Productivity growth in the UK economy has lagged behind that of our major trading partners. With little or no growth in labour or total factor productivity, there can be no solution to our economic problems and a return to what we have come to consider as normal times.
We will examine a number of possible explanations ranging from the role of finance to the employment of physical and human capital.
Jagjit Chadha was the Mercers’ School Memorial Professor of Commerce at Gresham College from 2014-2018 (now renamed Professor of Business). He is Director of the National Institute of Economic & Social Research (NIESR) and 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.
Professor Chadha's lecture series was as follows:
2017/18 Blueprint for Brexit Britain
All of Professor Chadha's past Gresham lectures can be accessed here.