never been constant. Globalization increased poor country specialization in commodities when the world went open after the … of life deep into the 18th century. Does world market integration breed more or less commodity price volatility? The … been associated with much greater commodity price volatility, while world market integration associated with peace and pro …

to solve these problems, we propose modifying the central bank's objective to (i) include state-contingent inflation … targets, (ii) target a measure of inflation that overweights non-tradable inflation …

are associated with lower spreads between the country's borrowing rate and world interest rates. Both effects jointly …

inflation and activity. If policy makers are guided by the welfare criterion of the representative household, globalization …The paper provides a unified analysis of globalization effects on the Phillips curve and monetary policy, in a New … forces also lead monetary policy to be more aggressive with regard to inflation fluctuations but, at the same time, more …

This paper examines what strategies policymakers have used to both reduce and control inflation. It first outlines why … a consensus has emerged that inflation needs to be controlled. Then it examines four basic strategies: exchange rate … pegging, monetary targeting, inflation targeting, and the just do it' strategy of preemptive monetary policy with no explicit …

When countries attempt to stabilize annual inflation rates that are greater than 40 percent, the domestic stock market … appreciates by 24 percent on average. The present value of the long-run benefits to shareholders of reducing high inflation … statistically insignificant, if the pre-stabilization inflation rate is less than 40 percent. Stock market responses also help …

fluctuations in the output gap, relative to the inefficiencies associated with the fluctuations in inflation. With capital account … implication of the theory is that globalization forces could induce monetary authorities, to put a greater emphasis on reducing … the inflation rate than on narrowing the output gaps. We provide a re- interpretation of the evidence on the effect of …

The note analyzes how globalization forces induce monetary authorities, guided in their policies by the welfare … criterion of a representative household, to put greater emphasis on reducing the inflation rate than on narrowing the output …