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Inflation Dynamics in a Post-Crisis Globalized Economy
The Great Recession that accompanied the global financial crisis?from which many advanced economies are still struggling to recover?prompted extraordinary policy responses from central banks around the world. Some of these responses were coordinated, but all were directed at fulfilling purely domestic mandates for price stability and, in some cases, maximum employment. Fears that the dramatic expansion of central bank balance sheets would lead to higher inflation at the consumer level have so far proven unfounded, whether due to still-abundant slack in many countries or well-anchored ...
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First steps: developing a research agenda on globalization and monetary policy
This essay reviews some of the issues we see as crucial to advancing our understanding of globalization?s implications for U.S. monetary policy and highlights some of the research we have been doing to shed light on these issues.
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Understanding Trade, Exchange Rates and International Capital Flows
Global trade collapsed following the financial crisis in 2008?09. Imports and exports plunged in major trade countries, and global trade suffered the biggest contraction since World War II.
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The euro and the dollar in the crisis and beyond
The euro has survived its first decade, overcoming questions about its viability and political and economic raison d'tre. ?The Euro and the Dollar in the Crisis and Beyond,? a conference sponsored by Bruegel, the Peterson Institute for International Economics and the Federal Reserve Bank of Dallas, marked the milestone on March 17, 2010, with discussions of Europe?s monetary integration, the euro?s global role relative to the dollar and the currency?s prospects in the aftermath of the 2008?09 global recession.
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Cheaper by the Box Load: Containerized Shipping a Boon for World Trade
It?s hard to believe that a vessel 20 stories tall, a quarter-mile long and made from eight Eiffel Towers? worth of steel can float, much less be the future of cargo transportation between continents.
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International Conference on Capital Flows and Safe Assets
From just after the Great Depression until the beginning of the 2007?09 financial crisis, the global financial system was relatively quiet, with no major calamity afflicting advanced economies. Although emerging markets periodically confronted crises, these events were usually limited to a small set of countries that tended to recover quickly. The devastating consequences of the financial crisis caught most policymakers and economists off guard. Policymakers and researchers from the U.S., China and Europe who studied triggers of the crisis gathered to discuss global financial industry ...
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The Effect of Globalization on Market Structure, Industry Evolution and Pricing
he Globalization and Monetary Policy Institute and Swiss National Bank enlisted researchers from both sides of the Atlantic for a conference focused on the determinants and dynamics of prices in a globalized economy. Increased globalization has heightened research and policy interest in external factors as drivers of inflation. Firms? pricing decisions are at the core of the analysis.
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Conference on capital flows, international financial markets and financial crises
On Nov. 13?14, 2009, the Federal Reserve Bank of Dallas and the Bank of Canada cosponsored a conference on capital flows, international financial markets and financial crises. The purpose of the conference was to bring together researchers working on various aspects of financial markets and financial crises. Many of the papers presented at the conference addressed one of two broad questions. The first is, how integrated are international financial markets and how effective are they at sharing resources and risk? Second, what are the channels through which financial markets?and their ...
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The financial crisis, trade finance and the collapse of world trade
As economic activity in many parts of the world started to recover in the latter half of 2009, trade volumes picked up.
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Oil-Rich Venezuela Tips Toward Hyperinflation
Venezuela, once the wealthiest nation in Latin America, is suffering a dramatic reversal of fortunes and the worst economic crisis in its history. Though the nation has crude oil reserves of close to 300 billion barrels?the world?s largest such holdings?many Venezuelans go without the most basic goods in an economy plagued by chronic shortages.