Exchange-Rates

Michael McLeay · Silvana Tenreyro

Layer 1 — Summary An emerging view in international macroeconomics contends that dollar invoicing of exports renders monetary policy ineffective for non-U.S. countries: because export prices are …

Oleg Itskhoki · Dmitry Mukhin

Layer 1 — Core Argument Itskhoki and Mukhin develop a tractable open-economy model with financial market segmentation — in which only the government sector (including state banks and exporting firms) …