DOCSLIB.ORG

Mankiw Coursebook

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

e Forward Guidance Forward Guidance Forward guidance is the practice of communicating the future path of monetary Perspectives from Central Bankers, Scholars policy instruments. Such guidance, it is argued, will help sustain the gradual recovery that now seems to be taking place while central banks unwind their massive and Market Participants balance sheets. This eBook brings together a collection of contributions from central Perspectives from Central Bankers, Scholars and Market Participants bank officials, researchers at universities and central banks, and financial market practitioners. The contributions aim to discuss what economic theory says about Edited by Wouter den Haan forward guidance and to clarify what central banks hope to achieve with it. With contributions from: Peter Praet, Spencer Dale and James Talbot, John C. Williams, Sayuri Shirai, David Miles, Tilman Bletzinger and Volker Wieland, Jeffrey R Campbell, Marco Del Negro, Marc Giannoni and Christina Patterson, Francesco Bianchi and Leonardo Melosi, Richard Barwell and Jagjit S. Chadha, Hans Gersbach and Volker Hahn, David Cobham, Charles Goodhart, Paul Sheard, Kazuo Ueda. CEPR 77 Bastwick Street, London EC1V 3PZ Tel: +44 (0)20 7183 8801 A VoxEU.org eBook Email: [email protected] www.cepr.org Forward Guidance Perspectives from Central Bankers, Scholars and Market Participants A VoxEU.org eBook Centre for Economic Policy Research (CEPR) Centre for Economic Policy Research 3rd Floor 77 Bastwick Street London, EC1V 3PZ UK Tel: +44 (0)20 7183 8801 Email: [email protected] Web: www.cepr.org © 2013 Centre for Economic Policy Research Forward Guidance Perspectives from Central Bankers, Scholars and Market Participants A VoxEU.org eBook Edited by Wouter den Haan a Centre for Economic Policy Research (CEPR) The Centre for Economic Policy Research is a network of over 800 Research Fellows and Affiliates, based primarily in European Universities. The Centre coordinates the re- search activities of its Fellows and Affiliates and communicates the results to the public and private sectors. CEPR is an entrepreneur, developing research initiatives with the producers, consumers and sponsors of research. Established in 1983, CEPR is a Euro- pean economics research organization with uniquely wide-ranging scope and activities. The Centre is pluralist and non-partisan, bringing economic research to bear on the analysis of medium- and long-run policy questions. CEPR research may include views on policy, but the Executive Committee of the Centre does not give prior review to its publications, and the Centre takes no institutional policy positions. The opinions ex- pressed in this report are those of the authors and not those of the Centre for Economic Policy Research. CEPR is a registered charity (No. 287287) and a company limited by guarantee and registered in England (No. 1727026). Chair of the Board Guillermo de la Dehesa President Richard Portes Chief Executive Officer Stephen Yeo Research Director Lucrezia Reichlin Policy Director Richard Baldwin Contents Foreword vii Introduction 1 Wouter den Haan Part I: Central Bankers on Forward Guidance: Description and Motivation Forward Guidance and the ECB 25 Peter Praet Forward Guidance in the UK 35 Spencer Dale and James Talbot Forward Policy Guidance at the Federal Reserve 43 John C Williams The Bank of Japan’s Current Monetary Easing and Forward Guidance 49 Sayuri Shirai Monetary policy and forward guidance in the UK 57 David Miles Part II: Empirics and Economic Theory on Forward Guidance Low for How Long? Estimating the ECB’s “Extended Period of Time” 79 Tilman Bletzinger and Volker Wieland Odyssean Forward Guidance in Monetary Policy: A Primer 87 Jeffrey R Campbell The Macroeconomic Effects of Forward Guidance 107 Marco Del Negro, Marc Giannoni and Christina Patterson The Value of Forward-Looking Communication 115 Francesco Bianchi and Leonardo Melosi Part III: Improving the Implementation of Forward Guidance Complete Forward Guidance 125 Richard Barwell and Jagjit S. Chadha Effective Forward Guidance: Scrupulous Central Bankers and Forecast Contracts 133 Hans Gersbach and Volker Hahn Part IV: Criticism Forward Guidance in the UK: Holding Rates Down till Something Happens 143 David Cobham Debating the Merits of Forward Guidance 151 Charles Goodhart Forward Guidance: A Central Bank Watcher’s Perspective 157 Paul Sheard A Long and Bumpy Journey ahead for Forward Guidance 165 Kazuo Ueda vi Foreword Since the onset of the Global Crisis in 2008, CEPR’s policy portal VoxEU.org has produced a string of eBooks on issues related to the crisis written by world-leading economists, practitioners and specialists. The books are produced rapidly and designed to provide expert and timely advice and guidance for policymakers on potential solutions. This new eBook on forward guidance is very much in this spirit. Forward guidance is the practice of communicating the future path of monetary policy instruments. Such guidance, it is argued, will help sustain the gradual recovery that now seems to be taking place while central banks unwind