ABSTRACT I define and provide empirical evidence for an “International Price System” in
global trade employing data for thirty-five developed and developing countries. This price …

This paper is a partial exploration of mechanisms through which global factors influence the
tradeoffs that US monetary policy faces. It considers three main channels. The first is the …

The currency used in invoicing international trade matters for the impact of exchange rate
movements in the presence of price rigidities. We present stylized facts on specific macro …

Recently the US dollar's preeminence as an international currency has been questioned.
The emergence of the euro, changes in the dollar's value, and the financial market crisis …

Central bank intervention in foreign exchange markets may, under some conditions,
stimulate exports and retard imports. In the past few years, this issue has moved to center …

Both traded and nontraded goods prices can be sensitive to exchange rate movements.
There are a number of forces that contribute to less than complete pass-through of exchange …

The risk sensitivity of international capital flow pressures is explored using a new Exchange
Market Pressure index that combines pressures observed in exchange rate adjustments with …

We give some insights about the possible undervaluation of the Chinese currency. On the
one hand, we address the issue of the “Balassa effect”, by comparing China with other …

In this paper we analyse the exchange rate pass-through (ERPT) in the euro area as a
whole and for four euro area members-Germany, France, Italy and Spain. For that purpose …

Over the past few years, the dollar has been trading at historically low values against the
Euro. Does the current trend indicate that the Euro is poised to challenge the long global …