(2008), “Globalisation, domestic inflation and global output gaps: Evidence from the euro area”, ECB Working Paper No. 890, finds limited evidence in support of the “global output gap hypothesis” for the euro area. BIS Review 51/2008  3  Orphanides would have quite a few words to say – but, even more fundamentally, to the measure of world output itself.
Let me now address the impact of science on policy. I very much believe in the maxim that “most of the fundamental ideas of science are essentially simple, and may, as a rule, be expressed in a language comprehensible to everyone”. This is not something that I have made up myself, but is actually a quote by Einstein.