New developments in behavioural macroeconomics

About the ESRI Seminar Series

The ESRI organises a public seminar series, inviting researchers from both the ESRI and other institutions to present new research on a variety of public policy issues. The seminar series provides access to specialised knowledge and new research methodologies, with the objective of promoting research excellence and facilitating productive dialogue across the policy and research fields.

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Guest Speaker: Dr. Yuemei Ji, School of Slavonic and Eastern European Studies, University College London

Seminar Topic

In this seminar Yuemei Ji will present her research papers (co-authored with Paul De Grauwe) on behavioural macroeconomics. She will discuss the state of the art in behavioural macroeconomics and the prospect of using behavioural macroeconomic models (driven by “animal spirits”, i.e. waves of optimism and pessimism) to better understand business cycles.

She will apply the model to shed new light on the international synchronisation of business cycles. A two-country behavioural macroeconomic model will be developed where the synchronization of the business cycle is produced endogenously. The main channel of synchronization occurs through a propagation of “animal spirits” that become correlated internationally. This model generates results on the transmission of shocks in a monetary union setting. Based on the results, Yuemei will argue for an important role of the central bank in managing the business cycles.

Speaker Bio

Yuemei Ji is an assistant professor in Economics at University College London. She obtained her PhD from the University of Leuven. She was a visiting fellow at various institutions such as the European Institute at the LSE, the Centre for European Policy Studies (CEPS) in Brussels and the CESifo in Munich. She gives lectures on Intermediate Macroeconomics and International Macroeconomics.