Introduction: Richard Clarida, Francesco Giavazzi

1. Interest Rate Signals and Central Bank Transparency: Pierre Gosselin, Aileen Lotz, Charles Wyplosz
       Comment: Charles Bean
       Comment: Michael Woodford

2. The Simple Geometry of Transmission and Stabilization in Closed and Open Economies: Giancarlo Corsetti, Paolo Pesenti
       Comment: Richard Clarida
       Comment: Jeffrey Frankel

3. Expectations, Monetary Policy, and the Misalignment of Traded Goods Prices: Michael B. Devereux, Charles Engel
       Comment: Gianluca Benigno
       Comment: Argia M. Sbordone

4. Capital Flows and Asset Prices: Kosuke Aoki, Gianluca Benigno, Nobuhiro Kiyotaki
       Comment: Andrew G Haldane
       Comment: Sebnem Kalemli-Ozcan

5. International Portfolios with Supply, Demand and Redistributive Shocks: Nicolas Coeurdacier, Robert Kollmann, Philippe Martin
       Comment: Fabio Ghironi
       Comment: Refet S. Gurkaynak

6. On the Welfare Implications of Financial Globalization without Financial Development: Enrique G. Mendoza, Vincenzo Quadrini, Jose-Victor Rios-Rull
       Comment: Giancarlo Corsetti
       Comment: Mehmet Yorukoglu

7. Financial Integration within EU Countries: The Role of Institutions, Confidence and Trust: Mehmet Fatih Ekinci, Sebnem Kalemli-Ozcan, Bent E. Sorensen
       Comment: Philip R. Lane
       Comment: Enrique G. Mendoza