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Keywords:Dollar 

Working Paper
The Dollar Channel of Monetary Policy Transmission

This paper documents a new dollar channel that transmits monetary policy across borders. Exploiting unique features of the syndicated loan market for identification, we show that changes in the euro-dollar exchange rate around ECB monetary policy announcements that are orthogonal to simultaneous changes in euro-area interest rates and stock prices affect U.S. leveraged loan spreads. Specifically, in response to dollar appreciation, investors require higher compensation for risk, and borrowing costs for U.S. firms increase. These findings imply a causal link between the U.S. dollar and ...
Working Paper Series , Paper WP 2025-06

Working Paper
Banking and the political support for dollarization

In this paper we study dollarization as a commitment device that the Central Bank could use to avoid getting involved in an undesirable banking-sector bailout. We show how a political process could induce an equilibrium outcome that differs from the one that a benevolent Central Bank would want to implement. Dollarization then could be used to restore the economy to the benevolent outcome. In so doing though, political support for dollarization becomes essential. For our benchmark case, dollarization does not have enough support to be actually implemented. But when we study the interaction ...
Working Paper , Paper 00-12

Journal Article
Dollars, deficits, and the international monetary system

Review , Volume 53 , Issue Jul , Pages 3-15

Working Paper
The Dollar and Emerging Market Economies: Financial Vulnerabilities Meet the International Trade System

This paper shows that dollar appreciations lead to declines in GDP, investment, and credit to the private sector in emerging market economies (EMEs). These results imply that the transmission of dollar movements to EMEs occurs mainly through financial conditions rather than net exports, contrary to what would be expected from the conventional Mundell-Fleming model. Moreover, the central role of the U.S. dollar in global trade invoicing and financing - the dominant currency paradigm - and the increased integration of EMEs into international supply chains weaken the traditional trade channel. ...
International Finance Discussion Papers , Paper 1258

Journal Article
Report outlines new efforts to combat counterfeiting abroad

Financial Update , Volume 16 , Issue Q 2

Journal Article
Alternative small dollar loans: creating sound financial products through innovation and regulation

Low- to moderate-income borrowers need alternatives to payday loans to meet their short-term credit needs. This article provides an overview of consumer demand for smaller loans, and discusses how and why mainstream financial institutions should offer less costly alternatives to traditional payday loans. A two-year FDIC pilot, a smalldollar loan pool in Baltimore, and individual case studies suggest that such lending can be viable and profitable. The article concludes with recommendations for how financial institutions and regulators should support this effort.
Profitwise , Issue Sep , Pages 11-14

Journal Article
President's perspective

Southwest Economy , Issue Jul , Pages 2

Journal Article
The cause of the dollar depreciation

An abstract for this article is not available
Economic Review , Volume 64 , Issue May , Pages 15-27

Journal Article
Improving America's competitiveness

Go metric and remove barriers to nationwide branch banking: these are the best ways to improve U.S. export performance in world markets.
Economic Review , Volume 75 , Issue Mar , Pages 17-20

Journal Article
Foreign gold and dollar holdings in 1949

Federal Reserve Bulletin , Issue Mar , Pages 269-278

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