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Centre for Dynamic Macroeconomic Analysis

The Centre for Dynamic Macroeconomic Analysis was established by a direct grant from the University of St Andrews in 2003. The Centre facilitates a programme of research centred on macroeconomic theory and policy and disseminates working papers.

The Director of the CDMA is Kaushik Mitra and its Co-Director is George W. Evans.

Email: econsec@st-andrews.ac.uk
Tel: +44(0)1334 462445
Fax: +44(0)1334 462444

Photographs around St Andrews, click to randomise
Recent CDMA News

Theodore Koutmeridis wins the Cairncross Price.

Workshop on Dynamic Econometric Models, 16 October 2013.

Workshop on Macroeconomic Policy and Expectations, 12 September 2013.

Workshop on DSGE Models , 6 March 2013.

Alan Sutherland has been elected a Fellow of the Royal Society of Edinburgh and Roderick McCrorie a Fellow of the Royal Statistical Society

Kaushik Mitra has been appointed an Associate Editor of Macroeconomic Dynamics and a Member of the Economic and Social Research Council (ESRC) Peer Review College.

Richard Fisher, President of the Federal Reserve Bank of Dallas, will be giving a talk on "The Limits of the Powers of Central Banks (with Metaphoric References to Edvard Munch's 'Scream' and Sir Henry Raeburn's 'Reverend Robert Walker Skating on Duddingston Loch')" at 12 noon, Tuesday 5th June 2012, in School 1.

Seppo Honkapohja, Bank of Finland, will be visiting the CDMA and the School of Economics and Finance, from February 16-20. He will be giving a talk on the 16th of Feb from 13-13.45 pm in F2 titled "The current stage of the sovereign debt crisis in Europe".
All invited.

SIRE/CDMA Workshop: 18-19 August 2011, "Advances in Economic Growth"
Details

CDMA Conference 2011: Aug 31-Sept 2, "Expectations in Dynamic Macroeconomic Models".
Preliminary Programme (PDF)

Alan Sutherland has been awarded an ESRC grant "The Macroeconomics of Financial Globalisation" (ES/1024174/1) with a total award value of £584,000 at Full Economic Costing (with £348,000 coming to the University of St Andrews) effective July 2011 for a period of four years.

Kaushik Mitra has been given an ESRC grant  “Macroeconomic Policy Changes and Adaptive Learning” (Ref RES-062-23-2617) with an award value of £259,000 at Full Economic Costing effective October 2010 for a period of three years.

CDMA Senior Research Fellow on Council of Economic Advisers for Scotland

Research Output of CDMA Internal Fellows

Selected Recent Published Working Papers:

Working Paper 1308:Emanuel Gasteiger, 'Heterogeneous Expectations, Optimal Monetary Policy and the Merit of Policy Inertia', Journal of Money, Credit and Banking, 46(7), 1535-1554, 2014.

Working Paper 1301:Emanuel Gasteiger and Shoujian Zhang, 'Anticipation, Learning and Welfare: the Case of Distortionary Taxation', Journal of Economic Dynamics and Control, 39(C), 113-126, 2014.

Working Paper 0909:Ansgar Rannenberg, 'The Taylor Principle and (In-) Determinacy with hiring Frictions and Skill Loss', forthcoming in Macroeconomic Dynamics.

Working Paper 1104: Tatiana Damjanovic, Vladislav Damjanovic and Charles Nolan, 'Ordering policy rules with an unconditional welfare measure', forthcoming in the International Journal of Central Banking.

Working Paper 1111: Kaushik Mitra, George Evans and Seppo Honkapohja, 'Policy Change and Learning in the RBC Model', Journal of Economic Dynamics and Control, 37, 1947-1971, 2013, lead article.

Working Paper 1309: Michael B. Devereux, Ozge Senay and Alan Sutherland, 'Nominal Stability and Financial Globalization', forthcoming in the Journal of Money, Credit and Banking.

Working Paper 1306: William A. Branch and George W. Evans, 'Bubbles, Crashes and Risk', Economic Letters, 120, 254-258, 2013.

Working Paper 1209: George Evans and Kaushik Mitra, 'E-stability in the Stochastic Ramsey Mode', Economic Letters, 118, 407-410, 2013.

Working Paper 1008: George Evans, Seppo Honkapohja and Kaushik Mitra, 'Does Ricardian Equivalence Hold when Expectations are not Rational?', Journal of Money, Credit and Banking, 44, 1259-1283, 2012, lead article.

Working Paper 1006: Ozge Senay and Alan Sutherland, 'The Timing of Asset Trade and Optimal Policy in Dynamic Open Economies', forthcoming December 2013 in Macroeconomic Dynamics.

Working Paper 1010: William A. Branch and George W. Evans, 'Learning about Risk and Return: A Simple Model of Bubbles and Crashes', American Economic Journal: Macroeconomics, 3, 159-191, 2011.

Working Paper 1011: William A. Branch and George W. Evans, 'Monetary Policy and Heterogeneous Expectations', Economic Theory, 47, 365-393, 2011.

Working Paper 0902: James Bullard, George W. Evans and Seppo Honkapohja, 'A Model of Near-Rational Exuberance', in Macroeconomic Dynamics, vol.14, 2010, 166-188.

Working Paper 0802: George Evans and Seppo Honkapohja, 'Expectations, Learning and Monetary Policy: An Overview of Recent Research', in Monetary Policy under Uncertainty and Learning, ed. by Klaus Schmidt-Hebbel and Carl Walsh, 2009, Central Bank of Chile, Santiago, 27-76.

Working Paper 0719: George Evans and Seppo Honkapohja, 'Robust Learning Stability with Operational Monetary Policy Rules', in Monetary Policy under Uncertainty and Learning, ed. by Klaus Schmidt-Hebbel and Carl Walsh, 2009, Central Bank of Chile, Santiago, 145-170.

Working Paper 0717: George Evans, Seppo Honkapohja and Kaushik Mitra, (2009), ''Anticipated Fiscal Policy and Adaptive Learning'', in Journal of Monetary Economics, vol.56 (7), pp.930-53.

Working Paper 0611: Charles Nolan and Tatiana Damjanovic, 'Relative Price Distortions and Inflation Persistance', in Economic Journal, vol. 120, (547) September 2010, pp.1080-1099.

Working Paper 0807: Charles Nolan and Tatiana Damjanovic, 'Seignorage-Maximizing Inflation Under Sticky Prices', in Journal of Money, Credit and Banking, vol. 42, No.2-3 (March-April 2010) pp.503-519.

Working Paper 0809: Alex Trew, 'Infrastructure Finance and Industrial Take-Off in_England', in Journal of Money, Credit and Banking, vol. 42 (6), pp.985-1010.

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