Introduction
Richard Clarida and Francesco Giavazzi
Part I: Optimal Monetary Policy
Interest Rate Signals and Central Bank Transparency
Pierre Gosselin, Aileen Lotz, and Charles Wyplosz
Comments: Charles Bean, Michael Woodford
Part II: International Transmission
The Simple Geometry of Transmission and Stabilization in Closed and Open Economies
Giancarlo Corsetti and Paolo Pesenti
Comments: Richard Clarida, Jeffrey Frankel
Expectations, Monetary Policy, and the Misalignment of Traded Goods Prices
Michael B. Devereux and Charles Engel
Comments: Gianluca Benigno, Argia M. Sbordone
Part III: Capital Account Liberalization
Capital Flows and Asset Prices
Kosuke Aoki, Gianluca Benigno, and Nobuhiro Kiyotaki
Comments: Andrew G. Haldane, Sebnem Kalemli-Özcan
International Portfolios with Supply, Demand, and Redistributive Shocks
Nicolas Coeurdacier, Robert Kollmann, and Philippe Martin
Comments: Fabio Ghironi, Refet S. Gürkaynak
On the Welfare Implications of Financial Globalization without Financial Development
Enrique G. Mendoza, Vincenzo Quadrini, and José-Víctor Ríos-Rull
Comments: Giancarlo Corsetti Mehmet Yörükoglu
Part IV: European Financial Integration
Financial Integration within EU Countries: The Role of Institutions, Confidence, and Trust
Mehmet Fatih Ekinci, Sebnem Kalemli-Özcan, and Bent E. Sørensen
Comments: Philip R. Lane, Enrique G. Mendoza