Macroeconomic Fluctuations and Inequality

Lead Research Organisation: London School of Economics and Political Science
Department Name: Economics

Abstract

In the aftermath of the 2008 financial crisis, unemployment increased dramatically in Western economies. More than four years after the financial crisis, the unemployment rate remains above 8% in the US and the UK, and above 11% in the eurozone. This period of rampant unemployment demonstrates that we do not have the policies to fight unemployment effectively, especially in a world with growing inequality. By developing a policy-friendly macroeconomic theory substantiated by empirical evidence, the project will provide some guidance for the design of macroeconomic policies able to reduce unemployment in recessions while alleviating inequality.

The goal of the proposed project is to bridge the existing gap between abstract macroeconomic models and actual macroeconomic policy. This gap explains in part why policymakers have been unable to reduce unemployment. In fact, existing models provide little guidance for the conduct of macroeconomic policy in recessions. Furthermore, large income and wealth inequality seem to have precipitated and aggravated the current recession. But these models abstract almost completely from inequality.

To achieve our goal, we will develop a new kind of macroeconomic model that captures transparently the features of actual business cycles, in particular by incorporating wealth and income inequality. We will use the model to address theoretically various policy questions:

- Should unemployment insurance be more generous in recessions to stimulate aggregate demand? Or should it be less generous to incentivise unemployed workers to search more intensively for jobs?

- Should payroll tax shift from employees to employers in recessions to stimulate aggregate demand by transferring income from firm owners to workers? Or should it shift from employers to employees to reduce the cost of labour and stimulate hiring?

- Should income tax be more progressive in recessions to stimulate aggregate demand by transferring income from the rich to the poor? Or should it be more regressive to encourage work and entrepreneurship?

- Should the government hire workers in the public sector in recessions to reduce unemployment? Or should it fire public workers to reduce public debt and stimulate private enterprise?

We will complement the theoretical analysis with numerical simulations of the model using real-world data.

The project has a strong potential for impact. Our project will develop a simple macroeconomic model that marries a careful treatment of unemployment and aggregate demand, inspired by the work of Keynes, with the sophisticated treatment of aggregate supply proper to modern macroeconomic models. Additionally, the model will incorporate wealth and income inequality. The model will therefore be useful to many economists in academia. But we hope that the impact of the project will not be limited to academia. By delivering actionable policy prescriptions to fight unemployment and recessions in presence of inequality, we expect the project to have a substantial impact in policymaking institutions. If the project were successful and improved the practice of macroeconomic policy, it would also have a major positive impact on society.

Finally, this project is a scientific collaboration with Emmanuel Saez. Emmanuel is the leading economist on the subject of inequality. He is based at the University of California, Berkeley. We will prepare three outputs to disseminate research findings: (1) papers published in academic journals; (2) a toolbox of computer programs available usable by policymakers to benchmark various policy options; and (3) a book compiling research findings and prescriptions for the conduct of macroeconomic policy in recessions. Although the papers are primarily aimed at academics, we expect their theoretical arguments to reach policymakers. The toolbox of computer programs and the book are specifically designed for policymakers.

Planned Impact

We expect the proposed research to have a broad impact, both in academia and among policymakers. The Academic Beneficiaries section of the grant proposal focuses on the impact of the proposed research in academia. It explains that by developing a simple and realistic model of macroeconomic fluctuations that accounts for unemployment and other sources of inequality, the research will benefit economists in various fields.

This document focuses on the impact of the proposed research outside academia. Outside academia, three types of policymakers will directly benefit from the research: policymakers in international institutions such as the International Monetary Fund, who implement broad sets of policies to tackle recessions; policymakers in governments, who implement fiscal policy and social insurance programs; and policymakers in central banks, who conduct monetary policy.

These policymakers will benefit from three outputs of the project: theoretical policy arguments, developed in research papers; the toolbox of computer programs usable to simulate the effects of various policies; and policy recommendations, summarized in a book.

We expect the theoretical arguments and results in the papers to influence policymakers. Indeed, policymakers use relevant academic research to substantiate arguments they have in favour and against different policy options. For instance, our paper on optimal unemployment insurance was cited to support the case for extending unemployment benefits in a hearing of the US Senate Budget Committee in 2011 (see attached congressional testimony).

