ABSTRACT. Berger et al. study the nexus between globalization and the optimal monetary policy response to asset prices. Reddy holds that at an operational level, there is greater transparency amongst the monetary authorities as a strategic objective. Rogoff argues that continuing asset price volatility is at least in part because of heightened asset price sensitivity to risk changes as risk levels fall, and the increasing ability of financial markets to diversify risk. Gavin et al. calculate the term structure of inflation uncertainty in New Keynesian models when the monetary authority adopts the optimal policy. Moreno and Villar remark that there has been a strategic shift by foreign banks away from pursuing internationally active corporate clients towards the exploration of business opportunities in the domestic market.



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