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Professor Meredith A. Crowley, Professor of Economics at Cambridge University, will give the 2025 IFS Annual Lecture on "Trade Wars and the Future of Globalisation". The world enjoyed a dramatic fall in policy barriers to international trade and rising international integration of national markets throughout the 1990s and 2000s. However, since 2010, trade integration has stalled, with the global trade to GDP ratio hovering around 30 percent. Over the last fifteen years, the world has witnessed Britain’s exit from the EU, the 2018 US-China Trade War, major trade sanctions against Russia, and, most recently, the threat of broader American trade restrictions. This lecture will examine recent evidence on exporting firms in multiple countries and suggest new approaches to evaluating the price and welfare impacts of market fragmentation due to Brexit and the US-China Trade War. Meredith A. Crowley is a Professor of Economics at the University of Cambridge, a Fellow of St. John’s College Cambridge, President of the International Economics and Finance Society, and a Research Fellow at the Centre for Economic Policy Research (CEPR – London). Her research, focused on international trade, trade policy, and exchange rates has been published in numerous peer-reviewed journals including the American Economic Review and the Journal of International Economics. She has appeared or been cited in over 100 print and broadcast media outlets including the BBC, The New York Times, The Washington Post, The Economist, The Financial Times, The Guardian, The Telegraph, The Times and National Public Radio (US). Prior to arriving at Cambridge in 2013, Crowley worked in the Research Department of the Federal Reserve Bank of Chicago. She has taught at Georgetown University, the Shanghai University of Finance and Economics, and Nanjing University. She has presented her research at central banks and international institutions around the world, including the International Monetary Fund, the World Bank, and the World Trade Organization. Crowley received her MPP from Harvard University and her PhD in Economics from the University of Wisconsin-Madison.

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