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Discussion of David Cook and Nikhil Patel’s paper

In: The price, real and financial effects of exchange rates

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  • Jian Wang

    (The Chinese University of Hong Kong (Shenzhen))

Abstract

This paper proposes a theoretical model that incorporates three important features in international trade. First, most international trade is priced in a few key vehicle currencies. Second, intermediate goods account for much of the growth in international trade. Third, countries within a region trade more extensively than countries in different regions.

Suggested Citation

  • Jian Wang, 2018. "Discussion of David Cook and Nikhil Patel’s paper," BIS Papers chapters, in: Bank for International Settlements (ed.), The price, real and financial effects of exchange rates, volume 96, pages 122-125, Bank for International Settlements.
    • Handle: RePEc:bis:bisbpc:96-12
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    References listed on IDEAS

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    1. Marco J. Lombardi & Feng Zhu, 2018. "A Shadow Policy Rate to Calibrate U.S. Monetary Policy at the Zero Lower Bound," International Journal of Central Banking, International Journal of Central Banking, vol. 14(5), pages 305-346, December.
    2. Neely, Christopher J., 2015. "Unconventional monetary policy had large international effects," Journal of Banking & Finance, Elsevier, vol. 52(C), pages 101-111.
    3. Devereux, Michael B. & Engel, Charles, 2002. "Exchange rate pass-through, exchange rate volatility, and exchange rate disconnect," Journal of Monetary Economics, Elsevier, vol. 49(5), pages 913-940, July.
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