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Federal Reserve Bank of San Francisco, San Francisco, CA, USA
Growth in International Capital Mobility and Monetary Policy
Measures of Capital Mobility
Convergence in Yields
Monetary Policy Responses
Arguments for Improved Monetary Policy Under Increased Capital Mobility
Increased International Asset Substitutability
Increased Wage and Price Flexibility
Reduced Public Pressure for Output Stabilization
Theoretical Arguments for Reduced Monetary Policy Quality
Reduced Policy Effectiveness
Increased Exposure to Global Shocks
This chapter examines the relationship between capital mobility ...