importer's currency has important implications for the transmission of shocks. We introduce this "dominant currency pricing … a non-US economy that alters the value of its currency multilaterally, expenditure switching occurs only through imports … dominant currency in global trade. According to ECB-Global, in such a scenario the global spillovers from US shocks are smaller …

importer's currency has important implications for the transmission of shocks. We introduce this "dominant currency pricing … a non-US economy that alters the value of its currency multilaterally, expenditure-switching occurs only through imports … dominant currency in global trade. According to ECB-Global, in such a scenario the global spillovers from US shocks are smaller …

by the optimum currency areas (OCA) framework. To some extent, the findings could signify if real convergence has been …