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|c 5.00 USD
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|z 9781484327975
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Boz, Emine.
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|a Global Trade and the Dollar /
|c Emine Boz, Gita Gopinath, Mikkel Plagborg-Moller.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2017.
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| 300 |
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|a 1 online resource (66 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a We document that the U.S. dollar exchange rate drives global trade prices and volumes. Using a newly constructed data set of bilateral price and volume indices for more than 2,500 country pairs, we establish the following facts: 1) The dollar exchange rate quantitatively dominates the bilateral exchange rate in price pass-through and trade elasticity regressions. U.S. monetary policy induced dollar fluctuations have high pass-through into bilateral import prices. 2) Bilateral non-commodities terms of trade are essentially uncorrelated with bilateral exchange rates. 3) The strength of the U.S. dollar is a key predictor of rest-of-world aggregate trade volume and consumer/producer price inflation. A 1 percent U.S. dollar appreciation against all other currencies in the world predicts a 0.6-0.8 percent decline within a year in the volume of total trade between countries in the rest of the world, controlling for the global business cycle. 4) Using a novel Bayesian semiparametric hierarchical panel data model, we estimate that the importing country's share of imports invoiced in dollars explains 15 percent of the variance of dollar pass-through/elasticity across country pairs. Our findings strongly support the dominant currency paradigm as opposed to the traditional Mundell-Fleming pricing paradigms.
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|a Mode of access: Internet
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|a Gopinath, Gita.
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|a Plagborg-Moller, Mikkel.
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|a IMF Working Papers; Working Paper ;
|v No. 2017/239
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2017/239/001.2017.issue-239-en.xml
|z IMF e-Library
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