Manova, Kalina; (2024) Innovation with Global Firms. In: (Proceedings) ECB Sintra Forum on Central Banking. (In press).

Text Sintra 2024_Manova KM.pdf - Published Version Access restricted to UCL open access staff until 13 February 2026. Download (1MB)

Abstract

The past, present and future of European productivity is as multi-faceted as it is fundamental to economic prosperity in Europe. Antonin Bergeaud provides a sweeping overview of a vast literature, which he complements with original analysis. This discussion offers a global perspective and a globalization perspective on European productivity with three key messages. First, globalization creates opportunities for growth and innovation, but seizing those opportunities requires capable firms, efficient markets, and strong institutions. Second, economic policy and analysis need to stay firmly focused on firms as the main decision makers. And third, globalization engenders or reinforces policy spillovers that matter for the design and impact of economic policy. I close with two open questions: the relationship between growth and growth+++ objectives of inequality, resilience and sustainability, and holistic policy thinking in light of rapid technological change.

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