Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer’s currency or in

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

Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer's currency or in lo

We document that the U.S. dollar exchange rate drives global trade prices and volumes. Using a newly constructed data set of bilateral price and volume indices

We use micro data collected at the border and at retailers to characterize the effects brought by recent changes in US trade policy - particularly the tariffs p