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Monetary policy in an interdependent world


  • Sandra Pianalto


While central bankers must focus on delivering price stability and other mandates in their own countries, they must also monitor international developments closely because national trade and financial markets have become increasingly interconnected. Sandra Pianalto, president and chief executive officer of the Federal Reserve Bank of Cleveland, explores how the globalization of financial markets could affect U.S. monetary policy and explains how a commitment to price stability and policy transparency can help monetary policymakers deal with challenging international developments. A version of this speech was presented to the Marshall Forum on Transatlantic Affairs in Tremezzo, Italy, on March 18, 2006.

Suggested Citation

  • Sandra Pianalto, 2006. "Monetary policy in an interdependent world," Economic Commentary, Federal Reserve Bank of Cleveland, issue May.
  • Handle: RePEc:fip:fedcec:y:2006:i:may1

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    References listed on IDEAS

    1. Caroline M. Hoxby, 2002. "School Choice and School Productivity (or Could School Choice be a Tide that Lifts All Boats?)," NBER Working Papers 8873, National Bureau of Economic Research, Inc.
    2. Hanushek, Eric A. & Kain, John F. & Rivkin, Steven G. & Branch, Gregory F., 2007. "Charter school quality and parental decision making with school choice," Journal of Public Economics, Elsevier, vol. 91(5-6), pages 823-848, June.
    3. Caroline Minter Hoxby, 2003. "School Choice and School Productivity. Could School Choice Be a Tide that Lifts All Boats?," NBER Chapters,in: The Economics of School Choice, pages 287-342 National Bureau of Economic Research, Inc.
    4. Charles M. Tiebout, 1956. "A Pure Theory of Local Expenditures," Journal of Political Economy, University of Chicago Press, vol. 64, pages 416-416.
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