Albert Marcet

ICREA-IAE and Barcelona GSE

faculty

PhD, University of Minnesota

Albert Marcet is ICREA Research Professor at the Institute for Economic Analysis (IAE). He is AXA Research Chair on Macroeconomic Risk at the Barcelona Graduate School of Economics, where he is also Barcelona GSE Research Professor. He is associate researcher at the Center for Research on International Economics (CREI) and Director of MOVE (Markets, Organizations and Votes in Economics).

Previously, Prof. Marcet was Professor at the London School of Economics (LSE) and Universitat Pompeu Fabra (UPF). He is a Fellow of the Econometric Society and Research Fellow of CEPR. He has also served as President of the Spanish Economic Association (2007).

Professor Marcet's research focuses on four main areas: expectations learning models, dynamic model solving techniques, fiscal policy and time series. Highlights of his work include his collaboration with the Nobel Prize in Economics Thomas Sargent, whose analysis has been used in many articles to justify (or not) the use of DSGE models with ER, such as those used in many central banks to make predictions. More recently he has studied learning models to explain the behavior of the economy and the design of macroeconomic policies. With his research he showed that the hyperinflations observed in many countries in the 1980s can be explained naturally with learning models. The economic policy recommendation that emerges from his model is in line with what today is thought to effectively have ended the 80s hyperinflation.

In fiscal policy, Prof. Marcet's research has shown that, contrary to what some authors had suggested, a drastic reduction in the tax on capital would lead to a great redistribution of wealth that would strongly harm large sectors of the population with low capital income.

Professor Marcet emphasizes that part of his work as a researcher has been to make it possible for others to do research, and notes that he has learned much of what he knows from his PhD students.

Awards, Grants, and Honors

Barcelona GSE Working Papers

Esther Hauk, Andrea Lanteri and Albert Marcet

Optimal Policy with General Signal Extraction

Katharina Greulich, Sarolta Laczó and Albert Marcet

Pareto-Improving Optimal Capital and Labor Taxes

Publications