The Department of Economics and Business cordially invites you to the Public Defense of the PhD Dissertation
Three Essays on Growth, Demography and Macroeconomics
Members of the Defense Committee:
Supervisor: Attila Rátfai (CEU)
External member: Balázs Világi (MNB)
Internal member: Ádám Zawadowski (CEU)
Chair: László Csaba (CEU)
Two of the three essays explore the possible consequences of demographic aging, while the third one estimates the main shocks of the convergence period of the Central-Eastern European countries. The first chapter shows that the secular stagnation hypothesis is valid only for those countries where the economic agents’ expectation is consistent with the theory of rational expectation. The second chapter (joint work with Zsuzsa Munkácsi) demonstrates that population aging contributes to a higher volatility of nominal variables, and the monetary policy becomes less efficient in influencing the output gap. The third chapter (joint work with István Kónya) applies a neoclassical growth model and shows that, behind of the post-socialist CEE countries, productivity and financial shocks were the key determinants of the convergence.