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Report
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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Spillovers of Conventional and Unconventional Monetary Policy: The Role of Real and Financial Linkages
Central banks around the world launched extraordinary monetary policy responses to the global financial crisis of 2007?09 and the European debt crises that began in 2010. Some were coordinated; all were directed at fulfilling domestic mandates for price and financial stability and supporting real economic activity.
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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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Conference on International Economics
Globalization has led to increased integration across countries in goods markets and financial markets and has changed the environment in which policy operates. As a result, researchers in the various subfields have developed new methods to study and measure the consequences of globalization. To better understand these developments, the Federal Reserve Bank of Dallas? Globalization Institute and the University of Houston brought together researchers from academic institutions and the Federal Reserve System for a conference focusing on international trade and prices and on international ...
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Microeconomic Aspects of the Globalization of Inflation: A Joint Conference with the Swiss National Bank
The Globalization and Monetary Policy Institute hosted ?Microeconomic Aspects of the Globalization of Inflation,? a joint conference with the Swiss National Bank on Aug. 19?20 in Zurich. The conference brought together researchers to examine how globalization affects pricing, exploring in greater detail some of the issues raised by Auer and Fischer (2010), as well as to increase understanding of how price dynamics unleashed by globalization affect the measurement of fundamental determinants of improved living standards over time.
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Africa—Missing Globalization's Rewards?
Globalization increases integration of world economies through trade, financial ties, information exchange, technology and the movement of people. The rising importance of world trade and capital flows reflects enhanced economic and financial linkages. Nations with superior access to world markets can more fully exploit their competitive advantages, opening their economies to international competition. With greater capital flows and freedom of capital movement, resources more effectively move to their most productive locations, contributing to rising living standards.
Report
The Conquest of Mexican Inflation
From the 1970s through the mid-1990s, Mexico lurched from one crisis to another, its monetary and fiscal framework a source of instability that impeded long-term growth. By adopting best practices in central banking in the latter 1990s?granting the Banco de Mxico independence and mandating price stability as the central bank?s primary goal?Mexico began installing a framework that has proven remarkably successful.
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Toward a Better Understanding of Macroeconomic Interdependence
The concept of a representative foreign economy has no proper justification in the literature, and the consequences of aggregating the rest of the world into one representative economy are not fully understood.
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Immigration Policy in an Era of Globalization: A Joint Conference with Southern Methodist University
Migration is sometimes termed the ?last frontier? of globalization. While markets such as those for goods and financial exchange are highly globalized, labor markets remain largely domestic. Only 3 percent of the world?s population have migrated from their country of birth. The paucity of migration means that large cross-country wage differentials persist, exacerbating global inequality. It also suggests that large gains from enhanced labor mobility remain possible.