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
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| Preface
Már Gudmundsson |
v |
| Chapter 1: Palle Andersen's contributions to economics |
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| Opening address
Malcolm D Knight |
1 |
| Luncheon speech
Kazumasa Iwata |
5 |
| Speech at the opening dinner
William R White |
11 |
| Palle Schelde Andersen: a practical economist
Philip Turner |
15 |
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Chapter 2: International adjustment |
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| Global imbalances and the emergence of Asia
Palle S Andersen and Karen Johnson |
27 |
| Chapter 3: New forms of labour mobility: trends and macroeconomic implications | |
| Immigration: trends and macroeconomic implications
Stephen Nickell |
51 |
| Discussion comments
Torben M Andersen |
65 |
| Discussion comments
William Wascher |
69 |
| Chapter 4: International migration and outsourcing | |
| Exploring international migration and outsourcing through an institutional lens Jill Rubery, Annamaria Simonazzi and Kevin Ward |
77 |
| Discussion comments
David T Coe |
105 |
| Discussion comments Adrian Blundell-Wignall |
107 |
| Chapter 5: Labour markets in newly integrating emerging economies | |
| Labour markets in newly integrating economies such as India and China
Suresh D Tendulkar |
115 |
| Discussion comments
Patrick Artus |
129 |
| Discussion comments
Johnny Åkerholm |
137 |
| Globalisation and labour markets: implications of the emergence of China and India
David T Coe |
139 |
| Chapter 6: Globalisation and labour markets: implications for central banks Panel remarks by Frederic Mishkin Panel remarks by Anders Møller Christensen Panel remarks by Kazumasa Iwata Panel remarks by Leif Pagrotsky |
159 |
| Participants in the conference | 173 |
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| Contributors to the conference volume | 179 |
