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Newsletter
Globalization and the benefits of trade
Thompson, Robert L. (2007-03)
Globalization involves increasing integration of economies around the world, from the national to the most local levels, thereby promoting international trade in goods and services and cross-border movement of information, technology, people, and investments. This article examines the benefits and costs to the U.S. and other countries.
Chicago Fed Letter , Issue Mar

Journal Article
Global risks to U.S. monetary policy
Humpage, Owen F. (2007-05)
We recently invited four international economists to the Federal Reserve Bank of Cleveland to discuss global developments and to help us identify and understand the key international risks that these developments present for U.S. monetary policy. This Commentary develops a key macroeconomic concern that emerged from our conversations.
Economic Commentary , Issue May

Journal Article
President's perspective
Fisher, Richard W. (2009-01)
Protectionism will undercut any temporary benefits it provides with long-term damage and destruction.
Southwest Economy , Issue Q1 , Pages 2

Report
President’s Message: Trade and Globalization since the 1980s
Bullard, James B. (2022)
St. Louis Fed President Jim Bullard discusses the growth of international trade since the 1980s and the reassessment of globalization in recent years.
Annual Report

Speech
Selling our services to the world (with an ode to Chicago)
Fisher, Richard W. (2008)
"The United States, like Chicago, can continue to prosper only if it faces economic change head-on, choosing to compete rather than retreat, seeking out new opportunities in a globalizing economy, where goods, services, money and ideas flow freely across international borders." ; Remarks before the Chicago Council on Global Affairs, Chicago, Illinois, April 17, 2008.
Speeches and Essays , Paper 29

Conference Paper
General discussion: role reversal in global finance
De Gregorio, Jose (2011)
Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Globalization of production and the technology transfer paradox
Lai, Edwin L.-C. (2008)
This paper develops a growth model aimed at understanding the effects of globalization of production on rate of innovation, distribution of labor income between the North and South and welfare of workers in both regions. We adopt a dynamic general equilibrium product cycle model, assuming that the North specializes in innovation and the South specializes in imitation. Globalization of production resulting from trade liberalization and imitation of the North?s technology by the South increases the rate of innovation. When the South?s participation in the product cycle is not too deep, further ...
Working Papers , Paper 0810

Working Paper
Cross-border Patenting, Globalization, and Development
Martinez-Zarzoso, Immaculada; LaBelle, Jesse; Yotov, Yoto; Santacreu, Ana Maria (2024-01)
We build a stylized model that captures the relationships between cross-border patenting, globalization, and development. Our theory delivers a gravity equation for cross-border patents. To test the model’s predictions, we compile a new dataset that tracks patents within and between countries and industries, for 1980-2019. The econometric analysis reveals a strong, positive impact of policy and globalization on cross-border patent flows, especially from North to South. A counterfactual welfare analysis suggests that the increase in patent flows from North to South has benefited both ...
Working Papers , Paper 2023-031

Working Paper
Globalization and monetary policy: an introduction
Martinez-Garcia, Enrique (2008)
Greater openness has become an almost universal feature of modern, developed economies. This paper develops a workhorse international model, and explores the role of standard monetary policy rules applied to an open economy. For this purpose, I build a two-country DSGE model with monopolistic competition, sticky prices, and pricing-to-market. I also derive the steady state and a log-linear approximation of the equilibrium conditions. The paper provides a lengthy explanation of the steps required to derive this benchmark model, and a discussion of: (a) how to account for certain well-known ...
Globalization Institute Working Papers , Paper 11

Working Paper
Financial globalization and monetary policy
Kamin, Steven B. (2010)
This paper reviews the available evidence and previous research on potential effects of financial globalization, that is, the international integration of financial markets. In particular, we address the questions: Has financial globalization materially increased the influence of external developments on domestic monetary conditions? And, has it reduced the influence of central banks over financial and economic conditions in their own country? We find that central banks with floating currencies retain the ability to independently determine short-term interest rates and thus influence broader ...
International Finance Discussion Papers , Paper 1002

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