in international trade. A striking implication is that under this global currency design, the monetary policy of each …This paper proposes a concept of a global currency and introduces a "global currency pricing" specification into a … standard N-country open economy macroeconomic model. A global currency is defined as a virtual unit of account that is …

denomination currency (invoice currency) in Japan's exports and imports by industry and country from individual export and import … documents. The results clarify the characteristics of invoice currency choice. The invoice currency share data by industry and … the traded goods plays a role in the choice of invoice currency shares. In addition, we found that invoice currency shares …

What is the optimal macroeconomic tariff when trade is imbalanced and the policy objectives go beyond social welfare …

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 …

trade is invoiced in very few currencies, with the dollar the dominant currency. Second, international prices, in their … currency of invoicing, are not very sensitive to exchange rates at horizons of up to two years. In this system, a good proxy … currency. U.S. inflation is consequently more insulated from exchange rate shocks, while other countries are highly sensitive …

currency of invoicing in international trade. A novel feature of the study is the focus on market share of firms on both sides …This paper investigates the impact of market structure on the joint determination of exchange rate pass- through and … of the market--that is, exporting firms and importing firms. A model of monopolistic competition with heterogeneous firms …

A bona fide currency functions as a medium of exchange, a store of value, and a unit of account, but bitcoin largely … market participants. Bitcoin faces daily hacking and theft risks, lacks access to a banking system with deposit insurance … investment than a currency …

More than half of U.S. currency circulates abroad. As a result, much of the seignorage income of the United States is … foreign demand for its currency. In the absence of such demand, the model implies that the Friedman rule--deflation at the … foreign demand for domestic currency is taken into account, the Friedman rule ceases to be Ramsey optimal. Calibrated versions …

aspects of her industry, such as market share and the price-sensitivity of demand, the hedging of marginal costs, due for … to be invoiced in the importer's currency. We offer a potential theoretical explanation for the empirical link between …