Household investors chase stock market returns. Surveys suggest that households intend to "ride the bubble" by buying …

establishment of currency unions, the monetizing of recently acquired colonies, preferential trade arrangements, and customs unions …

A central assumption of open economy macro models with nominal rigidities relates to the currency in which goods are … priced, whether there is so-called producer currency pricing or local currency pricing. This has important implications for … exchange rate pass-through and optimal exchange rate policy. We show, using novel transaction level information on currency and …

Over time, there has been a tendency for political jurisdictions and residents to converge on a single currency … uniform currency, insofar as it is free of counterparty and liquidity risk, facilitates economic activity. But will digital … maintain their stability is doubtful. The one unit that can clearly meet these challenges is central bank digital currency. But …

We develop a novel, risk-based theory of the effects of currency manipulation. In our model, the choice of exchange … rate regime allows policymakers to make their currency, and by extension, the firms in their country, a safer investment … for international investors. Policies that induce a country's currency to appreciate when the marginal utility of inter …

attempted to manage a successful common currency when sub-national political entities were allowed to have separate currencies … and run independent monetary policies. Congress created a common currency that was too large to use in ordinary … transactions. Congress hoped this currency would be held for post-war redemption and would not circulate as money during the war …

quality” to the international currency. However, in the Euro crisis, that of the Sterling pound became equally low, while the … deviations across the European currencies in the two crises. Currency-specific money market risk was critical in explaining the …