Fool’s Gold: How the USD Lost Its Shine

Kai Arvai & Nuno Coimbra
This is a preliminary draft and may not have been subjected to the formal review process of the NBER. This page will be updated as the chapter is revised.
CONFERENCE HELD June 24-25, 2026
Book: NBER International Seminar on Macroeconomics 2026
Book organizers: Jeffrey A. Frankel & Hélène Rey
PUBLISHER: Elsevier, Journal of International Economics
Series: NBER International Seminar on Macroeconomics
  • Kai Arvai and Nuno Coimbra, NBER International Seminar on Macroeconomics 2026 (Elsevier, Journal of International Economics, 2026), https://www.nber.org/books-and-chapters/book-fran-15-stub/fools-gold-how-usd-lost-its-shine.

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