The Department of Empirical Macroeconomics is particularly concerned with the causes and consequences of globalization. The main research questions include the effects of financial markets on international trade, innovation and sourcing strategies of multinational enterprises, and the impact of corporate tax reforms on exports. These topics are analysed by developing and quantifying microeconomic models of international trade. Theoretical predictions are tested empirically by using detailed trade data at the country, industry, and firm level. The analyses form the basis for determining welfare effects of globalisation and deriving policy implications concerning the economic effects in open markets.