Does the Federal Reserve Care about the Rest of the World?
回顾了美联储对国际因素的关注程度变化历史，指出过去三十年国际因素影响有限，但未来几十年其作用将增大，对理解美联储政策演变有参考价值。
Many economists are accustomed to thinking about Federal Reserve policy in terms of the institution's “dual mandate,” which refers to price stability and high employment, and in which the exchange rate and other international variables matter only insofar as they influence inflation and the output gap—which is to say, not very much. In fact, this conventional view is heavily shaped by the distinctive and peculiar circumstances of the last three decades, when the influence of international considerations on Fed policy has been limited. In fact, the Federal Reserve paid significant attention to international considerations in its first two decades, followed by relative inattention to such factors in the two-plus decades that followed, then back to renewed attention to international aspects of monetary policy in the 1960s, before the recent period of benign neglect of the international dimension. I argue that in the next few decades, international aspects are likely to play a larger role in Federal Reserve policy making than at present.