Gauging International Shocks and Their Implications

he Globalization and Monetary Policy Institute cosponsored a conference on “International Linkages in a Globalized World and Implications for Monetary Policy” with the School of International Business Administration at Shanghai University of Finance and Economics (SHUFE) and Shanghai Institute of Finance and Law. The event was held at SHUFE on June 21–22. The theme was the impact of globalization on the transmission of shocks across countries and subsequent implications for policymakers. Conference organizers were Michael Devereux of the University of British Columbia, Kevin Huang of Vanderbilt University, Yuying Jin of SHUFE, and Jian Wang and Mark Wynne of the Federal Reserve Bank of Dallas. Presenters’ institutions included the University of British Columbia, University of Virginia, New York University, the International Monetary Fund (IMF) and Federal Reserve Bank of San Francisco. During three sessions, authors presented nine papers examining linkages between economies through trade, offshoring and international financial markets. The impact of these ties for conducting monetary policy was also discussed. In a short policy panel discussion, Benhua Wei, a former vice chairman of China’s State Administration of Foreign Exchange (SAFE), and Wynne, director of the Dallas Fed’s Globalization and Monetary Policy Institute, shared their views on the global economy, particularly current policy issues in the United States, China and the euro area. By Jian Wang