An introduction to a new exchange-rate index to measure the foreign-exchange value of the dollar. The authors develop a …

Since the early seventies, the U.S. dollar has been allowed to float freely, and its exchange rates have become … extremely volatile and difficult to explain, let alone to predict. The dollar's erratic behavior has stimulated a lively debate … answered before a response can be contemplated is whether dollar exchange rate changes influence U.S. inflation. ; This article …

, the U.S. dollar is predominant in international trade and financial flows. The dollar acts as a "vehicle currency" in the … sense that agents in nondollar economies will generally engage in currency trade indirectly using the U.S. dollar rather …

have on official holdings of dollar reserves. A wide range of projections are presented for the effect of EMU on the … the effect of EMU on the currency composition of reserves. It is argued that official dollar holdings could decline on the … order of 35 percent or more from current dollar holdings, although the range of uncertainty is quite large. …

The paper first surveys recent estimates of the appropriate yen dollar exchange rate that have been proposed in the … literature. Most of the more careful estimates suggest that the yen was substantially undervalued against the dollar in early …