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.

The financial crisis that began in August 2007 and intensified in the fall of 2008 pushed the global economy into its most severe recession since World War II. As 2009 drew to a close, there were signs that economic activity in many countries was rebounding, but the fragile state of many...