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.

We base theoretically the fact that the "saving retention coefficient" with panel data measures the integration within a considered group of countries but also the integration between this group and the rest of the world, by using different levels of transaction costs according to whether the...

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.

This technical note is developed as a companion to the paper ‘Assessing Bayesian Model Comparison in Small Samples’ (Globalization and Monetary Policy Institute working paper no. 189). Taking the workhorse open-economy model of Martínez-García and Wynne (2010) with nominal rigidities under...

We investigate the Bayesian approach to model comparison within a two-country framework with nominal rigidities using the workhorse New Keynesian open-economy model of Martínez-García and Wynne (2010). We discuss the trade-offs that monetary policy characterized by a Taylor-type rule faces in...