School of Economics


profile image for Professor Miguel León-Ledesma

Professor Miguel León-Ledesma

Professor of Economics

School of Economics, Keynes College, Cg.09

Miguel León-Ledesma is Director of Research


Miguel León-Ledesma is Professor of Economics and joined the University of Kent in 1999. He is Director of the Macroeconomics, Growth and History Centre (MaGHiC).

Miguel has been a regular consultant for the European Central Bank, and has also consulted for the Asian Development Bank. He has been a visiting researcher at the universities of Frankfurt, UTS (Sydney), and a Visiting Professor at University of Aix-Marseille, and the University of São Paulo.

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  • "External constraints and endogenous growth: why didn't some countries benefit from capital flows?" (with K. Gente and C. Nourry). Journal of International Money and Finance, forthcoming.
  • "Production technology estimates and balanced growth" (with P.McAdam and A. Willman). Oxford Bulletin of Economics and Statistics, forthcoming.
  • "Shocking stuff: technology, hours and factor substitution" (with C. Cantore, P. McAdam and A. Willman). Journal of the European Economic Association, 2014, vol. 12(1), 108-128, 02.
  • "Efficiency and production frontiers in the aftermath of recessions: international evidence" (with D.Christopoulos). Macroeconomic Dynamics, 2014, vol 18(6), 1326-1350.
  • "Sector, country, and world factors in international business cycles” (with A. Karadimitropoulou). Journal of Economic Dynamics and Control, 2013, vol. 37(12), pages 2913-2927.
  • "Real exchange rates and net foreign assets in constrained and unconstrained economies" (with K. Gente and D. Christopoulos). European Economic Review, 2012, 56(3), 295-316.
  • "International output convergence, breaks and asymmetric adjustment" (with D. Christopoulos). Studies in Nonlinear Dynamics and Econometrics, BEP, 2011, vol 15(3).
  • "Identifying the Elasticity of Substitution with Biased Technical Change" (with Peter McAdam and Alpo Willman). The American Economic Review, 2010, 100(4): 1330-1357.
  • "Post-Bretton-Woods Real Exchange Rates: mean reverting with nonlinear adjustment" (with D. Christopoulos). Journal of International Money and Finance, 2010, 29(6), 1076-1093.
  • "Revisiting the real wages – unemployment relationship: new results from nonlinear models" (with D. Christopoulos). Bulletin of Economic Research, 2010, 62(1), 0307-3378.
  • "What did we really know about current account sustainability in the USA?" (with D. Christopoulos). Journal of International Money and Finance, 2010, 29(3), 442-459.
  • "The effect of the oil price on China's exports" (with J.R. Faria, A.V. Mollick and P. Albuquerque). China Economic Review, 2009, 20(4), 793-805.
  • "Remittances, Institutions and Economic Growth" (with, N. Catrinescu, M. Piracha and B. Quillin). World Development, 2009, 37(1), 81-92.
  • "Time series output convergence tests and stationary covariates" (with D. Christopoulos). Economics Letters, 2008, 101, 297-299.
  • "Can globalization stop the decline in commodities' terms of trade?" (with J.R.Faria, A.V.Mollick and P.Albuquerque). Cambridge Journal of Economics, 2008, 32, 683–701.
  • "Testing for Granger (non-)causality in a time-varying coefficients VAR model" (with D. Christopoulos). Journal of Forecasting 27, 293-303, 2008.
  • "A simple nonlinear dynamic model of unemployment: explaining the Spanish case" (with J.R. Faria). Discrete Dynamics in Nature and Society, volume 2008, Article 981952, 2008.
  • "How is real convergence driving nominal convergence in the new EU member states?" (with Sarah Lein-Rupprecht and Carolin Nerlich) Journal of International Money and Finance 27, 2008, 227-248.
  • "Non-linearities and unit roots in G7 macroeconomic variables” (with Yunus Aksoy). The B.E. Journals in Macroeconomics vol 8: Iss. 1 (Topics), Article 5, 2007.
  • "A Long-run Nonlinear Approach to the Fisher Effect" (with, D.K. Christopoulos). Journal of Money, Credit and Banking 39 (2-3), 2007, 543-559.
  • "Does the Real Interest Parity Hypothesis Hold? Evidence for Emerging and Developed Countries." (with A.L. Ferreira). Journal of International Money and Finance 26, 2007, 364-382.
  • "Does the world real interest rate affect the real exchange rate? The SEA experience" (with, Karine Gente). Journal of International Trade and Economic Development 15 (4), 2006, 441-467.
  • "Population and growth: is there a puzzle?" (with J. Faria and A. Sachida). Journal of Development Studies 42 (6), 2006, 909-917.
  • "Exports, Product Differentiation and Knowledge Spillovers." Open Economies Review, 17, 2005, 363-379.
  • "Real Exchange Rate and Employment Performance in an Open Economy" (with J. Faria,). Research in Economics, 59, 2005, 67-80.
  • "International Migration and the Role of Remittances in Eastern Europe" (with M. Piracha). International Migration, 42(4), 2004, 65-83.
  • "Unemployment, Hysteresis and Transition" (with P. McAdam). Scottish Journal of Political Economy, 51(3), 2004, 277-401.
  • "Habit Formation, Work Ethics and Technological Progress.” (with J.R. Faria) The Manchester School, 72(3), 2004, 403-413.
  • "Testing the Balassa-Samuelson Effect: Implications for Growth and the PPP" (With: J. Faria). Journal of Macroeconomics, 25(2), 2003, 241-253.
  • "Unemployment Hysteresis in the US States and the EU: a Panel Approach". Bulletin of Economic Research, 54(2), 95-104, 2002.
  • "The Endogeneity of the Natural Rate of Growth" (with: A.P. Thirlwall). Cambridge Journal of Economics, 26(4), 2002.
  • "Accumulation, Innovation and Catching-up: an Extended Cumulative Growth Model." Cambridge Journal of Economics, 2002, 26(2), 201-216.