We also expect that policymakers worldwide will use and benefit from the toolbox of computer programs that we will develop and make available online. Using the toolbox, they will be able to benchmark their policy options and assess the quantitative effect of proposed policies in our calibrated macroeconomic model. They will be able to answer practical questions such as:

- What is the effect on unemployment of an increase in the replacement rate of unemployment insurance by 10%?

- What is the effect on hiring and profits of a cut in the employer payroll tax rate by 3%?

As explained in Pathways to Impact, I will solicit the views of policymakers to ensure that the toolbox is useful to them.

We expect policymakers to benefit from our book. The book will summarize the findings from the research and benchmark policy options with case studies. It will also offer a set of actionable policy prescriptions to fight unemployment and recessions in presence of inequality. With the book, these audiences will learn about new policy options to fight recessions. In practice, the book will address a broad range of policy questions. By answering these questions, the research will provide direct guidance for many practical policy decisions faced by policymakers in times of recessions. Such questions include:

- Should unemployment insurance be more generous in recessions to stimulate aggregate demand? Or should it be less generous to incentivise unemployed workers to search harder for jobs?

- Should payroll tax shift from employees to employers in recessions to stimulate aggregate demand by transferring income from firm owners to workers? Or should it shift from employers to employees to reduce labour costs and stimulate hiring?

- Should income tax be more progressive in recessions to stimulate aggregate demand by transferring income from the rich to the poor? Or should it be more regressive to encourage work and entrepreneurship?

- Should the government hire workers in the public sector in recessions to reduce unemployment? Or should it fire public workers to reduce public debt and stimulate private enterprise?

Finally, if the project were successful and improved the practice of macroeconomic policy, society at large would benefit. By reducing unemployment and inequality, the policies would promote a fair society with many opportunities

Publications

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Michaillat Pascal (2019) An Economical Business-Cycle Model in arXiv e-prints

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Michaillat P (2015) Aggregate Demand, Idle Time, and Unemployment * in The Quarterly Journal of Economics

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Michaillat P (2019) Optimal Public Expenditure with Inefficient Unemployment in The Review of Economic Studies

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Michaillat P (2022) An economical business-cycle model in Oxford Economic Papers

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Michaillat P (2014) An Economical Business-Cycle Model in SSRN Electronic Journal

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Michaillat P (2014) A Theory of Countercyclical Government Multiplier in American Economic Journal: Macroeconomics

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Landais C (2018) A Macroeconomic Approach to Optimal Unemployment Insurance: Applications in American Economic Journal: Economic Policy

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Landais C (2014) A Macroeconomic Theory of Optimal Unemployment Insurance in SSRN Electronic Journal

 
Description During this period, I have worked on four projects analyzing macroeconomic policies and business-cycle fluctuations. The first and second projects were revisions of work I had produced before the grant started. The third and fourth projects are new workings paper produced after the grant started.

The first project is described in two companion papers and is entitled "A Macroeconomic Approach to Optimal Unemployment Insurance." The first of the two papers, "A Macroeconomic Approach to Optimal Unemployment Insurance: Theory", is forthcoming in the American Economic Journal: Economic Policy. The second of the two papers, "A Macroeconomic Approach to Optimal Unemployment Insurance: Applications", has received a Revise and Resubmit from the American Economic Journal: Economic Policy. This project is joint work with Emmanuel Saez and Camille Landais. This project makes two contributions. First, it develops a theory that relates the generosity of the unemployment insurance (UI) system to the unemployment rate. Combined with empirical evidence, this theory suggests that the government should provide more generous UI when the unemployment rate is high in slumps and less generous UI when the unemployment rate is low in booms. Second, this project develops an empirical methodology to determine at any point in time, using available statistics, whether the current level of UI is optimal, too high, or too low.

