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Robert Smith defended his PhD

Robert Smith defended his PhD

Robert Smith from the Macroeconomic Methodology, Theory and Economic Policy research group (MAMTEP) at Aalborg University Business School defended his thesis “Essays on Macroeconomic Interaction of Sectoral Balance Sheets”. Congratulations to Robert.

The title of Robert’s lecture, which took place online via Zoom July 1 due to the Covid-19 situation, was "Macroeconomic Interaction of Sectoral Balance Sheets".

Members of the assessment committee were:

  • Associate Professor Mogens Ove Madsen, Aalborg University (chair)
  • Senior Lecturer Maria Nikolaidi,  University of Greenwich
  • Associate Professor Stephen Kinsella,  University of Limerick

Summary of the thesis

This thesis investigates the interaction between the sector balance sheets in Denmark, as they are crucial for understanding the impact and transmission of economic shocks and policies for the economy. This is particularly important in the context of rapid financial balance sheet expansion that preceded the Global Financial Crisis (GFC).

The thesis thus addresses four key objectives: The first is to identify what the primary source of change in sector balance sheets is; the second is to empirically identify the connections and dependencies (interactions) between the three primary sectors - the private sector (PRI), the government sector (GOV) and the foreign sector (ROW); the third is to explore the implications of these interactions, and extends this analysis to include a disaggregated PRI - split into the household sector (HH), the non-financial corporate sector (NFC) and the financial corporate sector (FC); and, the fourth is to assimilate these interactions into a single macroeconomic framework - in order to examine the transmission of economic shocks or policy measures throughout the economy - and to use this framework to investigate the causes and implications of the unprecedented expansion of private debt relative to disposable income of Danish HH.

The thesis addresses these issues within the Post Keynesian economic paradigm and the Babylonian mode of thinking, where path dependency and a pluralist approach to method and methodology are encouraged. This is accomplished in the form of five independent, but progressive and related articles which use several methods. These include theoretical and historical analysis, correlation and rolling correlation estimates, and a comprehensive empirical stock flow consistent model.

From left to right: Hamid Raza, Robert Smith, Christian Nielsen and Mogens Ove Madsen

Further Information

Robert Smith
Aalborg University Business School
Phone: +45 9940 8387
Email: rs@business.aau.dk

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