How does globalization in goods and asset markets alter the nature
of economic recessions and the choices facing macroeconomic policy
makers? This volume presents empirical and theoretical
contributions of economist Paul Bergin to this vital question. By a
number of metrics, including trade volume and price convergence,
national goods markets have become more globally integrated over
time. The same is true for asset markets, which today function more
as a single global marketplace. Rigorous theoretical models are
developed to explore how international integration in these markets
provides channels by which shocks driving recession in one country
can be transmitted to other countries. These theoretical concepts
can shed light on the Great Recession of the last decade, which has
been referred to as the first truly global recession. Theory is
also brought to bear to explore how these international spillovers
and the resulting international co-movement in recessions can
create incentives for policy makers to coordinate their monetary
and fiscal policies with each other, as they deal with the
challenge of managing their national economies.
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