Macroeconomic Performance In Globalising Economy

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, the OECD and the IMF examine how this increased globalisation has affected competi-tiveness, 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. 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 is Deputy Head of the in Econometric Modelling Division 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.