Monetary Policy in the New Global Economy: The Case of Japan

2018-06-30T23:13:23Z (GMT) by Allan Meltzer
<p>The title of this session asks an old question in a new form: Have institutional changes, in this case so-called globalization, reduced the effect of money on prices and other nominal variables? The simple answer is no, but a more complete answer would be, no for large countries like the United States but perhaps yes for small, open economies with free capital movements. I will give two principal reasons.</p>