Professional development seminar featuring Giovanni Caggiano on the macroeconomic effects of global uncertainty - ONLINE ONLY
From: Thursday May 28, 2020, 12:30 pm
To: Thursday May 28, 2020, 1:30 pm
The macroeconomic effects of global uncertainty
Uncertainty has hit the headlines again after the recent Covid-19 outbreak. World-leading immunologist Anthony Fauci (among many others) has written scientific articles on how to try "navigating the uncharted" from a medical and health standpoint, stressing how much we do not know yet on the coronavirus causing Covid-19. This talk will focus on how to measure global uncertainty and how to estimate the effects of heightened uncertainty on world output. The analysis is based on a new measure of global financial uncertainty, estimated by Caggiano and Castelnuovo (2020), extracted from about 36,000 observations of realized volatilities of stock market returns, exchange rate returns, and long-term government bond yields for 42 countries over the 1992-2019 period. Finally, the effects of uncertainty during the Great Recession will be discussed along with some of the implications of the current Covid-19 outbreak.
About our speaker
Giovanni Caggiano is Associate Professor in the Department of Economics at Monash University. Prior to joining Monash, he has worked at the University of Exeter, University of Glasgow and University of Padua. He has been a visiting scholar at various academic and policy institutions, including Columbia University and the Federal Reserve Board. His current research focuses on the macroeconomic effects of uncertainty and the stabilizing role of monetary and fiscal policy. His articles have been published in various international academic journals, including the Journal of Monetary Economics, the Journal of Econometrics, and the Economic Journal.