Albert Marcet

Fields of Specialization


Time Series

Financial Economics

Economic Dynamic Theory


Ph. D. in Economics, University of Minnesota, 1987

Llicenciat in Economics, Universitat Autonoma de Barcelona, 1982.

Professional Experience

Full time appointments:

2011- ICREA Research Professor, Institut d’Analisi Economica CSIC

2011- Barcelona GSE – AXA Research Chair on Macroeconomic Risk (AXA Research Fund)

2011-2016 Professor Banco de España

2009-2011 Professor of Economics, Department of Economics, London School of Economics

2004-2009 Research Professor, Institut d’Analisi Economica (CSIC).

1990-2003 Catedratic (Full professor), Universitat Pompeu Fabra

1986-90 Assistant Profesor, G.S.I.A., Carnegie Mellon University.

1984-86 Research Assistant, Federal Reserve Bank of Minneapolis.

1982-84 Teaching Assistant, Department of Economics, University of Minnesota.

Other appointments

2011- Scientic Committee Chair, European Area Business Cycle Network (EABCN)

2006-2009 and 2011- Adjunct Professor, IDEA doctoral program, Universitat Autonoma de Barcelona.

2006 Visiting Scholar, European Central Bank.

2004-2006 Adjunct Professor, Universitat Pompeu Fabra

2001 Visiting Scholar, European Central Bank (July and December).

1997-2008 Visiting Professor, London Business School (three weeks a year).

1995-2006 Associate Researcher, CREI.

1996-97 Visiting Professor, CEMFI (Madrid).

1994 Outside Consultant, Research Department, Federal Reserve Bank of Minneapolis.

1990-92 Associate Profesor, G.S.I.A., Carnegie Mellon University, (on leave).

1989-90 Visiting Professor, Universitat Autonoma de Barcelona.

Honors and Awards

Fellow of the Econometric Society, 2011-

Programa de Excelencia Banco de Espa~na, 2011-2016

Keynote Speaker, Norges Bank Workshop, 2011

Keynote Speaker, CDMA Conference, Univ. of Saint Andrews (Scotland), 2011

Plenary Session, SWIM conference, Auckland, New Zealand, 2009

Plenary Session CEF conference, Sydney, 2009

Plenary Session, Simposio Analisis Economico, Granada, 2007.

President of the Spanish Economic Association, 2007.

Wim Duisenberg Fellowship, European Central Bank, 2006.

Plenary Session, European Symposium of Economic of Economic Theory, ESSET, CEPR, 2002, Gerzensee.

Plenary session, European Summer Meetings of Econometric Society, ESEM, Lausanne, 2001.

“Distincio a la Recerca, Jove investigador”, Generalitat de Catalunya, 2000.

Plenary Session, Summer meetings of the Society for Economic Dynamics and Control, Barcelona, July 1995.

Invited Speaker at European Meetings of the Psychometric Society, July 1993, Barcelona.

Invited Speaker at a Symposium of the Sixth World Congress of the Econometric Society, Barcelona 1990.

Research Fellow, CEPR, 1992-

Main Publications

Convergence of Least Squares Learning Mechanisms in Self-Referential Linear Stochastic Models” (joint with T.J. Sargent) August 1989, Journal of Economic Theory, vo. 48-2, pp 337-368.

Least Squares Learning and the Dynamics of Hyperination” (joint with T.J. Sargent) 1989, in International Symposia in Economic Theory and Econometrics, vol. 4, edited by W. Barnett, J.Geweke and K. Shell, Cambridge University Press, pp 119-137.

Solving a Growth Model by Parameterizing Expectations” (joint with W. den Haan) . January 1990, Journal of Business, Economics and Statistics, vol. 8-1, pp 31-34.

Convergence of Least Squares Learning in Environments with Hidden State Variables and Private Information” (join with T.J. Sargent). December 1989, Journal of Political Economy, vol. 97-6, pp 1306-1322.

