world. Our discussion encompasses the history of anchor currency choice, methods for classifying …

bonds, greater risk-bearing capacity in the U.S. than the rest of the world, and nominal rigidities. A flight to safety …

exorbitant privilege, spillovers of the U.S. monetary policy to the rest of the world, and the dollar as a global risk factor. In …

the presumption that the pound sterling continued to dominate the U.S. dollar in central bank reserves until after World …

major currencies in the reserve holdings of the world's central banks. Significant factors include: size of the home country …