Best Seller Dominant Currency Paradigm: A New Model for Small Open Economies

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Dominant Currency Paradigm: A New Model for Small Open Economies High quality books

Dominant Currency Paradigm: A New Model for Small Open Economies
By:Camila Casas,Mr.Federico Diez,Gita Gopinath,Pierre-Olivier Gourinchas
Published on 2017-11-22 by International Monetary Fund

Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer’s currency or in local currency. We model instead a ‘dominant currency paradigm’ for small open economies characterized by three features: pricing in a dominant currency; pricing complementarities, and imported input use in production. Under this paradigm: (a) the terms-of-trade is stable; (b) dominant currency exchange rate pass-through into export and import prices is high regardless of destination or origin of goods; (c) exchange rate pass-through of non-dominant currencies is small; (d) expenditure switching occurs mostly via imports, driven by the dollar exchange rate while exports respond weakly, if at all; (e) strengthening of the dominant currency relative to non-dominant ones can negatively impact global trade; (f) optimal monetary policy targets deviations from the law of one price arising from dominant currency fluctuations, in addition to the inflation and output gap. Using data from Colombia we document strong support for the dominant currency paradigm.

This Book was ranked at 3 by Google Books for keyword Currency.

Book ID of Dominant Currency Paradigm: A New Model for Small Open Economies's Books is 8RhHDwAAQBAJ, Book which was written byCamila Casas,Mr.Federico Diez,Gita Gopinath,Pierre-Olivier Gourinchashave ETAG "RcuDiO8sonI"

Book which was published by International Monetary Fund since 2017-11-22 have ISBNs, ISBN 13 Code is 9781484330630 and ISBN 10 Code is 1484330633

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Book which have "62 Pages" is Printed at BOOK under CategoryBusiness and Economics

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