Thursday, 27 November 2014, 6:00PM
Barnard's Inn Hall

The Great Depression and its Legacy

Professor Jagjit Chadha

The long economic recession of the inter-war period had profound consequences for monetary policy. This lecture will examine the intellectual legacy of the Great Depression: (i) the acceptance of multiple equilibria; (ii) the obligation for government to stabilise the economy; (iii) and the need for accurate, timely national accounts.

 

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Jagjit Chadha is the Mercers’ School Memorial Professor of Commerce at Gresham College and Director of the National Institute of Economic & Social Research (NIESR). He has also acted as an academic adviser to HM Treasury, the Bank of England and many policy-making institutions around the world. His main interests lie in macroeconomics, with a particular focus on monetary issues.

Prior to taking up his position at NIESR in 2016, Professor Chadha was Professor of Economics at the University of Kent, a position he had held since 2007. At the University of Kent he held the position of Professor and Chair in Money and Banking at the Department of Economics and he is a Visiting Professor at the University of Cambridge. He is also Chair of the Money, Macro and Finance Research Group and a specialist adviser to the Treasury Committee. Prior to this he was Chief Quantitative Economist at BNP Paribas, where he developed analytical, calibration and econometric tools for modelling the macroeconomy and pricing bonds, asset prices and exchange rates. He has worked as an advisor and researcher at the Bank of England, working on monetary economics, in particular on the interaction of financial markets and monetary regimes. He has also acted as an academic adviser to HM Treasury and extensive policy-making institutions around the world.

Macroeconomics forms Professor Chadha’s main research area, with a particular focus on monetary issues. His interests lie mostly, but not exclusively, with dynamic stochastic general equilibrium (DSGE) models in which he works on developing richer financial mechanisms in these models for example to incorporate money, bank behaviour, inventory and the term structure of interest rates. As a result of his time at the Bank of England and also at BNP Paribas he also has strong interests in the operation and function of financial markets and has an interest in understanding the informational herding behaviour of market participants.

Professor Chadha’s intellectual history of the development of monetary practice is to be published under the title, Money, Monetary Policy and Central Banks: The Meeting of Art and Science. He is the author of The Euro in Danger, with Michael Dempster and Derry Pickford (Searching Finance, 2012). He is the editor of the ongoing series, Modern Macroeconomic Policy Making (Cambridge University Press) and also of Dynamic Macroeconomic Analysis, co-edited with Sumru Altug and Charles Nolan (Cambridge University Press, 2003). In addition to this, he is widely published in academic journals.

Appointed Mercers’ School Memorial Professor of Commerce in 2014, Professor Chadha now enters his fourth year delivering a series entitled Blueprint for Brexit Britain during the 2017/18 Academic Year. 

Professor Chadha's previous lecture series' are as follows:

2016/17 Where are we after the Storm? The UK Economy in the Aftermath of Financial Crisis

2015/16 Some Macroeconomic Puzzles: Conjectural Refutations

2014/15 Money, Monetary Policy and Central Banks: The Meeting of Art and Science

All of Professor Chadha's past Gresham lectures can be accessed here.

Current Gresham Professor of Economics

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27 November 2014

The Great Depression and its Legacy
Professor Jagjit Chadha

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