Global Forces and Monetary Policy Effectiveness
---- Acknowledgments ----
Prepared for the NBER conference on International Dimensions of Monetary Policy in Girona (Spain), June 2007. We thank conference participants, in particular Olivier Blanchard, Jordi Galí, Mark Gertler, Larry Meyer, Benoît Mojon, Lucrezia Reichlin, Chris Sims, and Michael Woodford for very valuable discussions and comments, and Guilherme Martins for excellent research assistance. We are also grateful to the National Science Foundation for financial support (SES-0518770). The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.