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Nottingham
United Kingdom
Business
Financial Economics
Investment
Business & Management
Economics
Finance
About the Project
This project aims to assess the macroeconomic effects of stock prices in the UK. Specifically, it will explore the effects of UK stock prices on: i) consumption (at different wealth levels), ii) labour market outcomes (for different skill groups and industries), iii) the monetary policy reaction of the Bank of England.
For the US, using textual analysis of the Federal Open Market Committee documents, Cieslak and Vissing-Jorgensen (2021) document that Fed policymakers do pay attention to the stock market as they believe that stock prices affect the labour market through a consumption wealth effect. Whether this is also the case in the UK is an open question. But before answering this question, measuring (i.e., estimating) those (wealth) effects on UK consumption and the labour market will be the first step. In the second step, the project will explore the minutes of the Monetary Policy Committee of the Bank of England to understand how the Bank reacts to stock market fluctuations. In the third step, the project will develop a dynamic general equilibrium model, similar to Çenesiz and Guimarães (2022), who show that income effects have important (qualitative and quantitative) effects on the labour market. The model will then be used to analyse a number of policy relevant questions (e.g., optimal monetary policy).
Nottingham Business School is triple crown accredited with EQUIS, AACSB and AMBA – the highest international benchmarks for business education. It has also been ranked by the Financial Times for its Executive Education programmes in 2023 and 2024. NBS is one of only 47 global business schools recognised as a PRME Champion, and held up as an exemplar by the United Nations of Principles of Responsible Management Education (PRME).
Its purpose is to provide research and education that combines academic excellence with positive impact on people, business and society. As a world leader in experiential learning and personalisation, joining NBS as a researcher is an opportunity to achieve your potential.
Applications for October 2024 intake closes on 1st August 2024 and applications for Jan 2025 intake closes on 1st October 2024.
Funding Notes
This is a self-funded PhD project for UK and International applicants.
References
Caballero, R.J., Simsek, A. (2024). Central banks, stock markets, and the real economy. NBER Working Paper No 32053.
Campbell, J.Y., Cocco, J.F. (2007). How do house prices affect consumption? Evidence from micro data. Journal of Monetary Economics, 54 (3), 591-621.
Case, K.E., Quigley, J.M., Shiller, R.J. (2005). Comparing wealth effects: the stock market versus the housing market. Advances in Macroeconomics, 5 (1).
Çenesiz, M.A., Guimarães, L. (2022). The cyclicality of job search effort in matching models. Oxford Economic Papers, 74(4), 1195-1213.
Cieslak, A., Vissing-Jorgensen, A., (2021). The economics of the Fed Put. The Review of Financial Studies, 34(9), 4045-4089.
Chodorow-Reich, G., Nenov, P.T., Simsek, A. (2021). Stock market wealth and the real economy: A local labor market approach. American Economic Review, 111 (5), 1613-1657.
Di Maggio, M., Kermani, A., Majlesi, K. (2020). Stock market returns and consumption. The Journal of Finance, 75 (6), 3175-3219.
Guren, A. M., McKay, A., Nakamura, E., Steinsson, J. (2020). Housing wealth effects: The long view. The Review of Economic Studies, 88(2), 669-707.
Campbell, J.Y., Cocco, J.F. (2007). How do house prices affect consumption? Evidence from micro data. Journal of Monetary Economics, 54 (3), 591-621.
Case, K.E., Quigley, J.M., Shiller, R.J. (2005). Comparing wealth effects: the stock market versus the housing market. Advances in Macroeconomics, 5 (1).
Çenesiz, M.A., Guimarães, L. (2022). The cyclicality of job search effort in matching models. Oxford Economic Papers, 74(4), 1195-1213.
Cieslak, A., Vissing-Jorgensen, A., (2021). The economics of the Fed Put. The Review of Financial Studies, 34(9), 4045-4089.
Chodorow-Reich, G., Nenov, P.T., Simsek, A. (2021). Stock market wealth and the real economy: A local labor market approach. American Economic Review, 111 (5), 1613-1657.
Di Maggio, M., Kermani, A., Majlesi, K. (2020). Stock market returns and consumption. The Journal of Finance, 75 (6), 3175-3219.
Guren, A. M., McKay, A., Nakamura, E., Steinsson, J. (2020). Housing wealth effects: The long view. The Review of Economic Studies, 88(2), 669-707.
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