Macroeconomic Performance in a Globalising Economy

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 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.

• 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.