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Keywords:U.S. Dollar 

Speech
The U.S. Dollar in the Global Economy

Remarks at the 2nd Annual International Roles of the U.S. Dollar Conference, Federal Reserve Bank of New York, New York City.
Speech

Speech
Transcript of Linda Goldberg on the EconoFact Chats Podcast

A discussion of the special role of the U.S dollar.
Speech

Newsletter
How Central Bank Swap Lines Affect the Leveraged Loan Market

The cost of borrowing U.S. dollars through foreign exchange (FX) swap markets increased significantly at the beginning of the Covid-19 pandemic in February 2020, indicated by larger deviations from covered interest rate parity (CIP). CIP deviations narrowed again when the Federal Reserve expanded its swap lines to support U.S. dollar liquidity globally—by enhancing and extending its swap facility with foreign central banks and introducing the new temporary Foreign and International Monetary Authorities (FIMA) repurchase agreement facility for foreign and international monetary authorities. ...
Chicago Fed Letter , Issue 446 , Pages 7

Working Paper
Exchange Rate Determination Under Limits to CIP Arbitrage

Recent theories of exchange rate determination have emphasized limited UIP arbitrage by international financial institutions. New regulations since 2008 have also led to imperfect CIP arbitrage. We show that under limited CIP arbitrage the exchange rate and CIP deviation are jointly determined by equilibrium in the FX spot and swap markets. The model is used to investigate the impact of a wide range of financial shocks. The exchange rate is affected by a new set of financial shocks that operate through the swap market, which have no effect under perfect CIP arbitrage. More familiar financial ...
Globalization Institute Working Papers , Paper 425

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