Contact Details

Vaclav Zdarek

Email: v.zdarek [at] warwick.ac.uk

Research Interests

• Macroeconomics, International Economics & Applied Econometrics

Supervisors

• Marcus Miller

• Thijs van Rens

Teaching

• Academic year 2012/2013: TA for EC201 Macroeconomics 2

Term I

– IS-LM/IS-MP: The New IS-LM Model: Language, Logic, and Limits* (FRB of Richmond, Economic Quarterly, Summer 2000);

– QE, Liquidity Trap & Deflation: Unconventional monetary policy in theory and in practice (Banca d'Italia, September 2011); The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross-Country Analysis* (BIS, August 2012); Quantitative Easing: Entrance and Exit Strategies (FRB of St. Louis Review, November/December 2010, Vol. 92, No. 6, pp. 465-480); The Macroeconomic Effects of Large-Scale Asset Purchase Programs* (FRBNY Staff Reports, No. 527, December 2011); Unconventional Monetary Policy: Lessons from the Past Three Years (FRB of San Francisco, President's Speech, September 23, 2011); Commentary on Policy at the Zero Lower Bound (IJofCB, vol. 6, Iss. 1, March 2010); Managing a Liquidity Trap: Monetary and Fiscal Policy* (Werning, I., MIT mimeo, March 2012); Going beyond Quantitative Easing (S. Wren-Lewis' Blog, February 26, 2012 [op.cit. 01/11/2012]); An empirical analysis of QE in the UK (VOX EU, November 1, 2011); Unconventional monetary policies: an appraisal (BIS Working Papers No. 292, November 2009); Qualitative Easing: How it Works and Why it Matters* (Farmer, R. E. A.: CEPR Discussion Paper No. 9153, September 2012); A Global Monetary Tsunami? On the Spillovers of US Quantitative Easing (Fratzscher, M. et al., CEPR Discussion Paper No. 9195, October 2012); Quantitative Easing: A Rationale and Some Evidence from Japan (NBER – International Seminar on Macroeconomics 2009, NBER June 2010, pp. 354-366); Things we must consider in shaping Japanese economic policy for the future (VOX EU, Feburary 10, 2013); Evaluating Large-Scale Asset Purchases (Remarks by Stein, J. C., Board of Governors of the FRB, October 11, 2012); Four Stories of Quantitative Easing (FRB of St. Louis Review, January/February 2013, vol. 95, no. 1, pp. 51–88);,

– Zero Lower Bound: Should Central Banks Raise Their Inflation Targets? Some Relevant Issues (FRB of Richmond
Economic Quarterly, vol. 97, No. 2, Second Quarter 2011, pp. 111–131); Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates (FRB of San Francisco, Working Paper No. 2012-02, May 2012); Fiscal Policy, Welfare, and The Zero Lower Bound (Bilbie, F., Monacelli, T., Perrotti, R.; a paper presented at Fiscal Policy in the Aftermath of the Financial Crisis, March 2012);

– Monetary rules: MP_rules; Monetary Policy Rules Work and Discretion Doesn't: A Tale of Two Eras (JofMCB, Vol. 44, September 2012, No. 6, pp. 1017-1032); The influence of the Taylor rule on US monetary policy (VOX EU, February 13, 2013 + full paper: WP* NBB No. 241, January 2013);

– Housing and Financial Wealth Effects: Dealing with household debt (IMF WEO, April 2012, Ch. 3); Do House Prices Impact Consumption and Interest Rate? Evidence from OECD Countries Using an Agnostic Identification Procedure* (OECD, Economic Department WP No. 947, March 2012); How Large Are Housing and Financial Wealth Effects? A New Approach* (JofMCB, Vol. 43, February 2011, No. 1, pp. 55-79);

– MP and commodity prices (an example of divine coincidence): IMF WEO (Ch. 3, September 2011);

– Unemployment, Phillips curve, wage rigidity: Reassessing the NAIRUs after the Crisis* (OECD, Economic Department WP No. 918, December 2011); Wage Bargaining and the Phillips Curve in Italy(*) (MoFiR Working Paper no. 41, April 2010); Real Wage Flexibility in the EU(*) (CNB Working Paper no. 1, January 2012); Why is Unemployment Duration so Long? FRB of San Francisco, Economic Letter 2012-03, January 30, 2012); It’s not a skill mismatch: Disaggregate evidence on the US unemployment-vacancy relationship (VOX EU, January 2, 2013);

– Okun's Law: IMF WEO (Ch.3, April 2010); Extended Unemployment and UI Benefits (FRB of San Francisco, Economic Letter 2010-07, March 8, 2010); US vs. EU labour market (WSJE, p. 8, 28/11/2011 [op.cit.24/11/2012]); Okun's Law: Fit at Fifty? (NBER Working Paper No. 18668, January 2013);

– Labour market in the EU (EC, 2012: long-run unemployment [ch. 1], and "skill mismatch" [ch. 6]);

