"The Great Escape? A Quantitative Evaluation of the Fed's Liquidity Facilities"

Posted: 06/03/2017

Marco Del Negro, Gauti Eggertsson, Andrea Ferrero and Nobuhiro Kiyotaki
American Economic Review (2017) 107 (3), 824-857.

DOI: 10.1257/aer.20121660

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Kenneth Rogoff, Professor of Economics and the Thomas D. Cabot Professor of Public Policy at Harvard University, will be joining the Department of Economics for Trinity Term 2017 as the Sanjaya Lall Visiting Professor.

Posted: 03/02/2017


Kenneth Rogoff, Professor of Economics and the Thomas D. Cabot Professor of Public Policy at Harvard University, will be joining the Department of Economics for Trinity Term 2017 as the Sanjaya Lall Visiting Professor.


Kenneth Rogoff - Biography
From 2001–2003, Rogoff served as Chief Economist at the International Monetary Fund. His 2009 book with Carmen ReinhartThis Time Is Different: Eight Centuries of Financial Folly has been very widely cited by academics, policymakers and journalists. One regularity that Reinhart and Rogoff illustrate is the remarkable quantitative similarities across time and countries in the run-up and the aftermath of severe financial crises. In general, they show that for financial crises, the differences between emerging markets and advanced countries are far less pronounced than previously believed. Rogoff is also known for his seminal work on exchange rates and on central bank independence. His treatise Foundations of International Macroeconomics (joint with Maurice Obstfeld) is the standard graduate text in the field worldwide. His new book, The Curse of Cash (September 2016), argues the case for drastically scaling back the world’s paper currency supply. His monthly syndicated column on global economic issues is published in over 50 countries. He is a senior fellow at the Council on Foreign Relations, and serves on the Economic Advisory Panel of the New York Federal Reserve.

Rogoff is an elected member of the National Academy of Sciences, the American Academy of Arts and Sciences, and the Group of Thirty. Rogoff is among the top eight on RePEc’s ranking of economists by scholarly citations. He is also an international grandmaster of chess.


Further information about Professor Rogoff’s work can be found here.

Further information about the Sanjaya Lall Visiting Professorship can be found here.

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Our congratulations to Kalina Manova who has been awarded a 2016 ERC Consolidator Grant for research on Global Firms and Global Value Chains: Measurement and Mechanisms

Posted: 07/12/2016

Research Abstract

The growing fragmentation of production across firms and countries has revolutionized international trade in recent decades. Firms today choose which production stages to conduct themselves and which to outsource to other parties, which to complete at home and which to offshore abroad. Known as global value chains (GVCs), this phenomenon creates new challenges and opportunities for individual firms and aggregate economies. Of primary policy interest are the implications of GVCs for growth, the transmission of shocks across firms and borders, and the design of economic policies. Yet academic research has faced two major challenges: poor measurement and poorly understood mechanisms. This ambitious research program that will use exceptional new data and novel GVC measures for path-breaking GVC analysis. First, it will exploit unique panel data on firm production, management practices, export and import transactions for the world’s two largest export economies, China and the US; and unique panel data on firm production, export and import transactions, and the network of domestic firm-to-firm transactions for one of the most open economies, Belgium. Second, it will develop measures that comprehensively characterize three dimensions of firms’ GVC activity: value added (total/domestic/foreign), production line position (upstreamness), and network position (centrality). Third, it will empirically and theoretically examine the impact of GVCs on firm growth, shock transmission, and export-finance policy through six synergistic projects. Each project will make a distinct contribution by investigating new economic mechanisms, establishing new empirical facts, and combining theory and data for informative welfare calculations. The novelty of the data and the complex mechanisms driving GVCs make this research program highly ambitious. At the same time, the importance of understanding GVCs for economic policy and academic research make this agenda extraordinarily high-return.

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Vincent P. Crawford, "New Directions for Modelling Strategic Behavior: Game-theoretic Models of Communication, Coordination, and Cooperation in Economic Relationships"

Posted: 30/11/2016

Vincent P. Crawford, "New Directions for Modelling Strategic Behavior: Game-theoretic Models of Communication, Coordination, and Cooperation in Economic Relationships", Journal of Economic Perspectives 30(4), Fall 2016, 131–150.

Open access link https://www.aeaweb.org/articles?id=10.1257/jep.30.4.131


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Details of the Oxford candidates on the academic job market are now available.

Posted: 23/11/2016

This year, 17 DPhil students and Nuffield postdocs are going on the academic job market and will attend the ASSA meetings. Among them, they have forthcoming papers or R&Rs at Econometrica, American Economic Review, Quarterly Journal of Economics, Economic Journal, and many other journals.

The list of all job market candidates can be found here

For more information, contact the candidates or the placement officers, Prof. Johannes Abeler and Prof. Vince Crawford.

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Tony Venables has been appointed chair of the Scientific Advisory Council for the Ifo Institute and CESifo from 2016 to 2019.

Posted: 22/11/2016

The Scientific Advisory Council consists of internationally respected, independent academics and experts. It was established to provide independent, external quality control and to advise the Executive Board and the Administrative Council in the long-term planning of research and development as well as on future appointments of Executive Board members. The Scientific Advisory Council advises both the Ifo Institute and CESifo.



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H. Peyton Young and Paul Glasserman publish 'Contagion in Financial Networks' in the Journal of Economic Literature 2016, 54(3), 779–831

Posted: 15/11/2016

Journal of Economic Litterature 2016, 54(3), 779–831


The recent financial crisis has prompted much new research on the interconnectedness of the modern financial system and the extent to which it contributes to systemic fragility. Network connections diversify firms’ risk exposures, but they also create channels through which shocks can spread by contagion. We review the extensive literature on this issue, with the focus on how network structure interacts with other key variables such as leverage, size, common exposures, and short-term funding. We discuss various metrics that have been proposed for evaluating the susceptibility of the system to contagion and suggest directions for future research.

(JEL D85, E44, G01, G21, G22, G23, G28)

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Our congratulations to Kalina Manova who has been awarded a 2016 Philip Leverhulme Prize for Economics.

Posted: 24/10/2016

The prizes recognise the achievement of outstanding researchers whose work has already attracted international recognition and whose future career is exceptionally promising.  Kalina was awarded the prize in recognition of her outstanding contributions in the field of empirical trade.

Further information:


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Dr Elizabeth Lwanga Nanziri will be joining the Economics Department in October 2016 as a Newton International Fellow.

Posted: 26/09/2016

Elizabeth will be undertaking research on the “Dynamics of Financial Inclusion and Welfare in Emerging and Developing Economies” with colleagues in CSAE.

Elizabeth holds a PhD in Economics from the University of Cape Town South Africa. She is the Director of Communications of the Association for the Advancement of African Women Economists (AAAWE) and also a Director of AAAWE-South Africa Elizabeth’s research focuses on financial literacy, financial inclusion and Welfare for households, and access to finance for small and medium enterprises. Prior to the Newton International Fellowship Award, Elizabeth received several academic awards/honors including: The Journal of African Economies Fellow at the University of Oxford; The Rockefeller-AAAWE Visiting Fellow at the University of Massachusetts, Visiting Scholar at the University of Kansas, The Carnegie Foundation Doctoral Scholarship and The National Research Foundation of South Africa Doctoral Fellowship.

Elizabeth also has extensive work experience in the private sector. She was the Executive Director of the South African Savings Institute for the period 2008 – 2016 and she was the recipient of the 2009 South African Industrial Development Corporation’s Women in Leadership Training Award.

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