Monetary Policy Spillovers through Invoicing Currencies
研究了贸易计价货币在货币政策国际溢出中的作用，发现美元计价进口份额高的国家对美国货币政策反应更大，欧元区也有类似现象。
ABSTRACT This paper explores the role of trade invoicing currencies in the international spillover of monetary policy. Using high‐frequency measures of Federal Reserve monetary policy shocks, I show that exchange rates, interest rates, and equity returns in countries with a larger share of dollar‐invoiced imports systematically respond more to U.S. monetary policy. I document similar transmission effects from European Central Bank (ECB) monetary policy shocks to countries with euro‐invoiced imports. I rationalize these findings within a New Keynesian framework. As a result of these spillovers, domestic monetary policy should be less effective in countries with traded goods invoiced in foreign currencies.