The second project, which is described in an article published in the Quarterly Journal of Economics, is entitled "A Model of Aggregate Demand, Idle Time, and Unemployment." It is joint work with Emmanuel Saez. This project also makes two contributions. First, it develops a new model of unemployment. The model incorporates three determinants of the unemployment rate: the frictions that make it costly for firms to find a suitable employee, the wages of workers, and the idleness of workers on the job---which is itself determined by the number of customers of the firm and the number of workers available to serve them. Second, it combines the theoretical predictions of the model with empirical evidence for the US to identify the sources of labor-market fluctuations. Through the lens of our simple model, the empirical evidence suggests that unemployment fluctuations are mainly driven by aggregate demand shocks that affect the idleness of workers on the job and thus the number of workers that firms desire to hire.

The third project, which is described in a working paper, is entitled "An Economical Business-Cycle Model." It is joint work with Emmanuel Saez. This project also makes two contributions. First, it constructs an alternative model of business cycles capturing two features of advanced economies in recent decades (Japan, US, and European Union): low and stable inflation and long periods of liquidity trap. Second, this project uses the model to study the effects of a broad range of conventional and unconventional monetary and debt policies. The policies analyzed include issuance of money through open-market operations, helicopter drop of money, tax on wealth, and deficit spending.

The fourth project, which is described in a working paper, is entitled "The Optimal Use of Government Purchases for Stabilization". It is joint work with Emmanuel Saez. This project makes two main contributions. First, it develops a formula that determines the optimal level of government purchases over the business cycle, taking into account how people value the public services provided by the government and how government purchases contribute to stabilizing the unemployment rate. In particular, the formula implies that the optimal government purchases depends on the government-purchases multiplier and the deviation of the unemployment rate from its efficient level. With a positive multiplier, optimal government purchases are higher when unemployment is inefficiently high and lower when unemployment is inefficiently low. Second, the project calibrates the formula to US data. A first implication is that US government purchases are optimal with a small multiplier of 0.04; if the multiplier is larger, US government purchases are not countercyclical enough. Another implication is that optimal government purchases should increase during recessions. With a multiplier of 0.5 the government purchases should increases from 16.6% of GDP to 20.0% of GDP when the unemployment rate rises from the US average of 5.9% to 9%. With multipliers higher than 0.5 the optimal ratio increases less because fewer government purchases are required to fill the unemployment gap: with a multiplier of 2 government purchases should only increase from 16.6% of GDP to 17.6% of GDP; this is the same increase as with a tiny multiplier of 0.07.
Exploitation Route The findings of the project on unemployment insurance can be taken forward by economists working in the fields of labor economics. Labor economists can use our theory to guide their empirical measurement of the effect of unemployment insurance on the labor market. Indeed, our theory clearly defines the statistics that must be measured in the data to design the optimal unemployment insurance system. A number of research teams have been working on these questions using our model in the past few years (see for instance http://dx.doi.org/10.1093/qje/qjt001 and http://dx.doi.org/10.1257/aer.20131273 and http://dx.doi.org/10.3386/w22447). The empirical methodology developed in the project could also be used by policy makers to monitor in real time whether the unemployment rate is efficient, inefficiently high, or inefficiently low. When the unemployment rate is inefficient, policy makers should adjust their monetary and fiscal policies to bring the unemployment rate closer to its efficient level.

The model developed in the project on unemployment fluctuations can be used by macroeconomists to determine the origins of business-cycle fluctuations. In the project we use our model to separate between four types of macroeconomic shocks in US data: (1) high mismatch caused by major shocks to the financial and housing sectors, (2) low search effort from unemployed workers triggered by extensions of unemployment insurance benefits, (3) low productivity, and (4) low aggregate demand caused by a sudden need to repay debts or pessimism. This analysis could be replicated in many other countries, and it could be extended to many other shocks.

The findings of project on monetary policy can be taken forward by macroeconomists working in monetary economics. First, there are a number of macroeconomic policies that can be examined using the model that we developed. Second, the model could be simulated and compared to the data in order to validate the theory and study quantitative questions. Third, the formulas for optimal monetary policy developed in the project could be used by central bankers to adjust the nominal interest rate as macroeconomic shocks occur and the unemployment rate fluctuates. These formulas are particularly user-friendly because they are expressed with statistics that can be measured in the data in real time.

