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Modern macroeconomics suffers from an unclear link between short-term Keynesian analysis and long-term growth modelling. This book presents a new link between monetary analysis and growth modelling in open economies. Structural change, innovations and growth are considered from a new perspective. With respect to economic policy - in particular innovation policy - the analysis implies major changes, concerning both EU countries and other leading OECD economies.

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Globalization, Specialization and Innovation Dynamics.- Savings, Investment and Growth: New Approaches for Macroeconomic Modeling.- Economic Integration, Technological Progress and Growth.- Impact of the Real Exchange Rate on Trade, Structural Change and Growth.- Macroeconomic Aspects of Opening Up, Unemployment, Growth and Transition.- Productivity Shocks, Innovations, Stock Market Dynamics and Growth,- Innovation Dynamics and Optimum Growth.- Trade, Structural Change and Growth in an Open Monetary Economy.- Innovations in the Digital Economy: Promotion of R&D and Growth in Open Economies.- EU Innovation Policy: Analysis and Critique.- Financial Market Integration, Interest Rates and Economic Development.- Natural Resources, Oil Prices and Innovation Dynamics.- Portfolio Modeling and Growth in Open Economies.- Transatlantic Banking Crisis: Analysis, Rating, Policy Issues.- International Banking Crisis and Innovation.- New MARSHALL-LERNER Condition and Economic Globalization.- Trade, Innovation and Output Dynamics.- New Open Economy Policy Perspectives: Modified Golden Rule and Hybrid Welfare.- Employment in the R&D Sector, Economic Policy and the Golden Rule.- Some Remarks on Growth Analysis on the Basis of CES.

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Paul J. J. Welfens, geb. 1957 in Düren, Studium der Volkswirtschaftslehre in Wuppertal, Duisburg und Paris, Promotion 1985, Habilitation1989. Inhaber des Lehrstuhls für Volkswirtschaftslehre - Schwerpunkt Makroökonomische Theorie und Politik an der Bergischen Universität Wuppertal; Präsident des Europäischen Instituts für Internationale Wirtschaftsbeziehungen (EIIW); Jean-Monnet-Professor für Europäische Wirtschaftsintegration; zuvor Distinguished Research Fellow am AICGS/The Johns Hopkins University, Professor an der Universität Münster bzw. Potsdam, Visiting Alfred Grosser Professor Sciences Po, Paris.

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