A handful of currencies, especially the US dollar, play a dominant role in international trade.
We survey the active theoretical and empirical literature that documents patterns of currency …

This paper presents the most comprehensive and up-to-date panel data set of invoicing
currency patterns in global trade. It provides data on the shares of exports and imports …

We analyze how firms choose the currency of invoicing and the implications of this choice for
exchange rate pass-through into export prices and quantities. Using a new data set for …

We explore the role of product market structure on exchange rate pass-through and currency
of invoicing in international trade, using very detailed transaction-level data on Canadian …

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 …

This article develops a heterogeneous firm-dynamics model to jointly study firms' currency
debt composition and investment choices. In our model, foreign currency borrowing arises …

This paper analyzes the role of the United States in the global economy and examines the
extent of global spillovers from changes in US growth, monetary and fiscal policies, and …

Monetary and financial policies that lower the cost of credit for working capital in a currency
outside of its country can provide the impetus for that currency to be used in international …

Abstract On January 15, 2015, the Swiss National Bank discontinued its minimum exchange
rate policy of 1 euro against 1.2 Swiss francs. This policy change resulted in a sharp …

We propose a model in which the emergence of a single dominant currency is driven by the
need to finance international trade. The model generates multiple stable steady states, each …