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 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.

Miguel is the School's Director of Research.

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

Also view these in the Kent Academic Repository

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:
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:
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:
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:
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:
Cantore, C. et al. (2014). Shocking Stuff: Technology, Hours, and Factor Substitution. Journal of the European Economic Association [Online] 12:108-128. 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:
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:
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:
Catrinescu, N. et al. (2009). Remittances, Institutions and Economic Growth. World Development [Online] 37:81-92. 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:
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:
Mollick, A. et al. (2008). Can globalisation stop the decline in commodities' terms of trade? Cambridge Journal of Economics [Online] 32:683-701. 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:
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:
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:
Faria, J., Leon-Ledesma, M. and Sachsida, A. (2006). Population and income: Is there a puzzle? Journal of Development Studies 42:909-917.
Faria, J. and Leon-Ledesma, M. (2005). Real Exchange Rate and Employment Performance in an Open Economy. Research in Economics [Online] 59:67-80. Available at: .
Leon-Ledesma, M. (2005). Exports, product differentiation and knowledge spillovers. Open Economies Review [Online] 16:363-379. Available at:
Piracha, M. et al. (2007). Migration and Remittances: Eastern Europe and the Former Soviet Union. Washington DC: World Bank.
Book section
Leon-Ledesma, M. (2006). Cycles, Aggregate Demand and Growth. in: Arestis, P., McCombie, J. S. L. and Vickerman, R. W. eds. Growth and Economic Development: Essays in Honour of A.P. Thirlwall. Cheltenham: Edward Elgar Publishing Ltd, pp. 82-95.
Showing 22 of 38 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

  • Mon 13.30-14.30
  • Tue 11.30-12.30
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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

  • 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: "Essays on International macroeconomics", registered 2011
  • Jonathan Hughes: "Exchange rate volatility, growth and recoveries", registered 2011
  • Monica Paganini: "Firm efficiency, misallocation and productivity in African countries", registered 2011
  • Robert Jump, 2nd supervisor, registered 2011
  • 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

  • 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: 02/03/2017