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.
Growth at the extremes
15 January 2018
The American Economic Association has featured a research paper by Dr Christian Siegel in their ‘Chart of the Week‘. The paper entitled ‘Job Polarization and Structural Change’ (with Zsófia Bárány, Sciences Po) was also published in the January 2018 issue of the American Economic Journal: Macroeconomics. You can read the full article here. Abstract We document that job polarization—contrary to the consensus—has started as early as the 1950s in the United States:...
Financial frictions in macroeconomic models
20 December 2017
by Alfred Duncan, University of Kent and Charles Nolan, University of Glasgow, discussion paper KDPE 1719, December 2017. Non-technical summary: In recent decades, macroeconomic researchers have looked to incorporate financial intermediaries explicitly in business cycle models. These modelling developments have helped us to understand the role of the financial sector in the transmission of policy and external shocks into macroeconomic dynamics. They have al...
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...