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The Dollar’s Imperial Circle

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Abstract

The importance of the U.S. dollar in the context of the international monetary system has been examined and studied extensively. In this post, we argue that the dollar is not only the dominant global currency but also a key variable affecting global economic conditions. We describe the mechanism through which the dollar acts as a procyclical force, generating what we dub the “Dollar’s Imperial Circle,” where swings in the dollar govern global macro developments.

Suggested Citation

  • Ozge Akinci & Gianluca Benigno & Serra Pelin & Jonathan Turek, 2023. "The Dollar’s Imperial Circle," Liberty Street Economics 20230301, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:95729
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    File URL: https://libertystreeteconomics.newyorkfed.org/2023/03/the-dollars-imperial-circle/
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    Keywords

    Global spillovers; spillovers and spillbacks; manufacturing; global trade; global supply chain;
    All these keywords.

    JEL classification:

    • F00 - International Economics - - General - - - General

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