Globalisation, labour markets and international adjustment - Essays in honour of Palle S Andersen

BIS Papers  |  No 50  | 
19 January 2010
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 |  188 pages

This book celebrates the life and work of Palle Schelde Andersen, a Danish economist who was for over two decades the main macroeconomist of the Bank for International Settlements (BIS). The book contains the papers and proceedings of a conference that was held at the BIS in Mr Andersen's honour on 3 December 2007. One of his papers, co-authored with Karen Johnson, on the role of emerging Asia in the build-up of global current account imbalances, is published for the first time. The theme of the conference reflects Mr Andersen's long-standing research interest in wage determination and inflation dynamics. The papers included in the volume analyse the macroeconomic effects of increased flows of labour across borders; the effect on global inflation of the integration of labour from emerging markets and former command economies into the global market economy; and the impact of globalisation on the inflation process and the transmission mechanism of monetary policy.

    JEL classification: E24, E31, E58, E61, F22, F32, F36, F42, J21, J30, J61, J82

    Chapter 6: Globalisation and labour markets: implications for central banks