Fed's Bernanke on globalization & monetary policy

In the speech 'Globalization and monetary policy' given on 2 March Ben Bernanke of the Federal Reserve said global factors may on balance have boosted U.S. inflation, but globalization has not affected the ability of the Federal Reserve to influence U.S. financial conditions.

"When the offsetting effects of globalization on the prices of manufactured imports and on energy and commodity prices are considered together, there seems to be little basis for concluding that globalization overall has

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