Time Aggregation of Economic Time Series”, 1991, in Rational Expectations Econometrics, eds. T.J. Sargent and L.P.Hansen, Westview Press, pp 237-281.

The Fate of Systems with ‘Adaptive’ Expectations” (joint with T.J. Sargent). May 1988, Papers and Proceedings of the American Economic Review, vol. 78-2, pp 168-172.

Simulation Analysis of Stochastic Dynamic Models: Applications to Theory and Estimation”, 1994, in Advances in Econometrics, Sixth World Congress of the Econometric Society, ed. C.A. Sims. Cambridge University Press, pp 81-118.

Speed of Convergence of Recursive Least Squares Learning with ARMA Perceptions” (joint with T.J. Sargent), 1995. In Learning and Rationality in Economics, edited by A. Kirman and M. Salmon, Blackwell Publishers, pp 179-215.

“The Convergence of Vector Auto-Regressions to Rational Expectations Equilibrium” (1992) (joint with T. J. Sargent) In A. Vercelli and N. Dimitri, Macroeconomics, a Strategic Survey, Oxford University Press, pp 139-164.

Communication, Commitment and Growth” (joint with Ramon Marimon) ,December 1992, Journal of Economic Theory, vo. 58-2, pp 219-249.

Growth, International Capital Flows and Enforcement Constraints: the Case of Africa” (joint with G. Giovanetti and R. Marimon), April 1993, Papers and Proceedings of the European Economic Review.

Accuracy in Simulations” (joint with W. den Haan) January 1994, Review of Economic Studies, vol. 61, pp 3-17.

“Equilibrium Asset Prices and Savings in a Model with Heterogeneous Agents, Incomplete Markets and Liquidity Constraints”, (joint with K. Singleton), June 1999, Macroeconomic Dynamics (Vintage article), vol. 3, pp 243-276.

“Parameterized Expectations Approach; some Practical Issues” (joint with G. Lorenzoni) 1999, chapter in the book Computational Methods for the Study of Dynamic Economies, edited by R. Marimon and A. Scott. Oxford University Press, pp 143-171.

Optimal Taxation without State-Contingent Debt”, (joint with R. Aiyagari, T.J. Sargent y J. Seppala), Journal of Political Economy, Vol. 110, pp 1220-1254, December 2002.

“Recurrent Hyperinations and Learning”, (joint with J.P. Nicolini) American Economic Review, Vol. 93, n. 5, pp. 1476-1498, December 2003.

“Money and Prices in Models of Bounded Rationality in High-Ination Economies”, (joint with J.P. Nicolini) Review of Economic Dynamics, Vol. 8, Issue 2, pp 452-479, April, 2005.

“Incomplete Markets, Labor Supply and Capital Accumulation”, (joint with F. Obiols-Homs and P. Weil), Journal of Monetary Economics, vol 54, pp 2621-2635, November, 2007.

Fiscal Insurance and Debt Management in OECD Economies” (joint with E. Faraglia and A. Scott), Economic Journal, Vol. 118, issue 527, 363-386, March 2008

“Debt and Deficit Fluctuations and the Structure of Bond Markets” (joint with A. Scott), Journal of Economic Theory, Vol. 144, N. 2, 473-501, March 2009.

“Supply Side Interventions and Redistribution”, (joint with T. GarciaMila and E. Ventura), Economic Journal, Vol. 120 Issue 543, pp 105- 130, March 2010.

In Search of a Theory of Debt Management”, (joint with E. Faraglia and A. Scott), Journal of Monetary Economics, vol. 57, Issue 7, pp 821-836, October 2010.

“Internal Rationality, Imperfect Market Knowledge and Asset Prices”, (joint with K. Adam), Journal of Economic Theory 146, pp 1224{1252, May 2011

“House Price Booms and the Current Account”, (joint with K. Adam and P. Kuang), forthcoming NBER Macroeconomics Annual, 2011.