This result is in contrast to a large literature that emphasizes the importance of the currency denomination of exports for the properties of open-economy models.
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Working Paper
How Important Is the Currency Denomination of Exports in Open-Economy Models?
November 2009
WP 09-32 – The authors show that standard alternative assumptions about the currency in which firms price export goods are virtually inconsequential for the properties of aggregate variables, other than the terms of trade, in a quantitative open-economy model.
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