It has long been known that free trade contributes to higher standards of living over time.

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.

Dallas Fed Vice President Mark A. Wynne, director of the Globalization and Monetary Policy Institute, discusses the creation of a new research center dedicated to improving policymaking in today's more-open economy.