We consider the relative effects of globalisation and regionalism in the context of recent developments in the world economy. We extent and advance the analysis of Chortareas and Pelagidis (2004) using the recently updated Penn World Tables data. This allows considering the recent ‘golden era'...

A New Consensus in Macroeconomics (NCM) has emerged over the past couple of decades or so, which has become highly influential in terms of current thinking on the macroeconomy and of economic policy, especially monetary policy. Its main implication for economic policy has been the implementation...