Introduction Jordi Galí and Mark Gertler I. Baseline Models for International Monetary Policy Analysis 1. Globalization and Monetary Control Michael Woodford Comment: David Romer 2. The Transmission of Domestic Shocks in Open Economies Christopher Erceg, Christopher Gust, and David López- Salido Comment: Malin Adolfson 3. International Transmission and Monetary Policy Cooperation Günter Coenen, Giovanni Lombardo, Frank Smets, and Roland Straub Comment: Christopher A. Sims II. Extending the Baseline Models to Address Policy Issues 4. Current Account Dynamics and Monetary Policy Andrea Ferrero, Mark Gertler, and Lars E.

O. Svensson Comment: Paolo Pesenti 5. Monetary Rules in Emerging Economies with Financial Market Imperfections Nicoletta Batini, Paul Levine, and Joseph Pearlman Comment: Frederic S. Mishkin 6. Optimal Monetary Policy and the Sources of Local- Currency Price Stability Giancarlo Corsetti, Luca Dedola, and Sylvain Leduc Comment: Philippe Bacchetta III. Empirical Issues in International Monetary Policy Analysis 7. The Macroeconomic Effects of Oil Price Shocks: Why Are the 2000s so Different from the 1970s? Olivier J. Blanchard and Jordi Galí Comment: Julio J.

Rotemberg 8. Global Forces and Monetary Policy Effectiveness Jean Boivin and Marc P. Giannoni Comment: Lucrezia Reichlin Rejoinder by Jean Boivin and Marc P. Giannoni 9. Monetary Policy in Europe versus the United States: What Explains the Difference? Harald Uhlig Comment: Andrew Levin 10. Globalization and Infl ation Dynamics: The Impact of Increased Competition Argia M. Sbordone Comment: Tommaso Monacelli IV. General Observations 11.

The Effects of Globalization on Infl ation, Liquidity, and Monetary Policy Lucas Papademos 12. Globalization and Monetary Policy: Missions Impossible John B. Taylor Panel Remarks Donald L. Kohn, Board of Governors of the Federal Reserve System Rakesh Mohan, Reserve Bank of India José Viñals, Bank of Spain Contributors Author Index Subject Index.