their massive balance sheets. This eBook brings together a collection of contributions from central bank officials, researchers at universities and central banks, and financial market practitioners. The contributions aim to discuss what economic theory says about forward guidance and to clarify what central banks hope to achieve with it. Wouter den Haan concludes his editorial introduction by observing that “The best time for forward guidance may lie in the future … providing information on the path towards normalised monetary policy could become very useful and central banks will have to consider seriously if, and if so how, they would do this.” Given this, it seems likely that the analysis in this eBook will remain relevant for years to come. We are very grateful to Wouter for the energy and expertise he has shown in organising and editing the inputs to this eBook; we are also grateful to the authors of the chapters for their rapid responses to the invitation to contribute. As ever, we also gratefully acknowledge the vital contributions of Anil Shamdasani and Charlie Anderson, CEPR’s Publications Officer, for their characteristic speed and professionalism in producing the book. Stephen Yeo Chief Executive Officer, CEPR 21 October 2013 vii Introduction Wouter den Haan Centre for Macroeconomics, LSE and CEPR Forward guidance is the provision of information by central banks about the future conduct of monetary policy and in particular about the central bank's policy interest rate. Forward guidance is aimed at influencing the public's expectations. This goal is not new; it has long been understood that managing expectations is an important part of monetary policy. In fact, following the high inflationary 1970s, institutions were put in place to credibly anchor expected inflation rates to a low target level.1 The economic logic for this sort of expectations management is simple. Prices and wages set today depend crucially on people’s expectations of the future paths of prices and wages. For example, current inflation will be lower when expected future inflation is lower. Forward guidance shares the basic economic logic that links today’s decisions to future expectations, but it differs in its subject. Forward guidance focuses on the instruments of monetary policy rather than the targets of monetary policy. But this aspect of monetary policy is also not new. Before the Global Crisis, monetary policy committees provided information about their policy interest rate in future periods as well as setting the current rate. Some did so explicitly – providing a numerical forecast of the forward path of the policy interest rate. Other monetary policy setters did it implicitly – providing more or less explicit messages in official statements and speeches. What is new is the scope and motivation for using forward guidance as a monetary policy tool. This has changed substantially during the recent economic downturn for several central banks. The aims of this eBook are to: 1 See Sheard (2013, this eBook). 1 Forward Guidance: Perspectives from Central Bankers, Scholars and Market Participants • highlight how the implementation of forward guidance has evolved over time; • clarify what central banks hope to achieve with forward guidance; • discuss what economic theory says about forward guidance; and • raise possible objections to forward guidance or to the way it is currently implemented. To accomplish these goals, the eBook brings together a collection of contributions written by a diverse group of authors. They include: • central bank officials from the Bank of England, the Bank of Japan, the ECB, and the US Federal Reserve; • researchers at universities and central banks; and • financial market practitioners. Different types of forward guidance: Delphic and Odyssian With forward guidance, central banks provide information about future monetary policy. This can be done by announcing numerical guidelines for the forward path of the policy interest rate, or through less quantitative verbal statements. An example of the latter would be the announcement that a monetary policy committee has a bias towards an increase at the next meeting. The phrasing in such statements is not always unambiguous, as demonstrated by the following statement of the Federal Open Market Committee (FOMC) reported in Rudebush and Williams (2006): "Policy accommodation can be removed at a pace that is likely to be measured". The Reserve Bank of New Zealand began announcing a forward path for the policy interest rate as part of its usual routine in 1997, followed by the Norges Bank in 2005, the Riksbank in 2007, and the Czech National Bank in 2008. Campbell et al. (2012) 2 Introduction refer to such announcements as Delphic forward guidance, because it provides a forecast, but no commitment of any kind. The Bank of Japan was a pioneer in using forward guidance as an accommodative monetary policy. In 1999, the Bank of Japan found itself in a situation in which the policy interest rate could not be reduced any further to stimulate the economy and to reverse deflationary pressure.
Recommended publications
  • 2019 Global Go to Think Tank Index Report

