The first question is whether the open economy environment reduces the ability of domestic monetary policy to achieve these objectives. I have argued that globalization has not reduced the ability of countries with flexible exchange rates to carry out independent monetary policies and therefore pursue domestic objectives.
On the other hand, countries that fix exchange rates do give up much of the independence in their domestic monetary policies. The second issue is whether the open economy setting introduces new objectives, beyond those that motivate policy in the closed economy context.