Macroeconomics, Growth and History Centre (MaGHiC)
About the Centre
The Macroeconomics, Growth and History Centre (MaGHiC) is the focal point for macroeconomic research, events and PhD training at the University of Kent. The research interests of the group span macroeconomic theory, empirical macroeconomics, macroeconometrics and the macroeconomic analysis of historical data. The Centre has strengths in growth, structural change, computational economics, firm dynamics and macroeconomic history.
Researchers within the Centre have published articles in leading international journals including the American Economic Review, the Review of Economic Studies, the Journal of The European Economic Association, the Economic Journal, the American Economic Journal: Macroeconomics, the Review of Economic Dynamics, the Journal of Econometrics and many others.
Research paper to appear in the Review of Economic Studies
29 November 2017
A paper by Miguel Leon-Ledesma and Mathan Satchi entitled 'Appropriate technology and balanced growth' has been accepted for publication at the Review of Economic Studies, one of the leading journals in Economics. A non-technical summary of the paper, previously published in the school's Discussion Paper series, can be found here.
Disputes, Debt and Equity
6 November 2017
by Alfred Duncan and Charles Nolan, discussion paper KDPE 1716, July 2017. Non-technical summary: We provide a new justification for the widespread use of debt finance as an alternative to equity finance. We show that when the returns of investment projects can only be partially observed by outside financiers, and this partial observation is itself costly, then the optimal contract agreed between entrepreneurs and outside financiers takes the form of a standard debt contract. This finding bui...
A Long-Run Perspective on the Spatial Concentration of Manufacturing Industries in the United States
2 November 2017
by Nicholas Crafts and Alexander Klein, discussion paper KDPE 1715, August 2017. Non-technical summary: It is well-known that patterns of regional specialization and the spatial concentration of manufacturing industries have changed markedly over time. Kim and Margo (2004) describe a trajectory where regional divergence developed in the context of industrialization during the late 19th and...
School of Economics Academic Promotions 2017
1 October 2017
The School of Economics has the pleasure to announce that Dr Christian Siegel has received a promotion over the summer period of this year. Congratulations to Christian on becoming a Senior Lecturer in Macroeconomics. His new role is effective from Sunday 1 October and we would like to wish him all the very best.
Allocative efficiency of UK firms during the Great Recession
11 September 2017
by Florian Gerth, discussion paper KDPE 1714, September 2017. Non-technical summary: Research shows that financial crises are accompanied by severe and long-lasting drops in TFP. The most recent Global Financial Crisis does not seem to be any different from this pattern. On the contrary, Gerth and Otsu (2017) find significant correlations between financial variables and long-lasting drops in aggregate productivity measures ...