School of Economics and Management

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PhD Defense Mr. M.L. Kobielarz, MSc

Title: The Economics of Monetary Unions
Supervisor: Prof. S.C.W. Eijffinger
Co-supervisor: Dr. R.B. Uras

The dissertation consists of three chapters in International Macroeconomics devoted to studying the dynamic behavior of a small open economy within a monetary union. The first two chapters explore the role of expectations and informational frictions for a member country of a monetary union. The first chapter addresses the question of sovereign debt crisis contagion in a model where sovereign default and an exit from a monetary union are separate but interrelated decisions. The second chapter investigates instability driven by inflation expectations, and suggests heterogeneous inflation histories as one of the factors responsible for the large macroeconomic imbalances within the Eurozone.

The study of issues related to monetary unions and economic crises involves the use of models where non-linearities and uncertainty matter, but those features pose computational challenges to the modeler. Therefore, the last chapter proposes a novel method for solving dynamic stochastic models, that preserves the original non-linearity of the model, takes into account uncertainty, but at the same time allows approximating the model locally and, hence, avoiding the curse of dimensionality.

Michał Kobielarz (Gdańsk, Poland, 1988) obtained a B.A. degree in Quantitative Methods in Economics (2010) at the Warsaw School of Economics, Poland and a M.Sc. degree in Economics at Tilburg University (2012). He pursued his research interests at Tilburg University, first as a Research Master student (2012-2014) and later as a PhD student (2014-2018) at the Economics Department, under the supervision of prof. dr. Sylvester Eijffinger and dr. Burak Uras. During his PhD studies, he visited the London School of Economics at the invitation of prof. dr. Wouter den Haan, and taught at the LSE Summer School. One of Michał’s dissertation chapters was published in the Journal of International Economics. Michał will join the Economics Department at KU Leuven (Belgium) as an Assistant Professor as of September 2018.

Location: Cobbenhagen building, Auditorium (access via Koopmans building)

Order the PhD thesis

When: 28 June 2018 14:00

Where: Route description Tilburg University campus