Combine flour and next 3 ingredients; set aside.
Beat butter at medium speed with an electric mixer until creamy; gradually add sugar, beating well. Add eggs, 1 at a time, beating until blended after each addition. Add flour mixture to butter mixture gradually, beating at low speed until blended. Stir in white chocolate morsels and cranberries.
Drop cookie dough by heaping tablespoonfuls onto lightly greased baking sheets. Bake at 350° for 10 to 12 minutes or until lightly browned on bottom. Remove to wire racks to cool completely.