    2019 Global Go to Think Tank Index Report

    LEADING RESEARCH ON THE GLOBAL ECONOMY The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solutions. Led since 2013 by President Adam S. Posen, the Institute anticipates emerging issues and provides rigorous, evidence-based policy recommendations with a team of the world’s leading applied economic researchers. It creates freely available content in a variety of accessible formats to inform and shape public debate, reaching an audience that includes government officials and legislators, business and NGO leaders, international and research organizations, universities, and the media. The Institute was established in 1981 as the Institute for International Economics, with Peter G. Peterson as its founding chairman, and has since risen to become an unequalled, trusted resource on the global economy and convener of leaders from around the world. At its 25th anniversary in 2006, the Institute was renamed the Peter G. Peterson Institute for International Economics. The Institute today pursues a broad and distinctive agenda, as it seeks to address growing threats to living standards, rules-based commerce, and peaceful economic integration. COMMITMENT TO TRANSPARENCY The Peterson Institute’s annual budget of $13 million is funded by donations and grants from corporations, individuals, private foundations, and public institutions, as well as income on the Institute’s endowment. Over 90% of its income is unrestricted in topic, allowing independent objective research. The Institute discloses annually all sources of funding, and donors do not influence the conclusions of or policy implications drawn from Institute research.
  • How Do British Political Parties Mobilise and Contact Voters To

    How Do British Political Parties Mobilise and Contact Voters To

    How do British political parties mobilise and contact voters to increase turnout? Submitted by William Stephen King to the University of Exeter as a thesis for the degree of MA by Research in Politics In August 2018 This thesis is available for Library use on the understanding that it is copyright material and that no quotation from the thesis may be published without proper acknowledgement. I certify that all material in this thesis which is not my own work has been identified and that no material has previously been submitted and approved for the award of a degree by this or any other University. Signature: ………………………………………………………….. 1 Abstract This thesis will explore how British political parties over the period 2010-2017 have developed their mobilisation and contacting methods. Looking at social media, demographics, and other salient issues, I will construct a coherent and clear narrative of how British political parties have reacted to new technology, and what the advantages and disadvantages of doing so are. I shall be looking in particular at youth political mobilisation and contact, as this demographic has a poor election turnout record, so I shall explain why this is and how British political parties are attempting to contact and mobilise them (and how they have done so successfully). Looking at the 2010, 2015, and 2017 General Elections as well as the 2014 EU and 2016 referendums, this will enable me to take a look at Britain in different political times and differing levels of technology, from the first TV debates in 2010 to the first social media election in 2017.
  • 1 CURRICULUM VITAE David Graham Blanchflower Department

