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International macroeconomics in the wake of the global financial crisis

Author: Laurent Ferrara; Ignacio Hernando; D Marconi
Publisher: Cham, Switzerland : Springer, [2018]
Series: Financial and monetary policy studies, 46.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Printed edition:
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Laurent Ferrara; Ignacio Hernando; D Marconi
ISBN: 9783319790756 3319790757
OCLC Number: 1040592704
Description: 1 online resource
Contents: Intro; Foreword; Contents; Editors and Contributors; Introduction; 1 The Slowdown in Global Growth: Supply-Side Factors; 2 The Slowdown in Global Growth: Demand-Side Explanations; 3 Challenges for Monetary Policy After the GFC; 4 External Developments; References; Global Growth Slowdown: Supply-Side Factors; The Productivity Slowdown and the Secular Stagnation Hypothesis; 1 Introduction; 2 Sources of Post-war U.S. Growth; 2.1 Total Factor Productivity; 2.2 Human Capital; 2.3 Employment Ratio; 2.4 Capital-Output Ratio; 2.5 Summing Up; 3 Growth, Research Intensity and Size Effect. 4 Insights from Economic History; 4.1 TFP and Population; 4.2 Human Capital; 5 Conclusion; References; Growth Potential in Emerging Countries; 1 Introduction; 2 The Recent Growth Phases of EMEs; 3 Cyclical and Structural Components of the Slowdown in Major EMEs; 4 Labour Productivity; 5 Labour Productivity Gains: Within- and Across-Sector Effects; 6 Labour Supply: Quantity and Quality Issues; 7 Conclusion; References; What are the Drivers of TFP Growth? An Empirical Assessment; 1 Introduction; 2 Growth Accounting Methodology and Data; 3 TFP Growth Determinants; 4 The Econometric Strategy. 4.1 Bayesian Model Averaging (BMA)5 Empirical Results; 5.1 BMA: Pooled OLS; 5.2 Advanced Versus Emerging; 5.3 TFP Growth Decomposition; 6 Concluding Remarks; Appendix 1. Commodities Export Price Index (CEPI); Appendix 2. TFP Convergence; References; The Unintended Consequences of Globalization and Technological Progress; 1 Introduction; 2 Data; 3 Evolution of Global Inequality; 4 Causes of Rising Within-Country Inequality; 5 Policy Options; References; Global Growth Slowdown: Demand-Side Explanations; Trade Weakness: Cycle or Trend?; 1 Introduction; 2 Building Intuition. 3 Trade Weakness: The Cycle and the Trend; 4 Forecasting Trade; 5 Conclusion; References; The Role of Debt Dynamics in US Household Consumption; 1 Introduction; 2 Illusions About Private Consumption and Debt Sustainability; 2.1 A Credit and Asset Prices Boom that Boosts US Private Consumption and GDP; 2.2 An Illusion of Household Balance Sheet Sustainability Caught Back by the Deleveraging Reality; 3 A Consistent Stock-Flow Approach for Debt Dynamics; 4 Modelling US Private Consumption with Debt Flows Dynamics; 5 Conclusions; References. Explaining Weak Investment Growth After the Great Recession: A Macro-Panel Analysis1 Introduction; 2 The Model for Investment and the Data; 3 Results; 3.1 Time-Invariant Coefficients: Model Selection; 3.2 The Determinants of Investment Over Time: Sample Split; 3.3 The Determinants of Investment over Time: Time-Varying Coefficients; 4 Robustness and Further Analysis; 5 Concluding Remarks; References; New Challenges for Monetary Policies at a Time of High Uncertainty, Low Inflation and Low Real Interest Rates; Uncertainty Fluctuations: Measures, Effects and Macroeconomic Policy Challenges.
Series Title: Financial and monetary policy studies, 46.
Responsibility: Laurent Ferrara, Ignacio Hernando, Daniela Marconi, editors.

Abstract:

This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

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