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Globotics and Macroeconomics: Globalisation and Automation of the Service Sector

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  • Richard Baldwin

Abstract

Globalisation affects the functioning of the macroeconomy. The macroeconomy’s functioning, in turn, conditions the conduct and impact of monetary policy. This is why globalisation matters for central banks. It is also why central bankers should pay attention to the evolution of globalisation. And evolve it has. This paper argues that the future of trade is trade in services – especially trade in intermediate services. Barriers are radically higher and falling radically faster for services versus goods, and, unlike farm and factory goods, there is no capacity constraint when it comes to the export of intermediate services from emerging markets. Undertaking the macroeconomic analysis for services trade that was done in the 2000s for goods trade, however, will require a substantial upgrading of the data available.

Suggested Citation

  • Richard Baldwin, 2022. "Globotics and Macroeconomics: Globalisation and Automation of the Service Sector," NBER Working Papers 30317, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:30317
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    Cited by:

    1. Yunjong Eo & Luis Uzeda & Benjamin Wong, 2023. "Understanding trend inflation through the lens of the goods and services sectors," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 38(5), pages 751-766, August.
    2. Golin, M. & Rauh, C., 2022. "The Impact of Fear of Automation," Janeway Institute Working Papers 2229, Faculty of Economics, University of Cambridge.
    3. Joshua P. Meltzer, 2024. "The Impact of Foundational AI on International Trade, Services and Supply Chains in Asia," Asian Economic Policy Review, Japan Center for Economic Research, vol. 19(1), pages 129-147, January.
    4. Kym Anderson, 2022. "Structural transformation in growing open economies: Australia’s experience," Departmental Working Papers 2022-13, The Australian National University, Arndt-Corden Department of Economics.

    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts

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