    1 CURRICULUM VITAE David Graham Blanchflower Department

    CURRICULUM VITAE David Graham Blanchflower Department of Economics, Dartmouth College Hanover, New Hampshire, USA, 03755 Tel: (603) 632 1475; Cell: (603) 359-2077 Email: [email protected] Web page: www.dartmouth.edu/~blnchflr Date of birth: March 2nd, 1952. Nationality: Dual US and UK citizen. Children: Daniel John aged 27; Jennie age 32 and Kathryn age 34. Grand children: Lincoln James Denney (age 2); Angus Daniel Ross Davies (age 2); Hadley Davies; Isla Davies (age 1); Oliver Denny (age 9 months). Married: Carol Blanchflower Qualifications 1973 B.A. Soc. Sci. (Economics), University of Leicester, UK. 1975 Postgraduate Certificate in Education - (PGCE). Pass with distinction in teaching; Dudley College of Education, University of Birmingham, UK. 1981 M.Sc. (Econ), University of Wales, UK. 1985 Ph.D., University of London (Queen Mary College), UK. 1996 M.A. (Honorary), Dartmouth College. 1996 Honorary member of Phi Beta Kappa, Dartmouth chapter for ‘services to liberal scholarship’. 2007 Honorary Doctor of Letters (D.Litt.) for ‘services to economics’, University of Leicester, UK. 2009 Honorary Doctor of Science (D.Sc.), Queen Mary, University of London, July. 2011 Honorary Doctor of Letters (D.Litt.), University of Sussex, UK. 2014 Honorary Fellowship, Cardiff University, Wales, UK. Previous academic positions Northicote High School, Wolverhampton, UK, teacher, 1975-1976. Kilburn Polytechnic, London, UK, Lecturer, 1976-1977. Farnborough College of Technology, Hampshire, UK, Lecturer, 1977-1979. Institute for Employment Research, University of Warwick, UK, Research Officer, September 1984-July 1986. Department of Economics, University of Surrey, UK Assistant Professor (Lecturer), August 1986- August 1989. Associate Professor, Dartmouth College, 1989-1993. Department Chair, Department of Economics, Dartmouth College, July 1998 – June 2000.
  • International Happiness

    International Happiness

    NBER WORKING PAPER SERIES INTERNATIONAL HAPPINESS David G. Blanchflower Andrew J. Oswald Working Paper 16668 http://www.nber.org/papers/w16668 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 2011 For suggestions and valuable discussions, we thank Gordon D.A. Brown, Rafael Di Tella, Amanda Goodall, Robert MacCulloch, Nick Powdthavee, Eugenio Proto, Daniel Sgroi, and Steve Wu. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2011 by David G. Blanchflower and Andrew J. Oswald. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. International Happiness David G. Blanchflower and Andrew J. Oswald NBER Working Paper No. 16668 January 2011 JEL No. I1,I3 ABSTRACT This paper describes the findings from a new, and intrinsically interdisciplinary, literature on happiness and human well-being. The paper focuses on international evidence. We report the patterns in modern data; we discuss what has been persuasively established and what has not; we suggest paths for future research. Looking ahead, our instinct is that this social-science research avenue will gradually merge with a related literature -- from the medical, epidemiological, and biological sciences -- on biomarkers and health. Nevertheless, we expect that intellectual convergence to happen slowly.
  • Reform of the Bank of England a New Bank for a New Governor

    Reform of the Bank of England a New Bank for a New Governor

    Reform of the Bank of England A new Bank for a new Governor James Barty Policy Exchange is the UK’s leading think tank. We are an educational charity whose mission is to develop and promote new policy ideas that will deliver better public services, a stronger society and a more dynamic economy. Registered charity no: 1096300. Policy Exchange is committed to an evidence-based approach to policy development. We work in partnership with academics and other experts and commission major studies involving thorough empirical research of alternative policy outcomes. We believe that the policy experience of other countries offers important lessons for government in the UK. We also believe that government has much to learn from business and the voluntary sector. Trustees Daniel Finkelstein (Chairman of the Board), Richard Ehrman (Deputy Chair), Theodore Agnew, Richard Briance, Simon Brocklebank-Fowler, Robin Edwards, Virginia Fraser, Edward Heathcoat Amory, David Meller, George Robinson, Robert Rosenkranz, Andrew Sells, Patience Wheatcroft, Rachel Whetstone and Simon Wolfson. Acknowledgements We would like to thank all of the people who have given us their views on the Bank, its historic performance and what could be done to reform it. We would particularly like to thank Dan Conaghan whose book The Bank (Inside the Bank of England) is an excellent read and a great source of information. This project was also enhanced by the panel debate we had with Sir John Gieve and Andrea Leadsome MP on the future of the Bank, which prompted a number of extra lines of enquiry for us. Finally we would like to thank those who have contributed to the Financial Policy unit at Policy Exchange without whose financial assistance this report could not have been produced.
  • What We Know and Do Not Know About the Natural Rate of Unemployment

