Devereux, Michael B; Shi, Kang; Xu, Juanyi - C.E.P.R. Discussion Papers - 2004
discussion suggests that this gives the US an advantage in the use of monetary policy. This Paper analyses the determination of … monetary policy in a world with a dollar standard, defined here as a environment in which all traded goods prices are set in US … countries will be positive. We show that monetary policy in such a setting does seem to accord with popular discussion. In …