It is always a treat to be here in more ways than one: to partake of the rich feast of insightful and interesting papers, illuminating commentaries and discussions, accompanied by the warm hospitality of the Kansas City Fed in this incomparable setting in the shadow of the majestic Tetons.
[34]Price increases in local currency by exporters will, of course, still be transmitted to domestic  consumer prices. [35]The estimates are taken from Casas, C., Diez, F., Gopinath, G. and Gourinchas, P.-O. (2017), “Dominant Currency Paradigm: A New Model for Small Open Economies”, IMF Working Papers, No 17/264. [36]See Cœuré, B.