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SUMMARY:St Catharine’s Political Economy Seminar -“Fiscal Space: What 
 have we learnt since the crises?&quot\; - Jagjit Chadha
DTSTART:20181010T170000Z
DTEND:20181010T183000Z
UID:TALK110218@talks.cam.ac.uk
CONTACT:Philippa Millerchip
DESCRIPTION:*Date:* Wednesday 10 October 2018 \n*Time:* 18:00 -19:30\n*Spe
 aker:* Jagjit Chadha\n*Talk Title:* '“Fiscal Space: What have we learnt 
 since the crises?"'\n*Location:* Ramsden Room\, St Catharine's College\n\n
 *Speaker*\nJagjit Chadha is Director of the National Institute of Economic
  and Social Research. He is on a full time absence of leave as Professor o
 f Economics at the University of Kent and was a part-time Professor of eco
 nomics at Cambridge. He was previously Professor of Economics at the Unive
 rsity of St Andrews and Fellow at Clare College\, Cambridge. He has worked
  at the Bank of England as an Official working on Monetary Policy and as C
 hief Quantitative Economist at BNP Paribas. He has acted as Specialist Adv
 iser to the House of Commons Treasury Committee and academic adviser to bo
 th the Bank of England and HM Treasury. He sits on the Research Committee 
 of the Economics and Social Research Council and on the REF2020 panel. His
  main research interests are developing the links between finance and macr
 oeconomics in general equilibrium models and he has published widely in ec
 onomics journals. He has just completed a British Academy Grant to study f
 iscal data in the 19th century.\n\n*Talk overview*\nJagjit Chadha will tal
 k on the traditional approach to fiscal policy\, which involves respecting
  the simple notion of debt sustainability.  This over-riding concern has l
 ed to considerable weight being placed on cutting public expenditure follo
 wing a ballooning in public debt after the great financial crisis. We have
  also formulated a sequence of fiscal rules and around the world observe t
 hat Councils have been developed to support the credibility of fiscal poli
 cy under uncertainty. But have we done the right thing?  Jagjit will consi
 der a number of possible extensions to the standard response of seeking to
  reduce debt and limiting taxation.  First\, we shall examine how episodes
  of high public debt are successfully reversed?   Secondly\, we shall cons
 ider what links between monetary and fiscal policy that are overlooked\, i
 n particular by drawing on the experience of QE.  Thirdly\, how are the pr
 escriptions for monetary and fiscal policy affected by market incompletene
 ss?  And finally what role does the debt management of maturity and debt i
 nstruments play setting fiscal policy? Jagjit will illustrate with example
 s from the past and from the recent crisis in the Euro Area and suggest th
 at our current settlement of tight monetary-fiscal policy may be responsib
 le for the economic trap of low growth.\n\nPlease contact the seminar orga
 nisers Philip Arestis (pa267@cam.ac.uk) and Michael Kitson (m.kitson@jbs.c
 am.ac.uk) in the event of a query.
LOCATION:The Ramsden Room\, St Catharine's College
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