Essays in international macroeconomics
This dissertation contributes to several fields of international macroeconomics. Chapter 2 presents a new dataset and new evidence on the invoicing pattern in international trade for a large panel of countries. It goes into detail explaining the motivation to set prices in different currencies, with a special focus on the role of the euro as invoicing currency. Chapters 3 and 4 of this study focus on the impact of oil prices on oil-exporting countries, a topic which has received far less attention than the impact on industrial countries. Chapter 3 analyses the import behaviour of oil exporting countries and its potential role in the resolution of global current account imbalances. Chapter 4 analyses the effect of oil price changes on the economy of the world’s largest oil exporting country, Russia. Chapter 5 looks at the international transmission of monetary policy shocks, paying particular attention to the implications of different exchange rate regimes.