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Faculty of Economics

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Dr Muhammad Farid Ahmed
College Lecturer (Magdalene College) and INET Affiliated Senior Research Fellow

Research Interests
Macroeconomics, Time Series Econometrics and Finance with a particular focus on Asset Pricing

Charles Brendon
El-Erian Fellow in Macroeconomics

Research Interests
Macroeconomic Theory and the Economics of Optimal Taxation

Professor Vasco Carvalho
Professor of Macroeconomics
Director of Cambridge-INET

Research Interests
Macroeconomics; Networks in Economics; Applied Econometrics

Dr Tiago Cavalcanti
University Reader

Research Interests
Macroeconomics, Growth, Economic Development.

Professor Giancarlo Corsetti
Professor of Macroeconomics

Research Interests
International Economics and Open Economy Macroeconomics

Dr Ken Coutts
Emeritus Researcher

Research Interests
Open-economy models of debt dynamics; visible and invisible earnings in the balance of payments; macroeconomic policy; inflation; industrial pricing behaviour

Dr Elisa Faraglia
University Lecturer

Research Interests
Macroeconomic Theory, Fiscal Policy and Debt Management.

Dr Petra Geraats
University Senior Lecturer

Research Interests
Macroeconomics, international finance, behavioral economics, with a special interest in transparency of monetary policy

Dr Chryssi Giannitsarou
University Reader

Research Interests
Macroeconomic theory, macro-finance, expectations, networks

Dr Sean Holly
University Reader,
Faculty of Economics
President, Dean and Professorial Fellow, Fitzwilliam College

Research Interests
Macroeconomic modelling, optimal policy and formulation.

Dr William H Janeway
Senior Teaching Associate

Research Interests
Economics of Innovation, Venture Capital

Dr Myungun Kim
College Lecturer (Robinson College)

Research Interests
Firm-level Productivity, Innovation and Market Power, Micro-Econometrics

Dr Kamiar Mohaddes
University Senior Lecturer in Economics & Policy (Cambridge Judge Business School) and Fellow in Economics (King's College)

Research Interests
Macroeconomics; Global and National Macroeconometric Modelling; Energy Economics; Climate Change.

Dr Christopher Rauh
University Lecturer

Research Interests
Labour Economics, Political Economy

Dr Pontus Rendahl
University Reader

Research Interests
Macroeconomic theory with applications. Recursive and numerical methods.

Dr Alexander Rodnyansky
University Lecturer

Research Interests
International Finance, Finance, Empirical Political Economy

Dr Demosthenes N.  Tambakis
Fellow and Director of Studies in Economics and Finance (Pembroke College)

Research Interests
Monetary policy; Exchange rate dynamics; Financial crises

Daniel Wales
Janeway Fellow in Economics

Research Interests
Macroeconomics, Monetary Policy and International Economics

Dr Anna Watson
The Peter Selman Fellow in Economics and Director of Studies in Economics (Fitzwilliam College)

Research Interests
Open-economy Macroeconomics, Monetary Economics, International Trade


Deniz Atalar

Research Interests
Inter-Sectoral Trade Linkages in Aggregate Fluctuation

Balduin Bippus

Title: International Finance

Xiaohua Chen

Title: Essays on Real Financial Linkages over Medium-term Cycles

Research Interests
Macro-Finance, Economic Cycles, Banking and Finance, Economic History

Radu Cristea

Research Interests
Adopting the Euro: Curse or Blessing? Exploring the optimal policy mix

Lukas Freund

Title: The Macroeconomics of Automation and Inequality

Research Interests
Macroeconomics, Labor Economics, Innovation, Computational Methods

Timo Haber

Title: Three Essays in Modern Macroeconomics

Research Interests
Macroeconomics, Heterogenous Agents Models, Computational Methods

Andrew Hannon

Title: The Links between Bank and Sovereign Risk

Zeina Hasna

Title: Essays on the Macroeconomic Effects of Climate Change

Research Interests
Macroeconomics, Structural Change, Growth & Inequality, Environment Economics

Alfie Lake

Title: Empirical Analyses of Housing Cycles and Macroeconomics

Research Interests
Housing Cycles, Behavioural Macroeconomics and Finance, Macroeconometrics

Seung Hyun Maeng

Title: Saving Glut and Global Imbalances

Emile Marin

Title: The Hegemon's Dilemma : Intertemporal terms of trade manipulation and expenditure-switching.

