12  For example, Mark E. Doms and J. Bradford Jensen (1998), "Productivity, Skill, and Wage Effects of Multinational Corporations in the United States," in D. Woodward and D. Nigh, eds., Foreign Ownership and the Consequences of Direct Investment in the United States: Beyond Us and Them (Westport, Conn.: Quorum Books), pp. 49-68.
4  BIS Review 59/2006  decline, and these economies will exert less, if any, downward pressure on inflation in the United States. This observation brings me to my final point, which is about monetary policy. Clearly, the greater integration of the world’s economies does leave the United States more open to influences from abroad.