ABSTRACT. Rogoff argues that for countries with well-developed financial markets, the thin information content of exchange rates makes them of limited use in a monetary policy rule. Bils et al. reject the joint hypothesis of sticky-price models and popular monetary policy identification schemes. Svensson claims that monetary policy actions in industrialized countries normally affect real activity and inflation with considerable lags. Reddy observes that the period since the 1990s has witnessed some convergence in the conduct of monetary policy, worldwide. Wagner analyzes a channel of influence on monetary policy, which is based on an increase in competition through global economic integration.



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