, which refers to price stability and high employment, and in which the exchange rate and other international variables matter … heavily shaped by the distinctive circumstances of the last three decades, when the influence of international considerations … on Fed policy has been limited. I discuss how the Federal Reserve paid significant attention to international …

, which refers to price stability and high employment, and in which the exchange rate and other international variables matter … heavily shaped by the distinctive circumstances of the last three decades, when the influence of international considerations … on Fed policy has been limited. I discuss how the Federal Reserve paid significant attention to international …

variables have become more powerful over time in driving national variables. -- Global shocks ; international business cycle … ; international policy coordination and transmission ; factor augmented vector autoregressive (FAVAR) models ; common factors …