Introduction / Jordi Gali and Mark Gertler -- Globalization and monetary control / Michael Woodford -- Comment: David Romer -- The transmission of domestic shocks in open economies / Christopher Erceg, Christopher Gust and David López-Salido -- Comment: Malin Adolfson -- International transmission and monetary policy cooperation / Günter Coenen, Giovanni Lombardo, Frank Smets and Roland Straub -- Comment: Christopher A. Sims -- Current account dynamics and monetary policy / Andrea Ferrero, Mark Gertler, and Lars E.O. Svensson -- Comment: Paolo Pesenti -- Monetary rules in emerging economies with financial market imperfections / Nicoletta Batini, Paul Levine, and Joseph Pearlman -- Comment: Frederic S. Mishkin -- Optimal monetary policy and the sources of local-currency price stability / Giancarlo Corsetti, Luca Dedola, and Sylvain Leduc -- Comment: Philippe Bacchetta -- The macroeconomic effects of oil price shocks: why are the 2000s so different from the 1970s? / Olivier J. Blanchard and Jordi Galí -- Comment: Julio J. Rotemberg -- Global forces and monetary policy effectiveness / Jean Boivin and Marc P. Giannoni -- Comment: Lucrezia Reichlin -- Rejoinder by Jean Boivin and Marc P. Giannoni -- Monetary policy in Europe versus the U.S.: what explains the difference? / Harald Uhlig -- Comment: Andrew Levin -- Globalization and inflation dynamics: the impact of increased competition / Argia M. Sbordone -- Comment: Tommaso Monacelli -- The effects of globalization on inflation, liquidity and monetary policy / Lucas Papademos -- Globalization and monetary policy: missions impossible / John B. Taylor -- Panel remarks / Donald L. Kohn, Rakesh Mohan, José Viñals.