School of Economics


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Professor Miguel León-Ledesma

Professor of Economics

School of Economics, Kennedy Building, Room 212



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) and is Deputy Head of the School of Economics.

Miguel has been a consultant for the European Central Bank and the Asian Development Bank and is a member of the steering committee of the UK’s Money, Macro and Finance Group. He has been a visiting professor at the universities of FrankfurtUTS (Sydney), Aix-Marseilles School of Economics, University of São Paulo, University of Cagliari, and the National Graduate Institute for Policy Studies (Tokyo). Miguel is a Fellow of the Centre for Economic Policy Research (CEPR).

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Miguel's publications can also be found on RePEc and ResearchGate.

Also view these in the Kent Academic Repository

Bettendorf, T. and Leon-Ledesma, M. (2019). German Wage Moderation and European Imbalances: Feeding the Global VAR with Theory. Journal of Money, Credit, and Banking [Online] 51:617-653. Available at:
Ferroni, F., Grassi, S. and Leon-Ledesma, M. (2019). Selecting structural innovations in DSGE models. Journal of Applied Econometrics [Online] 34:205-220. Available at:
Leon-Ledesma, M. and Satchi, M. (2019). Appropriate Technology and Balanced Growth. The Review of Economic Studies [Online] 86:807-835. Available at:
Bussiere, M., Aikaterini, K. and Leon-Ledesma, M. (2018). Current Account Dynamics and the Real Exchange Rate: Disentangling the Evidence. Macroeconomic Dynamics [Online]. Available at:
Jiang, W. and Leon-Ledesma, M. (2018). Variable markups and capital-labor substitution. Economics Letters [Online] 171:34-36. Available at:
Cantore, C., Ferroni, F. and Leon-Ledesma, M. (2017). The Dynamics of Hours Worked and Technology. Journal of Economic Dynamics and Control [Online] 82:67-82. Available at:
Leon-Ledesma, M. and Christopoulos, D. (2016). Misallocation, Access to Finance, and Public Credit: Firm-Level Evidence. Asian Development Review [Online] 33:119-143. Available at:
Coricelli, F., Karadimitropoulou, A. and Leon-Ledesma, M. (2016). Reallocation effects of recessions and financial crises: An industry-level analysis. The B.E. Journal of Macroeconomics: Contributions [Online] 16:485-522. Available at:
Gente, K., Leon-Ledesma, M. and Nourry, C. (2015). External Constraints and Endogenous Growth: Why Didn't Some Countries Benefit From Capital Flows?. Journal of International Money and Finance [Online] 56:223-249. Available at:
Leon-Ledesma, M., McAdam, P. and Willman, A. (2015). Production technology estimates and balanced growth. Oxford Bulletin of Economics and Statistics [Online] 77:40-65. Available at:
Cantore, C., Leon-Ledesma, M., McAdam, P. and Willman, A. (2014). Shocking Stuff: Technology, Hours, and Factor Substitution. Journal of the European Economic Association [Online] 12:108-128. Available at:
Christopoulos, D. and Leon-Ledesma, M. (2014). Efficiency and production frontiers in the aftermath of recessions: international evidence. Macroeconomic Dynamics [Online] 18:1326-1350. Available at:
Karadimitropoulou, A. and Leon-Ledesma, M. (2013). World, country, and sector factors in international business cycles. Journal of Economic Dynamics and Control [Online] 37. Available at:
Christopoulos, D., Gente, K. and Leon-Ledesma, M. (2012). Net Foreign Assets, Productivity and Real Exchange Rates in Constrained Economies. European Economic Review [Online] 56:295-316. Available at:
Christopoulos, D. and Leon-Ledesma, M. (2010). Smooth Breaks and Non-Linear Mean Reversion: Post-Bretton Woods Real Exchange Rates. Journal of International Money and Finance [Online] 29:1076-1093. Available at:
Leon-Ledesma, M., McAdam, P. and Willman, A. (2010). Identifying the Elasticity of Substitution with Biased Technical Change. American Economic Review [Online] 100:1330-1357. Available at:
Catrinescu, N., Leon-Ledesma, M., Piracha, M. and Quillin, B. (2009). Remittances, Institutions and Economic Growth. World Development [Online] 37:81-92. Available at:
Faria, J. and Leon-Ledesma, M. (2008). A simple nonlinear dynamic model for unemployment: Explaining the Spanish case. Discrete Dynamics in Nature and Society [Online]. Available at:
Mollick, A., Faria, J., Albuquerque, P. and Leon-Ledesma, M. (2008). Can globalisation stop the decline in commodities' terms of trade?. Cambridge Journal of Economics [Online] 32:683-701. Available at:
Christopoulos, D. and Leon-Ledesma, M. (2008). Time-series output convergence tests and stationary covariates. Economics Letters [Online] 101:297-299. Available at:
Aksoy, Y. and Leon-Ledesma, M. (2008). Non-linearities and unit roots in G7 macroeconomic variables. The B.E. Journal of Macroeconomics: Topics [Online] 8:Article 5. Available at:
Lein, S., Leon-Ledesma, M. and Nerlich, C. (2008). How is real convergence driving nominal convergence in the new EU Member States?. Journal of International Money and Finance [Online] 27:227-248. Available at:
Christopoulos, D. and Leon-Ledesma, M. (2008). Testing for Granger (non-)causality in a time-varying coefficient VAR model. Journal of Forecasting [Online] 27:293-303. Available at:
Christopoulos, D. and Leon-Ledesma, M. (2007). A long-run non-linear approach to the Fisher effect. Journal of Money Credit and Banking [Online] 39:543-559. Available at:
Ferreira, A. and Leon-Ledesma, M. (2007). Does the real interest parity hypothesis hold? Evidence for developed and emerging markets. Journal of International Money and Finance [Online] 26:364-382. Available at:
Showing 25 of 54 total publications in KAR. [See all in KAR]
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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


