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International Dimensions of Monetary Policy
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International Dimensions of Monetary Policy

Jordi Gali and Mark Gertler

Abstract

United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. This book brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this book, the chapters examine the real and potential effects of increased openness and exposure to international ec ... More

Keywords: globalization, monetary policy, inflation, central banks, exogenous shocks, domestic economy

Bibliographic Information

Print publication date: 2010 Print ISBN-13: 9780226278865
Published to Chicago Scholarship Online: February 2013 DOI:10.7208/chicago/9780226278872.001.0001

Authors

Affiliations are at time of print publication.

Jordi Gali, editor

Mark Gertler, editor

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Contents

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Introduction

Jordi Galí and Mark Gertler

I Baseline Models for International Monetary Policy Analysis

2 The Transmission of Domestic Shocks in Open Economies

Christopher Erceg, Christopher Gust, and David López-Salido

3 International Transmission and Monetary Policy Cooperation

Günter Coenen, Giovanni Lombardo, Frank Smets, and Roland Straub

II Extending the Baseline Models to Address Policy Issues

4 Current Account Dynamics and Monetary Policy

Andrea Ferrero, Mark Gertler, and Lars E. O. Svensson

5 Monetary Rules in Emerging Economies with Financial Market Imperfections

Nicoletta Batini, Paul Levine, and Joseph Pearlman

6 Optimal Monetary Policy and the Sources of Local-Currency Price Stability

Giancarlo Corsetti, Luca Dedola, and Sylvain Leduc

III Empirical Issues in International Monetary Policy Analysis

8 Global Forces and Monetary Policy Effectiveness

Jean Boivin and Marc P. Giannoni

IV General Observations