    What We Know and Do Not Know About the Natural Rate of Unemployment

    Journal of Economic Perspectives—Volume 11, Number 1—Winter 1997—Pages 51–72 What We Know and Do Not Know About the Natural Rate of Unemployment Olivier Blanchard and Lawrence F. Katz lmost 30 years ago, Friedman (1968) and Phelps (1968) developed the concept of the "natural rate of unemployment." In what must be one of Athe longest sentences he ever wrote, Milton Friedman explained: "The natural rate of unemployment is the level which would be ground out by the Wal- rasian system of general equilibrium equations, provided that there is imbedded in them the actual structural characteristics of the labor and commodity markets, in- cluding market imperfections, stochastic variability in demands and supplies, the cost of gathering information about job vacancies and labor availabilities, the costs of mobility, and so on." Over the past three decades a large amount of research has attempted to formalize Friedman's long sentence and to identify, both theo- retically and empirically, the determinants of the natural rate. It is this body of work we assess in this paper. We reach two main conclusions. The first is that there has been considerable theoretical progress over the past 30 years. A framework has emerged, organized around two central ideas. The first is that the labor market is a market with a high level of traffic, with large flows of workers who have either lost their jobs or are looking for better ones. This by itself implies that there must be some "frictional unemployment." The second is that the nature of relations between firms and workers leads to wage setting that often differs substantially from competitive wage setting.
  • London Financial Intermediation Workshop Agenda

    London Financial Intermediation Workshop Agenda

    London Financial Intermediation Workshop Thursday 16 February 2017 Bank of England 9:15 Welcome coffee 9:30 Opening Remarks Andy Haldane (Chief Economist, Bank of England) Chair: Andy Haldane (Chief Economist, Bank of England) Market Discipline and Systemic Risk 9:40 Presenter: Alan Morrison (Said Business School-Oxford) Co-authors: Ansgar Walther (Warwick Business School) Discussant: Max Bruche (Cass Business School) 10:30 Coffee Chair: Sujit Kapadia (Head of Research, Bank of England) 11:00 Bank Resolution and the Structure of Global Banks Presenter: Martin Oehmke (London School of Economics) Co-authors: Patrick Bolton (Columbia University) Discussant: Frederic Malherbe (London Business School) 11:50 The Political Economy of Bailouts Presenter: Vikrant Vig (London Business School) Co-authors: Markus Behn (Bonn), Rainer Haselmann (Bonn) and Thomas Kick (Deutsche Bundesbank) Discussant: Jose Luis Peydro (Imperial) 12:40 Lunch at Bank of England Chair: David Miles (Imperial and former member Monetary Policy Committee, Bank of England 14:10 How Sensitive is Entrepreneurial Investment to the Cost of Equity? Evidence from a UK tax Relief Presenter: Juanita Gonzalez-Uribe (London School of Economics) Co-authors: Daniel Paravisini (London School of Economics) Discussant: Ralph de Haas (EBRD) 15:00 Government Guarantees and Financial Stability Presenter: Franklin Allen (Imperial) Co-authors: Elena Carletti (Bocconi), Itay Goldstein (University of Pennsylvania) and Agnese Leonello (European Central Bank) Discussant: Vania Stavrakeva (London Business
  • Minutes of the Monetary Policy Committee Meeting Held on 4 and 5 May 2011

