- Asset price bubbles
- Macroeconomic policies
- Financial intermediation and stability
Email: Arthur dot Galichere at warwick dot ac dot uk
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I am a Teaching Fellow at the University of Warwick. I specialise in macroeconomics and asset pricing. My research focuses on asset price bubbles, macroeconomic policies and financial stability. I design theoretical models and apply empirical methods to evaluate the effects of bubbles on the economy and provide policy recommendations. My current projects focus on the effects of monetary policy on asset price bubbles, and on the Bayesian estimation of a DSGE model with stock market bubbles and nominal rigidities. I hold a BSc and an MSc in Economics and Management from the University of Caen (2014, 2015), an MRes and a PhD in Economics from the Adam Smith Business School, University of Glasgow (2017, 2022).
Advice and feedback hours:
- Drop-in sessions
- Mondays 13:00-14:00 for EC334, Room S0.86 (look for me in my office if I am not there)
- Tuesdays 18:00-19:00 for EC201, Room H0.52
Office Hours for REA:
- Book your appointment: click hereLink opens in a new window
- Mondays 15:00-16:00, Room S1.137
- EC201: Macroeconomics 2 (term 1 and term 2)
- EC331: Research in Applied Economics (term 1 and term 2)
- EC334: Topics in Financial Economics: Corporate Finance and Markets (term 2)
- EC9D5: Macroeconomics (term 1)
- EC959: Dissertation
UG & MSc Dissertation Supervision
I can only supervise a limited amount of students. If you are interested in my supervision for your dissertation, feel free to contact me and we can discuss your research interests and potential topics for your dissertation. If you need further information about my supervision for your dissertation, read my short statement hereLink opens in a new window.
Bubbles, Endogenous Growth and Financial Stability
This paper studies the dynamic ownership of risky asset price bubbles and its implications for financial stability and real activity in a heterogeneous agent model with occasionally binding borrowing constraints. It shows that the intensity of the banking crisis and the quantitative effects on real activity are mostly determined by both the overall contamination of the heterogeneous banking sector and the individual exposure of banks to the risky bubble. The more banks fail following the burst of the bubble, the deeper is the recession and the slower is the recovery. Importantly, the dynamics of bubble growth matters for financial stability: banks prefer to invest in the bubble at the beginning of its development, which makes this period extremely vulnerable to financial shocks. Although a banking supervision rule that dampens the impact of the bursting bubble should be very strict at the beginning of the bubble's growth, such rule weakens the financial health of the banks and makes them more vulnerable to economic shocks.
Work in Progress
Asset Price Bubbles and Monetary Policy: Deflate the Bubble?
This paper studies monetary policy in a New Keynesian model with asset price bubbles. It shows that monetary policy targeting asset prices can partially deflate an asset price bubble and affects the way the bubble is financed.
Stock Market Bubbles and Monetary Policy: a Bayesian Analysis
This paper develops and estimates a DSGE model with stock market bubbles and nominal rigidities using Bayesian methods. The estimation is processed using a Markov jump-linear-quadratic (MJLQ) version of this DSGE model, where uncertainty takes the form of different regimes that follow a Markov process.