The findings of the project on government purchases can be taken forward by macroeconomists working in fiscal policy. Indeed, our formula defines the statistics that must be measured in the data to determine the optimal amount of government purchases over the business cycle. Empirical macroeconomists could work to provide better measures of these statistics using new methods and new data. The statistics that should be estimated are the government-purchases multiplier, the elasticity of substitution between private and public goods, and the unemployment gap. The formula developed in the project could be used by policy makers around the world to adjust the amount of goods and services that the government purchases over the business cycle as the unemployment rate fluctuates.
Sectors Government

Democracy and Justice

URL http://www.voxeu.org/article/unemployment-and-product-and-labour-market-tightness
 
Description The findings of the paper entitled "A Macroeconomic Approach to Optimal Unemployment Insurance" have been explicitly used to inform the policy debate. The theoretical arguments and results in the papers have been cited by Professor Till von Wachter to support the case for extending unemployment benefits in a hearing of the US Senate Budget Committee in 2011 (before the grant started). More recently, the paper was cited by Professor Giuseppe Bertola to explain the behavior of the labour market during the Great Recession to central bankers from many countries at the conference organized by the Federal Reserve Board of Kansas City at Jackson Hole, WY in 2014. The paper titled "Do Matching Frictions Explain Unemployment? Not in Bad Times", which was published in the American Economy Review before the grant started but on which the entire research project supported by the grant is based, has recently been cited by Kristin Forbes, member of the Monetary Policy Committee of the Bank of England, in a speech titled "A tale of two labour markets: the UK and US" and delivered at the Henry Jackson Society in London in January 2016.
First Year Of Impact 2011
Sector Communities and Social Services/Policy
Impact Types Policy & public services

 
Description Institute For New Economic Thinking
Amount $200,000 (USD)
Funding ID INO14-00018 
Organisation Institute For New Economic Thinking 
Sector Charity/Non Profit
Country United States
Start 01/2014 
End 12/2015
 
Description Collaboration with Emmanuel Saez 
Organisation University of California, Berkeley
Department Centre For Equitable Growth
Country United States 
Sector Academic/University 
PI Contribution This collaboration resulted in a research project which provides guidance to policymakers for designing policies that are able to bring economies out of recessions by identifying the best policies to fight unemployment and stabilize the business cycle while alleviating inequality.
Collaborator Contribution Same as above
Impact CFM Discussion paper; publication in The Quarterly Journal of Economics
Start Year 2014
 
Description Collaboration with Emmanuel Saez - UC Berkeley 
Organisation University of California, Berkeley
Country United States 
Sector Academic/University 
PI Contribution Collaboration led to publishing of research papers, discussion papers, development of model
Collaborator Contribution Collaboration led to publishing of research papers, discussion papers, development of model
Impact Collaboration led to publishing of research papers, discussion papers, development of model
Start Year 2012
 
Description A Macroeconomic Approach to Optimal Unemployment Insurance 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Postgraduate students
Results and Impact Academic seminar at the University of California--Berkeley, CA, USA.
Year(s) Of Engagement Activity 2015
 
Description Aggregate demand, idle time, and unemployment - Banque de France 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Policymakers/politicians
Results and Impact Presentation made to Banque de France in June 2014. Well received, requests for more information and further discussion

High level of interest and further discussion
Year(s) Of Engagement Activity 2014
 
Description Aggregate demand, idle time, and unemployment - Corpus Christi College, University of Cambridge 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other academic audiences (collaborators, peers etc.)
Results and Impact Presentation given at University of Cambridge conference in Sept. 2014. Presentation stimulated questions and discussion

High level of interest
Year(s) Of Engagement Activity 2014
 
Description Aggregate demand, idle time, and unemployment - Duke University 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other academic audiences (collaborators, peers etc.)
Results and Impact Presentation given by Pascal Michaillat at ENSAI, Rennes, this sparked discussion and talks of possible collaboration

Promoted additional discussion in the topic area
Year(s) Of Engagement Activity 2014
 