Click here for School of Economics staff consultation hours.

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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

  • Jan-Philipp Dueber: "Volatility and international asset allocations", registered 2015
  • Long Thai: "Misallocation, productivity, and firm dynamics in Vietnam", registered 2015
  • Oyakhilome Ibhagui, 2nd supervisor, registered 2014
  • Sevgi Coskun: "Labour market fluctuations in emerging markets", registered 2014
  • Luke Buchanan-Hodgman, 2nd supervisor, registered 2013
  • Neha Jindal, 2nd supervisor, registered 2013
  • Gintare Malisauskaite, 2nd supervisor, registered 2013
  • Mengyang Wei, School of Engineering, 2nd supervisor: "Using control theory to detect systemic banking risk", registered 2012

Past students

  • Aydan Dogan: "Two-sector models of the real exchange rate". Completed 2016. Destination: University of Barcelona
  • Jonathan Hughes: "Essays on International Macroeconomics". Completed 2016. Destination: Postdoc at Université Catholique de Louvain.
  • Monica Paganini: "Firm efficiency, misallocation and productivity in African countries". Completed 2015. Destination: FAO and World Bank.
  • Robert Jump, 2nd supervisor. Completed 2014. Destination: Kingston University.
  • Dr Timo Bettendorf: "Essays on Global imbalances and capital flows". Completed: October 2014. Destination: Bundesbank.
  • Dr Aikaterini Karadimitropoulou: "Essays on macroeconomic cycles". Completed: April 2012. Destination: University of East Anglia.
  • Dr Gabriele Amorosi: "Essays on income distribution and financial access". Completed: February 2012. Destination: University of Hull.
  • Dr Reginaldo Nogeira: "Inflation targeting in Emerging Markets". Completed: September 2007. Destination: Ibmec Business School, BH, Brazil.
  • Dr Brinda Sooreea: "FDI and Growth in Developing Countries". Completed: January 2006. Destination: University of Mauritius.
  • Dr Jose Eduardo Ferreira: "Empirical Essays on Exchange Rate Determination: Fundamentals, Bubbles and News". Completed: October 2005. Destination: Central Bank of Brazil.
  • Dr Alex L. Ferreira: "Causes of real interest rate differentials between emerging and developed countries". Completed: August 2005. Destination: University of Sao Paulo, FEARP.
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Administrative roles

  • Deputy Head of the School of Economics
  • Member of the School of Economics Strategic Management Team


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School of Economics, Kennedy Building, Park Wood Road, Canterbury, Kent, CT2 7FS

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Last Updated: 28/06/2019