Jakob Madsen

Jakob Madsen

dates de séjour

01/09/2016 - 23/12/2016






Department of Economics, Monash University

pays d'origine


projet de recherche

Economic growth and the origins of economic development

The project extends the frameworks of Glaeser at al. (2004, 2007) and Acemoglu et al. (2014) in four dimensions to trace the most important forces that facilitated economic development such as institutions, education and culture. First, today’s per capita income is regressed on educational and institutional quality and, perhaps, culture in periods much earlier than the 1960 benchmark year considered in the literature for 150+ countries. Second, panel data will be used in supplementary regressions to deal with unobserved heterogeneity, i.e. the fact that the regressors are correlated with unobserved country characteristics. For example, 50 or 100-year differences of income growth are regressed on the change in initial values of institutions and education (the first year at which the long differences span) for a large panel of countries. Third, an instrumented variable (IV) approach will be used to deal with endogeneity since the explanatory variables may be endogenous to the extent that the regressors are serially correlated, that the regressors are capturing unobserved country heterogeneity and confounding factors, and that the initial conditions are products of earlier development. Fourth, interactions between culture, institutions and education will be allowed for; recognising that a minimum level of any of them is required for the other to have positive economic effects (Alesina and Giuliano, 2016). Educated people in countries with poor institutions, for example, are encouraged into rent-seeking activities that may render education counterproductive in the intensive margin.


Jakob is a macroeconomist and holds the Xiaokai Yang Chair in Business and Economics. He is a Fellow of the Australian Academy of Social Sciences and was an ARC Professorial Fellow from 2011 to 2015. His research interests are in macroeconomics, endogenous and unified economic growth, the macroecomics of inequality, history of economic growth,stock and house price valuation, macrofinance, and applied econometrics.


Jakob was born in Randers, Denmark and holds an M.Ec. from the University of Aarhus, Denmark and a Ph.D. from the Australian National University. Prior to undertaking his Ph.D. Jakob worked for some years in the financial sector in Denmark as a financial analyst and as the Deputy Chief Economist at the Bank of Jutland. Since completing his Ph.D. he has held lecturing positions at the University of Southampton, University of Western Australia and Flinders University and professorial positions at Brunel University, London, and University of Copenhagen. He returned to Australia in 2006 to take up his current position at Monash University.


Jakob has published more than 100 papers in international refereed journals including Journal of Economic Growth, Journal of Monetary Economics, Review of Economics and Statistics, Journal of International Economics, Economic Journal, European Economic Review, Journal of Development Economics, Canadian Journal of Economics, Economic Inquiry, Journal of Economic Behavior and Organization, Oxford Economic Papers, Macroeconomic Dynamics, Journal of Economic History, Economica, Explorations in Economic History, Journal of International Money and Finance and Economics Letters.

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