Description Aggregate demand, idle time, and unemployment - European University Institute 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other academic audiences (collaborators, peers etc.)
Results and Impact Presentation made to European University Institute in May 2014, sparked questions and discussion afterwards

Requests for more information
Year(s) Of Engagement Activity 2014
 
Description Aggregate demand, idle time, and unemployment - LSE 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other academic audiences (collaborators, peers etc.)
Results and Impact Presentation made at LSE

created a lot of discussion and requests for more information.
Year(s) Of Engagement Activity 2014
 
Description Aggregate demand, idle time, and unemployment - MIT 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other academic audiences (collaborators, peers etc.)
Results and Impact Requests for more information and discussion

Stimulated further discussion
Year(s) Of Engagement Activity 2014
 
Description Aggregate demand, idle time, and unemployment - Science Po, Paris 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other academic audiences (collaborators, peers etc.)
Results and Impact Presentation made at Science Po, Paris, sparked questions and discussion afterwards

High level of interest, questions asked and stimulated discussion
Year(s) Of Engagement Activity 2014
 
Description Aggregate demand, idle time, and unemployment - UC San Diego 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other academic audiences (collaborators, peers etc.)
Results and Impact Presentation made at UC San Diego which sparked discussion and requests for future presentations

discussion and requests for future presentations
Year(s) Of Engagement Activity 2014
 
Description Aggregate demand, idle time, and unemployment - UCLA 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other academic audiences (collaborators, peers etc.)
Results and Impact Presentation sparked questions and discussion

requests for more information, collaboration and future invitations
Year(s) Of Engagement Activity 2014
 
Description Aggregate demand, idle time, and unemployment - University of Maryland 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other academic audiences (collaborators, peers etc.)
Results and Impact Presentation given at the University of Maryland, this sparked a lot of discussion afterwards

requests for more information, collaboration and networking
Year(s) Of Engagement Activity 2014
 
Description An Economical Business-Cycle Model 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Policymakers/politicians
Results and Impact Lunch seminar at the European Central Bank in Frankfurt, Germany.
Year(s) Of Engagement Activity 2015
 
Description An Economical Business-Cycle Model 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact Conference on monetary policy at the Federal Reserve Bank of San Francisco attended by the chairperson of the US Federal Reserve System and the chairperson of the Federal Reserve Bank of San Francisco.
Year(s) Of Engagement Activity 2015
 
Description An economical business-cycle model 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Multiple presentations given at INET conference on macroeconomic externalities,Federal Reserve Bank of San Francisco conference: the new normal for monetary policy, EES conference: new developments in the macroeconomics of labor markets and European Central Bank this sparked questions and discussion afterwards
Year(s) Of Engagement Activity 2015
 
Description An economical business-cycle model - Federal Reserve Bank of Minneapolis 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Policymakers/politicians
Results and Impact Presentation made to Federal Reserve Bank of Minneapolis in Sept. 2014, promoted discussion and sparked questions afterwards

more requests for information
Year(s) Of Engagement Activity 2014
 
Description An economical business-cycle model - SED annual meeting in Toronto 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other academic audiences (collaborators, peers etc.)
Results and Impact Presentation made at the SED annual meeting in Toronto in July 2014. Sparked questions and more discussion

High level of interest and requests for further information, possible collaborations
Year(s) Of Engagement Activity 2014
 
Description An economical business-cycle model - UC Santa Cruz 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other academic audiences (collaborators, peers etc.)
Results and Impact Presentation made to UC Santa Cruz, sparked questions and further discussion

High level of interest, possible further collaboration
Year(s) Of Engagement Activity 2014
 
Description MACROECONOMICS / INT'L FINANCE Seminar at University of Maryland 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Other academic audiences (collaborators, peers etc.)
Results and Impact "A Hair-Salon Theory of Labor Utilization and Unemployment"
A presentation given by Pascal Michaillat, MACROECONOMICS / INT'L FINANCE Seminar at University of Maryland, about 40-50 peers/students attended

Increased requests for further information and involvement
Year(s) Of Engagement Activity 2014
URL https://www.econ.umd.edu/about/events/996
 
