Since the fiscal expansion and real appreciation of the dollar in the early 1980s, widespread attention has focused on … the economy. In this paper we take a critical look at this view. ; We argue that the association of a dollar appreciation … analyzing the empirical support for the "two-tiered" hypothesis, we show that the negative association between dollar …

Against some other major currencies around the world, the value of the U.S. dollar has dropped considerably in recent …

status of these roles. The U.S. dollar continues to be the dominant currency across various uses. Yet, such a role may change … over time. If this occurs, there could be consequences for seignorage returns, U.S. funding costs, the dollar’s value, U …

Facing a shortage of U.S. dollars and a growing need to support their dollar-denominated assets during the financial … analysis of the ensuing strains in the swap market shows that the dollar "basis"--the premium international institutions pay … for dollar funding--became persistently large and positive, chiefly as a result of the higher funding costs paid by …

Following a scarcity of dollar funding available internationally to financial institutions, in December 2007 the …. These central banks had the capacity to use the swap facilities to provide dollar liquidity to institutions in their … jurisdictions. This paper presents the developments in the dollar swap facilities through the end of 2009. The facilities were a …