Term II

– Search & Matching Model: Shimer, R.: ‘The Cyclical Behavior of Equilibrium Unemployment and Vacancies’, American Economic Review, vol. 95, 2005, no. 1, pp. 25–49; Hall, R.: ‘Employment fluctuations with equilibrium wage stickiness’, American Economic Review, vol. 95, 2005, no. 1, pp. 50–65 (empirical verifications based on U.S. data); The Cyclical Behavior of Equilibrium Unemployment and Vacancies Across OECD Countries (Amaral, P. S., Tasci, M., a paper presented at the System Committee on Business and Financial Analysis conference, September 2012, FRB of Atlanta); Ebrahimi, E, Shimer, R: Stock-flow matching*, Journal of Economic Theory, vol. 145, July 2010, iss. 4, pp. 1325-1353 (introducing a new stock-flow matching function improving the fit considerably); Menzio, G., Shi, S.: Efficient Search on the Job and the Business Cycle*, Journal of Political Economy, vol. 119, 2011, no. 3, pp. 468-510 (introducing sticky wages - experience reduces the willingness to change jobs and work for another employer); Monetary policy and firing costs (VOX EU, February 9, 2013); Long-term Unemployment: What Do We Know? (FRBSF Economic letter, February 4, 2013); A Search and Matching Approach to Labor Markets: Did the Natural Rate of Unemployment Rise? (Daly, M. C. et al., 2012, Journal of Economic Perspectives, vol. 26, Summer 2012, No. 3, pp. 3-26);

PS Week 4 – Question 2 b) [notes]

– Selected Problems in Finance [further readings*]: Stiglitz, J. E., Weiss, A.: Credit Rationing in Markets with Imperfect Information, American Economic Review, vol. 71, June 1981, No. 3, pp. 393-410 (imperfect information and credit rationing); Diamong, D. M., Dybvig, P. H.: Bank Runs, Deposit Insurance, and Liquidity. Journal of Political Economy, vol. 91, 1983, no. 3, pp. 401-419 (original model of bank runs), alternatively, a simplified version Diamond, D. W.: Banks and Liquidity Creation: A Simple Exposition of the Diamong-Dybvig Model (FRBof Richmond, Economic Quarterly, vol. 93, Spring 2007, no. 2, pp. 189-200); Radelet, S., Sachs, J.: The Onset of The East Asian Financial Crisis (NBER Working Paper 6608, August 1998; gambling for resurrection - an example for financial crises); Overheating in Credit Markets: Origins, Measurement, and Policy Responses (Remarks on credit booms&bursts by Stein, J. C., Board of Governors of the FRB, February 7, 2013);

– Review of theories of financial crises (review & summary of classical (model) approaches: VOX EU, March 11, 2013 or full NBER WP 18670, January 2013); Financial Crises: Explanations, Types, and Implications (Classens, S., Kose, M. A., IMF WP No. 28, January 2013);

– Fiscal Policy, and Sovereign (Debt) Crises: Another look at Ricardian equivalence: The case of the European Union (VOX EU, February 28, 2013); Tracking Global Demand for Advanced Economy Sovereign Debt (Arslanalp, S., Tsuda, T., IMF WP No. 284, December 2012); Cost of Borrowing Shocks and Fiscal Adjustment* (an analysis of shocks to cost of borrowing and responses of fiscal policy [PVAR model]; de Groot, O. et al.: ECB WP No. 1503, December 2012); Fiscal Consolidation: At what speed? (VOX EU, May 3, 2013 - full IMF WP: Blanchard, O., Leigh, D., January 2013);

– Finance and regulation: The interaction between monetary and macroprudential policies (VOX EU, March 14, 2013); Macroprudential Policy: Protecting the Whole (Jácome, L. I., Nier, E. W, Finance&Development [op.cit. 15/03/2013]);

– Monetary policy and financial crises: Is the Federal Reserve breeding the next financial crisis (effects of a Taylor-rule based policy on housing bubbles: VOX EU, April 11, 2013; full paper: IDB WP No. 387/2013*);

– Patents and R&D: Do patents rights impede follow-on innovation? (VOX EU, May 14, 2013);

Note: * – advanced.

• Academic year 2012/2013: TA for EC226 Econometrics 1

Term 1-2

Stata Help pages (many examples "how to"): UCLA (Academic Technologies Services); Princeton (Oscar Torres-Reyna); Stata Tutorial (G. Rodriguez, Princeton).

Stata Graphs - some examples (both simple and advanced graphs with codes);

Stata Blog (Q&A, tricks, etc.);

Pr. Sets – comments&preliminary marks: results (subject to changes; as of May 1, 2013 [all PS]);

Notes on ARDL: pdf ;

• Academic year 2011/2012 (Term 2 & 3): GTA for EC204 Economics 2

MISC

• Work in Progress: Drivers and determinants of nominal convergence in transition countries, Financial flows into transition countries & Fiscal policy and Sovereign Debt Crisis.
• Experience: CNB, European Investment Bank, Kiel Institute for the World Economy, CES VSEM