Description Optimal unemployment insurance over the business cycle - ENSAI, Rennes 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Other academic audiences (collaborators, peers etc.)
Results and Impact Presentation given by Pascal Michaillat at ENSAI, Rennes, this sparked discussion and talks of possible collaboration

Promoted more discussion on the topic area
Year(s) Of Engagement Activity 2014
 
Description Optimal unemployment insurance over the business cycle - University of Maryland 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Other academic audiences (collaborators, peers etc.)
Results and Impact Seminar given by Pascal Michaillat at the University of Maryland, this created discussion on the seminar area

Created discussion and queries
Year(s) Of Engagement Activity 2014
 
Description The Optimal Use of Government Purchases for Macroeconomic Stabilization 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Presentations given at Santa Clara Institute, NBER summer institute: macro-public finance,University of Texas, Austin and Southwest Search-and-Matching meeting at the Federal Reserve Bank of San Francisco to a collective audience of over 500 people, this sparked questions and discussion afterwards and requests for information
Year(s) Of Engagement Activity 2015
 
Description The Optimal Use of Government Purchases for Stabilization 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Postgraduate students
Results and Impact Academic seminar at Boston College, MA, USA.
Year(s) Of Engagement Activity 2015
 
Description The Optimal Use of Government Purchases for Stabilization 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Professional Practitioners
Results and Impact Academic seminar at the Harvard Kennedy School of Government in Cambridge, MA, USA
Year(s) Of Engagement Activity 2016
 
Description The Optimal Use of Government Purchases for Stabilization 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Policymakers/politicians
Results and Impact Academic seminar at the Federal Reserve Bank of San Francisco, CA, USA.
Year(s) Of Engagement Activity 2015
 
Description The Optimal Use of Government Purchases for Stabilization 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Professional Practitioners
Results and Impact Academic seminar at the University of California--San Diego, CA, USA.
Year(s) Of Engagement Activity 2015
 
Description The Optimal Use of Government Purchases for Stabilization 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Professional Practitioners
Results and Impact Academic seminar at Harvard University, MA, USA.
Year(s) Of Engagement Activity 2015
 
Description The Optimal Use of Government Purchases for Stabilization 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Postgraduate students
Results and Impact Academic seminar at the University of Texas--Austin, TX, USA.
Year(s) Of Engagement Activity 2015
 
Description The Optimal Use of Government Purchases for Stabilization 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Postgraduate students
Results and Impact Academic seminar at Boston University, MA, USA.
Year(s) Of Engagement Activity 2015
 
Description The Optimal Use of Government Purchases for Stabilization 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Undergraduate students
Results and Impact Academic seminar at Cornell University, NY, USA.
Year(s) Of Engagement Activity 2015
 
Description The Optimal Use of Government Purchases for Stabilization 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Postgraduate students
Results and Impact Academic seminar at Yale University, CT, USA.
Year(s) Of Engagement Activity 2015
 
Description The Optimal Use of Government Purchases for Stabilization 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Postgraduate students
Results and Impact Academic seminar at the University of California--Davis, CA, USA.
Year(s) Of Engagement Activity 2016
 
Description The Optimal Use of Government Purchases for Stabilization 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Postgraduate students
Results and Impact Academic seminar at Brown University, RI, USA.
Year(s) Of Engagement Activity 2015
 
Description The curse of inflation 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Presentations given at University of Rochester, New York University, Johns Hopkins University, Toulouse School of Economics, Zurich University, Goethe University in Frankfurt am Main and University of Texas, Austin to a collective audience of over 500 people, this sparked questions and discussion afterwards, there is also the possibility of future collaborations
Year(s) Of Engagement Activity 2015
 
Description The curse of inflation - HEC Paris 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other academic audiences (collaborators, peers etc.)
Results and Impact Promoted discussion and queries

Requests for more information and possible collaboration
Year(s) Of Engagement Activity 2014
 
Description The curse of inflation - UC Berkeley 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other academic audiences (collaborators, peers etc.)
Results and Impact Presentation given at a research seminar in April 2014, sparked questions and further discussion

High level of interest, requests for more information
Year(s) Of Engagement Activity 2014