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.
Firm Dynamics, Dynamic Reallocation, Variable Markups and Productivity Behaviour
6 September 2017
by Anthony Savagar, discussion paper KDPE 1713, August 2017. Non-technical summary: Traditionally macroeconomists assume that the number of firms in an economy adjusts instantaneously to arbitrage profits. This assumption ignores ‘slow’ fluctuations in firm entry and exit over the business cycle. This paper develops a model of firm dynamics in the macroeconomy with sunk costs that cause firms to respond slowly t...
Automation will not lead to fewer jobs...
21 August 2017
Research by Christian Siegel from the School of Economics featured in an article in The Guardian on Sunday 20 August on the rise of robots and automation: ‘Robots will not lead to fewer jobs – but the hollowing out of the middle class’ by Larry Elliott. Read the full article here.
An empirical validation protocol for large-scale agent-based models
17 July 2017
by Sylvain Barde and Sander van der Hoog, discussion paper KDPE 1712, July 2017. Non-technical summary Despite recent advances in bringing agent-based models (ABMs) to the data, the estimation or calibration of model parameters remains a challenge, especially when it comes to large-scale agent-based macroeconomic models. Most methods, such as the method of simulated moments (MSM), require in-the-loop simulation of new ...
Labour market polarisation started as early as the 1950s
18 May 2017
Research by Dr Christian Siegel from the School of Economics has found that labour market polarisation caused by the decline of traditional middle-income jobs relative to low- and high-income jobs started as early as the 1950s. The loss of middle-income manufacturing jobs, as witnessed in the US and most Western European countries, has usually been attributed to the rise of computers and software systems in the 1980s. This is because computers allow...
Workshop: Validation Methods for Agent-Based Models
20 April 2017
The School of Economics will be hosting a workshop on ‘Validation Methods for Agent-Based Models’ on Monday 24 April. The workshop will comprise a series of presentations relating to this very active area of research on the afternoon of 24 April, followed by an informal reception. Background Agent-based models (ABM) aim to explore aspects of the interaction of economic agents that are difficult to model using standard approach...