Selected contributions to books

  • "Skills and Technology: Estimating Wage Premiums with a Supply Side Approach" (with P. McAdam and A. Willman) in de La Grandville and K. Choi (eds), Frontiers in Economics and Globalization, vol 11, Emerald, 2011.
  • "Growth with Biased Technical Progress and Factory Complementarity: a New Approach" (with M. Satchi) in de La Grandville and K. Choi (eds), Frontiers in Economics and Globalization, vol 11, Emerald, 2011.
  • "The Link Between Real and Nominal Convergence: The Case of the New EU Member States" (with S. Lein and C.Nerlich), in Reiner Martin and Adalbert Winkler (eds), Real Convergence in Central, Eastern and South-Eastern Europe, Macmillan, 2009.
  • "The endogenous nature of the natural rate of growth" (with M. Lanzafame), in M. Stetterfield (ed.), Handbook of Alternative Theories of Economic Growth, Edward Elgar, 2009.
  • "Cycles, Aggregate Demand and Growth", in P. Arestis, J. McCombie and R. Vickerman (eds): Growth and Economic Development: Essays in Honour of A. P. Thirlwall, Edward Elgar, 2007.
  • "Is the natural rate of growth exogenous?" (with A. P. Thirlwall), in P. Arestis, M. Baddeley and J.S.L. McCombie (eds), Economic Growth: New Directions in Theory and Policy, Edward Elgar, 2007
  • "Cumulative growth and the catching-up debate from a dis-equilibrium standpoint", in J.S.L. McCombie, M. Pugno and B. Soro (eds), Productivity Growth and Economic Performance, Macmillan, 2004
  • "Export performance and R&D spillovers in 21 OECD countries", in J.R. Faria and A. Levi (eds), Economic Growth, Inequality and Migration, Edward Elgar, 2002


  • Advanced International Macro and Finance (with A. Mihailov), Oxford University Press, expected date of publication: end of 2012
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Research interests

Miguel's research interests are on the areas of Macroeconomics, Economic Growth and Applied Econometrics. He is currently working on the role of capital labour substitution and biased technical change in macroeconomic models, and their consequences for business cycles and factor income distribution. He is also working on methods for selection of fundamental shocks in business cycles models and the role of capital flows and financial constraints for growth. He has carried out extensive work on international macroeconomics, and time-series methods. Miguel is currently writing a post-graduate textbook on International Macro and Finance for Oxford University Press.

Miguel's RePEc page is

Working papers

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Consultation hours

  • Mon 11.30-12.30
  • Mon 14.30-15.30
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PhD supervision

Current research themes within which Miguel León-Ledesma can consider supervising PhD students, include:

  • Technology and business cycles
  • Macroeconomics and distribution
  • International macroeconomics
  • Growth from a sectoral disaggregate perspective.

Projects need to have a substantial theory and empirical content.

Current students

  • Ms Sevgi Coskun, registered 2014
  • Ms Aydan Dogan: "Essays on International macroeconomics", registered 2011
  • Mr Jonathan Hughes: "Exchange rate volatility, growth and recoveries", registered 2011
  • Ms Monica Paganini: "Firm efficiency, misallocation and productivity in African countries", registered 2011
  • Ms Mengyang Wei, School of Engineering, 2nd supervisor: “Using control theory to detect systemic banking risk”, registered 2012

Past students

  • Alex L. Ferreira: "Causes of real interest rate differentials between emerging and developed countries". Completed: August 2005. Destination: University of Sao Paulo, FEARP.
  • Jose Eduardo Ferreira: "Empirical Essays on Exchange Rate Determination: Fundamentals, Bubbles and News". Completed: October 2005. Destination: Central Bank of Brazil.
  • Brinda Sooreea: "FDI and Growth in Developing Countries". Completed: January 2006. Destination: University of Mauritius.
  • Reginaldo Nogeira: "Inflation targeting in Emerging Markets". Completed: September 2007. Destination: Ibmec Business School, BH, Brazil.
  • Gabriele Amorosi: "Essays on income distribution and financial access". Completed: February 2012. Destination: University of Hull.
  • Aikaterini Karadimitropoulou: "Essays on macroeconomic cycles". Completed: April 2012. Destination: University of East Anglia.
  • Timo Bettendorf: "Essays on Global imbalances and capital flows". Completed: October 2014. Destination: Bundesbank.
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Administrative roles

  • Director of Research


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School of Economics, Keynes College, University of Kent, Canterbury, Kent, CT2 7NP

Undergraduate enquiries: +44 (0) 1227 827497, Postgraduate enquiries: +44 (0) 1227 827440 or email us

Last Updated: 22/01/2015