Daniel Ostry

Title: Tails of Foreign Exchange at Risk (FEaR)

Research Interests
Macro-Finance and Disaster Risk

Charles Parry

Research Interests
Product Market Developments and Monetary Policy

Alba Patozi

Title: Financial Stability and Macro-prudential Policies

Christian Rörig

Title: On the State-Dependent Effectiveness of Different Fiscal Policies

Niklas Schmitz

Research Interests
Monetary Policy, Risk Premia, and Asset Prices

Maryam Vaziri

Title: Product of Networks in an Open Economy

Yiming Xu

Title: Expected stock returns and capital misallocation in production networks

Naoki Yago

Research Interests
The Causation of Asset Price Bubbles and Financial Crises, and their Effects on Real Economy

Xiaocong Zhang

Research Interests
The Economic Consequences of Land Finance in China: An Estimated DSGE Model

Xiaoxiao Zhang

Research Interests
Revisiting Globalization and Inequality


Research Grants

Keynes Fund Sponsored Projects

  • Credit Policies, Entrepreneurship and Development: Theory and Empirical Evidence on Brazil (JHLA) - Cavalcanti, T.V.D Project Summary and Output
  • Oil, Growth and Misallocation: Evidence from a Quasi-Experiment and Establishments Level Data (JHLO) - Cavalcanti, T.V.D Project Summary and Output
  • Gray Zones: On the Causes and Consequences of Slums (JHOB) - Cavalcanti, T.V.D Project Summary and Output
  • Climate Change Mitigation Policies: Distributional and Allocative Effects (JHOV) - Cavalcanti, T.V.D and Santos, C. Project Summary and Output
  • Endogenous Segregation (JHUF) - Cavalcanti, T.V.D and Mookherjee, D. Project Summary and Output
  • The Making of the Euro-area Crisis: Lessons from Theory and History (JHLP) - Corsetti, G. and Eichengreen, B. Project Summary and Output
  • Credit Constraints and Optimal Price Setting in International Markets (JHOR) - Corsetti, G. and Crowley, M. Project Summary and Output
  • Disaster Risk, Asset Prices and the Macroeconomy (JHUX) - Corsetti, G., Lloyd, S. and Marin, E. Project Summary and Output
  • Heterogeneity, Precautionary Savings and Government Debt Management (JHLW) - Faraglia, E. and Oikonomou, R.
  • Financial Decisions: The Role of Information Through Social Networks ** (JHLQ) - Giannitsarou, C. Project Summary and Output
  • Mapping of Rumours and Information Diffusion (JHOQ) - Giannitsarou, C., Toxvaerd, F. and Collier, N. Project Summary and Output
  • Aggregate and Firm Level Volatility (JHOI) - Holly, S. Project Summary and Output
  • Climate Change, Volatility, and Economic Growth: Evidence from U.S. States (JHOU) - Mohaddes, K., Pesaran, M. H. and Raissi, M. Project Summary and Output
  • Climate Volatility, Weather Shocks and Economic Growth: Within-Country Evidence from Brazil (JHUD) - Mohaddes, K., Cavalcanti, T. V. D. and Da Mata, D. Project Summary and Output
  • The Impact of Automation and Fears of Job Displacement on Political Preferences (JHUQ) - Rauh, C. Project Summary and Output
  • Inequality and the Organisation of Work in a Knowledge Economy (JHVB) - Freund, L. B. Project Summary and Output
  • Inefficient Capital Flows and the Hegemon’s Dilemma (JHUK) - Marin, E. Project Summary and Output
More Sponsored Projects >>

