The papers in this issue cover a wide array of topics and research areas, but have in common their relevance for ongoing policy debates across the globe, including deindustrialization and its socio-economic consequences, how to foster R&D to overcome sluggish productivity growth, how to address contagion effects in global capital markets and fiscal policy in the Eurozone. These papers were presented at the 63rd Panel meeting at De Nederlandsche Bank in Amsterdam and attracted lively discussions and comments.

Manufacturing has been on the decline across many advanced economies over the past decade, with economic activity shifting into the service sector. This has led to intensive discussions among researchers and, even more so, among policymakers, with many equalizing deindustrialization with economic decline. Andrew Bernard, Valerie Smeets and Frederic Warzynski question this assessment, using micro-level data from Denmark. The authors answer two very specific questions: first,...

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