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International Monetary Fund. Communications Department

Abstract

As the Federal Reserve’s statutory objectives are defined as specific goals for the U.S. economy—to pursue maximum sustainable employment and price stability—and its policy decisions are targeted to achieve these dual objectives, there might seem to be little need for its policymakers to pay attention to developments outside the United States. But such an inference would be incorrect: the state of the U.S. economy is significantly affected by the state of the world economy, and of course, actions taken by the Federal Reserve influence economic conditions abroad, which in turn spill back on the evolution of the U.S. economy and therefore must be taken into account in the Federal Reserve’s monetary policy choices. This Per Jacobsson Lecture first reviews the effect of the Federal Reserve’s monetary policies on the rest of the global economy, particularly emerging market economies. It then addresses prospective outcomes and possible risks associated with the normalization of the Federal Reserve’s policies. Finally, it discusses the Federal Reserve’s responsibilities in the world economy.

International Monetary Fund. Communications Department

the mandate of the Fed is essentially domestic even if the spillover effects of its decisions are global. It’s also a fact that the dollar remains the currency of the world. So to what extent does the Fed take into account international spillovers when it is considering its monetary policy decisions? Well, this is a subject that Stan has chosen for his lecture, and I think that everybody would agree with me that it’s an extremely important topic. Stan Fischer has had an exemplary career. He’s currently the Vice Chairman of the Board of Governors of the Federal

International Monetary Fund. External Relations Dept.

as his professional trajectory has been. And indeed, as most of you know, he has led an exemplary career dedicated to public service. Dr. Reddy served for five years as governor of the Reserve Bank of India. And as Jaime mentioned, in his position, I think he played a key role in directing India’s financial development and regulating the financial sector in a prudential and thoughtful manner, which doubtless contributed to the country’s strengthening of the macro policy framework and was instrumental in actually driving India through the recent crisis. It’s not