He seeks consensus among FOMC members, and the personal views he interjects into the discussion serve more as a beacon than a command. As a result, he achieves consensus through the quality of his leadership and the depth of his analysis. A final observation concerns the limitations of monetary policy.
Integration with global value chains led to lower import prices, technology spillovers, and productivity gains from the international division of labour. [4] And when regions were faced mainly with local shocks, trade openness helped buffer the domestic effects, allowing countries to diversify risks and exploit multiple sources of external demand.