ABSTRACT. With respect to monetary policy, Yellen finds nothing either in theory or the existing empirical evidence to overturn the conclusion that a country like the United States, operating under a flexible exchange rate regime, can ultimately achieve the inflation target of its choice. Berger et al. focus on the question whether and how the ongoing process of economic integration, usually labeled as globalization, affects policymakers' optimal choice between a proactive and reactive policy strategy. Wagner reasons that globalization forces market players to make structural adjustments or reforms which change the conditions or constraints under which monetary policy is implemented.



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