Published Papers

Bodenstein, M., Corsetti G. and Guerrieri, L. Social Distancing and Supply Disruptions in a Pandemic, Quantitative Economics, accepted (2021)
Ahmed, M. F., Gao, Y. and Satchell, S. Modelling Demand for ESG, European Journal of Finance, accepted (2021)
Cantore, C. and Freund, L. B. Workers, Capitalists, and the Government: Fiscal Policy and Income (Re)Distribution, Journal of Monetary Economics (2021)
Carvalho, V. M., Nirei, M., Saito, Y. U. and Tahbaz-Salehi, A. Supply Chain Disruptions: Evidence from the Great East Japan Earthquake, Quarterly Journal of Economics (2021)
Watson, A. Trade Credit, Trade Income Elasticity and the International Transmission of Shocks, Eurasian Economic Review, accepted (2021)
Bergin, P. R. and Corsetti, G. Beyond Competitive Devaluations: The Monetary Dimensions of Comparative Advantage, American Economic Journal: Macroeconomics (2020)
Acconcia, A., Corsetti, G. and Simonelli, S. Liquidity and Consumption: Evidence from Three Post-earthquake Reconstruction Programs in Italy, American Economic Journal: Macroeconomics (2020)
Cavalcanti, T. and Santos, M. (Mis)Allocation Effects of an Overpaid Public Sector, Journal of the European Economic Association (2020)

More Papers >>

Cambridge Working Papers in Economics

Corsetti, G., Lipinska, A. and Lombardo, G. Sharing Asymmetric Tail Risk Smoothing, Asset Pricing and Terms of Trade, CWPE2153 (2021)
Janeway, W. H., Nanda, R. and Rhodes-Kropf, M. Venture Capital Booms and Startup Financing, CWPE2147 (2021)
Boneva, T., Golin, M. and Rauh, C. Can Perceived Returns Explain Enrollment Gaps in Postgraduate Education?, CWPE2140 (2021)
Boneva, T., Kaufmann, K. and Rauh, C. Maternal Labor Supply: Perceived Returns, Constraints, and Social Norms, CWPE2138 (2021)
Klusak, P., Agarwala, M., Burke, M., Kraemer, M. and Mohaddes, K. Rising Temperatures, Falling Ratings: The Effect of Climate Change on Sovereign Creditworthiness, CWPE2127 (2021)
Bodenstein, M., Corsetti, G. and Guerrieri, L. Economic and Epidemiological Effects of Mandated and Spontaneous Social Distancing, CWPE2117 (2021)
Chudik, A., Mohaddes, K. and Raissi, M. Covid-19 Fiscal Support and its Effectiveness, CWPE2116 (2021)
Rauh, C. and Renée, L. Parenting Types, CWPE2110 (2021)

More Papers >>

Authored Books

Giancarlo, C., Feld, L.P., Lane, P.R., Reichlin, L A new start for the Eurozone: dealing with debt, (2015), CEPR

