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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.
This book takes readers on a unique journey across some of the most
debated implications of the rise of the Chinese economy on the
global scene. From the analysis, suggestions emerge on how to
improve statistical tools to measure performance and to obtain more
precise macroeconomic forecasts. Moreover, it confirms the
suspicion that a governance model of firms that does not
sufficiently encourage market competition may have significant
costs in terms of efficiency for the Chinese production system. The
analysis of demographic factors and of household savings gives
further support to calls for a serious reform effort, particularly
of the pension and health care systems, to utilize households'
savings more efficiently and equitably. Finally the analyses of
Chinese and global trade underscore the need for a less superficial
consideration of the implications of the Chinese presence in global
markets.
This book takes readers on a unique journey across some of the most
debated implications of the rise of the Chinese economy on the
global scene. From the analysis, suggestions emerge on how to
improve statistical tools to measure performance and to obtain more
precise macroeconomic forecasts. Moreover, it confirms the
suspicion that a governance model of firms that does not
sufficiently encourage market competition may have significant
costs in terms ofefficiency for the Chinese production system. The
analysis of demographic factors and of household savings gives
further support to calls for a serious reform effort, particularly
of the pension and health care systems, to utilize households'
savings more efficiently and equitably. Finally the analyses of
Chinese and global trade underscore the need for a less superficial
consideration of the implications of the Chinese presence in global
markets.
"
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