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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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Public Perception of Globalization’s Impact Shapes Trade Realities
History teaches us that perception often matters much more than reality in shaping public opinion. Accordingly, perception is crucial to understanding the outcomes of globalization, from increased free trade and the breakdown of political and economic barriers to technological integration, greater capital flows and worker migration. Ideally, the public?s evaluations are sound and closely reflect reality. Polling data, however, indicate this is often not the case. Misplaced perceptions may profoundly affect the course of globalization policies.
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The Potential Impact of Decentralized Virtual Currency on Monetary Policy
Electronic money is a broad term for any money, currency or asset not held in physical form?it can include representations of a sovereign currency or claims on a realworld good.
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Conference on globalization, political economy and trade policy
On April 24 and 25, 2009, the Globalization and Monetary Policy Institute joined with Southern Methodist University to cosponsor a conference on Globalization, Political Economy and Trade Policy at SMU?s Collins Executive Education Center. Nine scholarly papers were presented and discussed in three sessions.
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Five Years of Research on Globalization and Monetary Policy: What Have We Learned?
ive years ago the Federal Reserve Bank of Dallas created the Globalization and Monetary Policy Institute to promote research that would help us better understand the implications of globalization for the conduct of monetary policy in the United States. We are now half a decade into this research program, and the institute?s 2012 annual report is a fitting place to assess what has been accomplished over the past five years.
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Shipping Indexes Signal Global Economic Trends
International trade is the centerpiece of the global economy; the United States increasingly turns to foreign suppliers for many consumer goods it once produced domestically. Yet, many studies of international trade emphasize only the starting and finish lines of the supply chain, with little consideration of how goods arrive at their final destination. A closer look at the logistics reveals a story of competition and innovation, in which a complex and dynamic network of ships moves the vast majority of traded goods across the world?s oceans. A number of indexes document two principal sectors ...
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Measuring the External Value of the Dollar
How much is a dollar worth? The value of a dollar is most generally defined in terms of its purchasing power over the goods and services that households and individuals consume on a regular basis. As goods and services become more expensive, the purchasing power?or value?of the dollar falls. Over long periods of time, the tendency has been for most goods and services to become more expensive in dollar terms. The result is that the purchasing power of a dollar in 2014 is a lot less than the purchasing power of a dollar in 1914.
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Navigating the Structure of the Global Economy
The Globalization and Monetary Policy Institute?s primary focus is developing a better understanding of how the process of deepening economic integration among countries of the world, or globalization, alters the environment in which U.S. monetary policy decisions are made. In this article, I discuss how my research contributes to this mission. I emphasize the interaction between increased globalization and the changing structure of economic activity, and how these phenomena affect the ways economists evaluate key economic trade-offs.