While the impact of exchange rate changes on economic growth has long been an issue of key importance in international macroeconomics, it has...

We develop a theoretical model of international trade pricing in which individual exporters and importers bargain over the transaction price...

Does distance matter for the volatility of international real and financial transactions? We show that it does, in addition to its...

We draw on a new data set on the use of Swiss francs and other currencies by European banks to assess the patterns of foreign currency bank...

The literature on drivers of capital flows stresses the prominent role of global financial factors. Recent empirical work, however, highlights...

Over the last decade, the economic linkages between Switzerland and the rest of the world have been transformed. First, merchanting and the...