Chapter in Book

Mohaddes, K., Nugent, J.B, and Selim, H. Reforming fiscal institutions in resource-rich Arab economies: policy proposals, (2019), forthcoming in Institutions and macroeconomic policies in resource-rich Arab economies. Edited by Kamiar Mohaddes, Jeffrey Nugent, Hoda Selim - Oxford University Press
Mohaddes, K., and Raissi. M. Does Inflation Slow Long-Run Growth in India?, (2016), forthcoming in Taming Indian Inflation. - International Monetary Fund
Cashin, P., Mohaddes, K., and Raissi. M. The Global Impact of the Systemic Economies and MENA Business Cycles, (2016), forthcoming in Understanding and Avoiding the Oil Curse in Resource-rich Arab Economies. - Cambridge University Press
Geraats, P. M. Monetary Policy Transparency, (2014), forthcoming in The Oxford Handbook of Economic and Institutional Transparency. Edited by Jens Forssbæck, Lars Oxelheim - Oxford University Press
Algan, Y., Allais, O., Den Haan, W.J. and Rendahl, P. Solving and simulating models with heterogeneous agents and aggregate uncertainty, (2014), forthcoming in Handbook of Computational Economics. Edited by Karl Schmedders, Kenneth Judd - Elsevier
Mohaddes, K. and Pesaran, M.H. One Hundred Years of Oil Income and the Iranian Economy: A Curse or A Blessing?, (2013), forthcoming in Iran and the Global Economy: Petro Populism, Islam and Economic Sanctions. Edited by Parvin Alizadeh, Hassan Hakimian - Routledge
Geraats, P. M. Transparency, Flexibility and Macroeconomic Stabilization, (2013), forthcoming in Central Bank Communication, Decision-Making and Governance - The Issues, Challenges, and Case Studies. Edited by Pierre Siklos, Egbert Sturm - CESifo and MIT Press
Geraats, P. M. ECB credibility and transparency, (2010), forthcoming in The Euro: The first decade. . Edited by Marco Buti, Servaas Deroose, Vítor Gaspar - Cambridge University Press and
Corsetti, G., Dedola, L. and Leduc, S. Optimal monetary policy in open economies, (2010), forthcoming in Handbook of monetary economics. Edited by Ben Friedman, Michael Woodford - North-Holland
Calvacanti, T.V.D and Jalles, J.T. Oil shocks in Brazil and in the United States, (2010), forthcoming in Energy, bio fuels and development: comparing Brazil and the United States . Edited by Edmund Amann, Werner Baer, Don Coes - Routledge
Coutts, K. and Norman, N. Post-Keynesian approaches to industrial pricing, (), forthcoming in The Oxford Handbook of Post-Keynesian Economics. Edited by Geoffrey Harcourt , Peter Kriesler - Oxford University Press
Bhattacharjee, A. and Holly, S. MPC decision-making, the Long Expansion and the crisis: integration with the global economy, heterogeneity and network dynamics, (), forthcoming in The UK economy in the long expansion and its aftermath. Edited by Jagjit Chadha, Alec Chrystal, Joe Pearlman, Peter - Cambridge University Press

Conference Publication

Geraats, P. M. Talking Numbers: Central Bank Communications on Monetary Policy and Financial Stability, (2011) Central Bank Statistics - What Did the Financial Crisis Change?, proceedings of the Fifth ECB Conference on Statistics, Frankfurt, Germany
Geraats, P. M. Price and Financial Stability: Dual or Duelling Mandates?, (2010) Central Banking after the Crisis, proceedings of the 38th Economics Conference of the Oesterreichische Nationalbank, Vienna,
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Macroeconomics Research Group

There are currently no Seminars scheduled

Faculty Events

01 Sep

52nd Money Macro and Finance Annual Conference
Online event

Recent Publications

Cavalcanti, T., Kocharkov, G. and Santos, C. Family Planning and Development: Aggregate Effects of Contraceptive Use The Economic Journal [2020]

Tambakis, D. A Markov Chain Measure of Systemic Banking Crisis Frequency Applied Economics Letters [2020]

Bodenstein, M., Corsetti G. and Guerrieri, L. Social Distancing and Supply Disruptions in a Pandemic Covid Economics: Vetted and Real-Time Papers [2020]

Selected CWPE


The Growth Effects of El Niño and La Niña: Local Weather Conditions Matter, Couharde, C., Damette, O., Generoso, R., Mohaddes, K.


Exchange Rate Misalignment, Capital Flows, and Optimal Monetary Policy Trade-offs, Corsetti, G., Dedola, L. and Leduc, S.


Production Networks: A Primer, Carvalho, V. M. and Tahbaz-Salehi, A.