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Macroeconomic Performance in a Globalising Economy

$35.99 (C)

Jürgen Stark, Robert Anderton, Geoff Kenny, Paul Hiebert, James R. Markusen, Christopher Gust, Silvain Leduc, Robert J. Vigfusson, Michael Kumhof, Douglas Laxton, Kanda Naknoi, Isabell Koske, Nigel Pain, Marte Sollie, Gabor Pula, Frauke Skudelny, Philippe Moutot, Giovanni Vitale, Marco Buti, John B. Taylor
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  • Date Published: September 2016
  • availability: Available
  • format: Paperback
  • isbn: 9781316601945

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About the Authors
  • The process of globalisation has been ongoing for centuries, but few would doubt that it has accelerated and intensified in recent decades. This acceleration is evidenced as much by the strong synchronicity in the rapid transmission of financial crises starting in late 2007 as it is by the decade of almost unprecedented growth in international trade and financial market liberalisation that preceded it. This book shows how the international economy has become more connected via increased production, trade, capital flows and financial linkages. Using a variety of methodologies, including both panel econometrics and DSGE modelling, a team of experts from academia, central banks and the IMF examine how this increased globalisation has affected competitiveness, productivity, inflation and the labour market. This timely contribution to the globalisation literature provides a longer-term perspective while also evaluating some of the potential implications for policy makers, particularly from a European perspective.

    • Improves understanding of the pace and changing characteristics of globalisation and the channels through which it affects advanced economies such as the euro area
    • Contains detailed analyses and empirical evidence on the effects of globalisation on product and labour market performance with important lessons for policy makers
    • Written by an international team of researchers based in universities, central banks and the IMF
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    Product details

    • Date Published: September 2016
    • format: Paperback
    • isbn: 9781316601945
    • length: 300 pages
    • dimensions: 228 x 152 x 16 mm
    • weight: 0.44kg
    • contains: 84 b/w illus. 33 tables
    • availability: Available
  • Table of Contents

    List of figures
    List of tables
    List of contributors
    Preface Jürgen Stark
    Acknowledgements
    1. Globalisation and macroeconomic performance Robert Anderton and Geoff Kenny
    2. The impact of globalisation on the euro area macroeconomy Robert Anderton and Paul Hiebert
    3. Trade and foreign direct investment in business services: a modeling approach James R. Markusen
    4. Entry dynamics and the decline in exchange-rate pass-through Christopher Gust, Silvain Leduc and Robert J. Vigfusson
    5. Does the exchange rate belong in monetary policy rules? New answers from a DSGE model with endogenous tradability and trade frictions Michael Kumhof, Douglas Laxton and Kanda Naknoi
    6. Globalisation and inflation in the OECD economies Isabell Koske, Nigel Pain and Marte Sollie
    7. Globalisation and euro area prices and labour markets: some evidence on the impact of low-cost countries Gabor Pula and Frauke Skudelny
    8. Monetary policy strategy in a global environment Philippe Moutot and Giovanni Vitale
    9. How globalisation affects euro area adjustment Marco Buti
    10. Monetary policy in a global economy: past and future research challenges John B. Taylor
    Index.

  • Editors

    Robert Anderton, European Central Bank, Frankfurt
    Robert Anderton is Adviser in the External Developments Division of the European Central Bank and Professor in the School of Economics at the University of Nottingham. His current work involves analysing the external dimension of the euro area, the global economy and the impacts of globalisation on the macroeconomy.

    Geoff Kenny, European Central Bank, Frankfurt
    Geoff Kenny is Deputy Head of Division in Econometric Modelling at the European Central Bank. In this capacity he has responsibility for the division's macro-modelling and forecasting activities. He has previously lectured in economics at the Smurfit Graduate School of Business, University College Dublin and the National University of Ireland, Maynooth.

    Contributors

    Jürgen Stark, Robert Anderton, Geoff Kenny, Paul Hiebert, James R. Markusen, Christopher Gust, Silvain Leduc, Robert J. Vigfusson, Michael Kumhof, Douglas Laxton, Kanda Naknoi, Isabell Koske, Nigel Pain, Marte Sollie, Gabor Pula, Frauke Skudelny, Philippe Moutot, Giovanni Vitale, Marco Buti, John B. Taylor

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