    Minutes of the Monetary Policy Committee Meeting Held on 4 and 5 May 2011

    Publication date: 18 May 2011 MINUTES OF THE MONETARY POLICY COMMITTEE MEETING 4 AND 5 MAY 2011 These are the minutes of the Monetary Policy Committee meeting held on 4 and 5 May 2011. They are also available on the Internet http://www.bankofengland.co.uk/publications/minutes/mpc/pdf/2011/mpc1105.pdf The Bank of England Act 1998 gives the Bank of England operational responsibility for setting interest rates to meet the Government’s inflation target. Operational decisions are taken by the Bank’s Monetary Policy Committee. The Committee meets on a regular monthly basis and minutes of its meetings are released on the Wednesday of the second week after the meeting takes place. Accordingly, the minutes of the Committee meeting to be held on 8 and 9 June will be published on 22 June 2011. MINUTES OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 4 AND 5 MAY 2011 1 Before turning to its immediate policy decision, and against the background of its latest projections for output and inflation, the Committee discussed financial market developments; the international economy; money, credit, demand and output; and supply, costs and prices. Financial markets 2 Markets had generally been stable on the month, against a backdrop of relatively thin trading conditions during the holiday periods. 3 Implied market expectations of the point at which Bank Rate would begin to rise had been pushed back, partly in response to data releases, notably the March CPI outturn. Information derived from overnight index swaps indicated that the market yield curve had fully priced in a 25 basis point increase in Bank Rate by early 2012.
  • Speech by Martin Weale Delivered at the Department for Business

    Speech by Martin Weale Delivered at the Department for Business

    Speech by MARTIN WEALE MEMBER OF THE MONETARY POLICY COMMITTEE BANK OF ENGLAND AFTER THE RECESSION: THOUGHTS ON THE GROWTH POTENTIAL OF THE UNITED KINGDOM Speech delivered at the Department for Business, Innovation and Skills Analysts’ Conference, London, 12 November 2010 I am extremely grateful to Robert Gilhooly, Daniel Eckloff and Matthew Corder for their help with this speech, and to David Miles, Iain de Weymarn, Tony Yates, Simon Price, Jamie Bell, Gareth Ramsay and Rohan Churm for their helpful comments. Of course, this speech reflects my personal views. Thank you very much for inviting me to talk at this conference. I remember one of my economics lecturers saying in 1977 that Britain’s poor economic performance had been a matter of concern since the later part of Queen Victoria’s reign. During that time plenty of policies had been tried to improve things and, as far as one could tell, they had not worked. In this speech I would like to discuss first of all the impact that the recent crisis and its aftermath may have had on the potential level of output of the economy, secondly the effect it might have had on trend growth together with some of the other influences on trend growth and thirdly the particular question whether monetary policy is in a position to play any extra role in supporting the economy at the present time. The Potential Level of Output I should point out that there are plenty of precedents for arguing that periods of contraction result in semi-permanent loss of output.
  • Unemployment Crises

    Unemployment Crises

    Unemployment Crises Nicolas Petrosky-Nadeau∗ Lu Zhang† Carnegie Mellon University The Ohio State University and NBER December 2013‡ Abstract A search and matching model, when calibrated to the mean and volatility of unemployment in the postwar sample, can potentially explain the unemployment crisis in the Great Depression. The limited responses of wages from credible bargaining to labor market conditions, along with the congestion externality from matching frictions, cause the unemployment rate to rise sharply in recessions but decline gradually in booms. The frequency, severity, and persistence of unem- ployment crises in the model are quantitatively consistent with U.S. historical time series. The welfare gain from eliminating business cycle fluctuations is large. JEL Classification: E24, E32, J63, J64. Keywords: Search and matching frictions, unemployment crises, the Great Depression, the un- employment volatility puzzle, nonlinear impulse response functions ∗Tepper School of Business, Carnegie Mellon University, 5000 Forbes Avenue, Pittsburgh PA 15213. Tel: (412) 268-4198 and e-mail: [email protected]. †Fisher College of Business, The Ohio State University, 760A Fisher Hall, 2100 Neil Avenue, Columbus OH 43210; and NBER. Tel: (614) 292-8644 and e-mail: zhanglu@fisher.osu.edu. ‡We are grateful to Hang Bai, Andrew Chen, Daniele Coen-Pirani, Steven Davis, Paul Evans, Wouter Den Haan, Bob Hall, Dale Mortensen, Paulina Restrepo-Echavarria, Etienne Wasmer, Randall Wright, and other seminar participants at Federal Reserve Bank of San Francisco, Northwestern University, the Ohio State University, the 19th International Conference on Computing in Economics and Finance hosted by the Society for Computational Eco- nomics, the 2013 North American Summer Meeting of the Econometric Society, the Southwest Search and Matching workshop at University of Colorado at Boulder, University of California at Berkeley, University of California at Santa Cruz, and University of Southern California for helpful comments.
  • Working Paper Series

    Working Paper Series

    BANKWEST CURTIN ECONOMICS CENTRE WORKING PAPER SERIES 13/9: Estimating the Standard Errors of Individual- Specifi c Parameters in Random Parameters Models William Greene, Mark N. Harris, Christopher Spencer business.curtin.edu.au/bcec This paper was written by researchers affi liated with the Bankwest Curtin Economics Centre (‘the Centre’). While every eff ort has been made to ensure the accuracy of this document, the uncertain nature of economic data, forecasting and analysis means that the Centre, Curtin University and/or Bankwest are unable to make any warranties in relation to the information contained herein. Any person who relies on the information contained in this document does so at their own risk. The Centre, Curtin University, Bankwest, and/or their employees and agents disclaim liability for any loss or damage, which may arise as a consequence of any person relying on the information contained in this document. Except where liability under any statute cannot be excluded, the Centre, Curtin University, Bankwest and/or their advisors, employees and offi cers do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage suff ered by the reader or by any other person. The views in this publication are those of the authors and do not represent the views of Curtin University and/or Bankwest or any of their affi liates. This publication is provided as general information only and does not consider anyone’s specifi c objectives, situation or needs. Neither the authors nor the Centre accept any duty of care or liability to anyone regarding this publication or any loss suff ered in connection with the use of this publication or any of its content.
  • ALBERT MARCET Curriculum Vitae September 2010 Personal Data

    ALBERT MARCET Curriculum Vitae September 2010 Personal Data

    ALBERT MARCET Curriculum Vitae September 2010 Personal Data Address Department of Economics London School of Economics Houghton Street London WC2A 2AE United Kingdom [email protected] Age: 50 Fields of Specialization Macroeconomics Time Series Financial Economics Economic Dynamic Theory Education -Ph. D. in Economics, University of Minnesota, 1987 -Llicenciat in Economics, Universitat Autonoma de Barcelona, 1982. Professional Experience Full time appointments: 2009- Professor of Economics, Department of Economics, London School of Economics 2004-2009 Research Professor, Institut d'Analisi Economica (CSIC). 1990-2003 Catedratic (Fulll professor), Universitat Pompeu Fabra 1 1986-90 Assistant Profesor, G.S.I.A., Carnegie Mellon University. 1984-86 Research Assistant, Federal Reserve Bank of Minneapolis. 1982-84 Teaching Assistant, Department of Economics, University of Minnesota. Other appointments 2006-2009 Adjunct Professor, IDEA doctoral program, Universitat Autonoma de Barcelona. 2006 Visiting Researcher (Wim Duisemberg Fellowship) European Cen- tral Bank. 2004-2006 Adjunct Professor, Universitat Pompeu Fabra 2001 Visiting Scholar, European Central Bank (July and December). 1997-2008 Visiting Professor, London Business School (three weeks a year). 1995-2006 Associate Researcher, CREI. 1996-97 Visiting Professor, CEMFI (Madrid). 1994 Outside Consultant, Research Department, Federal Reserve Bank of Minneapolis. 1990-92 Associate Profesor, G.S.I.A., Carnegie Mellon University, (on leave). 1989-90 Visiting Professor, Universitat Autonoma de Barcelona. Honors and Awards Plenary Session, SWIM conference, Auckland, New Zealand, 2009 Plenary Session CEF conference, Sydney, 2009 2 Plenary Session, Simposio AnalisisEconomico, Granada, 2007. President of the Spanish Economic Association, 2007. Wim Duisenberg Fellowship, European Central Bank, 2006. Plenary Session, European Symposium of Economic of Economic The- ory, ESSET, CEPR, 2002, Gerzensee.