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Publications or forthcoming papers:

Hansen, Stephen and Michael McMahon (2016), First Impressions Matter: Signalling as a Source of Policy Dynamics”. Web Appendix. Review of Economic Studies, 83 (4), pages 1645-1672.

Hansen, Stephen and Michael McMahon (2016),Shocking Language: Understanding the macroeconomic effects of central bank communication”. Journal of International Economics, vol. 99, issue S1, pages S114-S133.

Hansen, Stephen, Michael McMahon and Sorawoot Srisuma (2016), "Estimating Bayesian Decision Problems with Heterogeneous Expertise". Journal of Applied Econometrics, Volume 31, Issue 4, June/July 2016, Pages 762–771.

Hansen, Stephen, Michael McMahon and Carlos Velasco Rivera (2014), "Preferences or Private Assessments on a Monetary Policy Committee? " Web Appendix. Journal of Monetary Economics, October 2014.

Giavazzi, Francesco and Michael McMahon (2013)The Household Effects of Government Spending”, chapter in Fiscal Policy after the Financial Crisis, edited by Alberto Alesina and Francesco Giavazzi, University of Chicago Press.

Giavazzi, Francesco and Michael McMahon (2012) “Policy Uncertainty and Household Savings”, The Review of Economics and Statistics, May 2012, Vol. 94, No. 2, Pages 517-531. Press coverage (in Italian)

McMahon, Michael (2010) "Comments on "Technology - Hours Redux: Tax Changes and the Measurement of Technology Shocks" by Karel Mertens and Morten Ravn". NBER International Seminar on Macroeconomics 2010, edited by Richard Clarida and Francesco Giavazzi, Forthcoming from University of Chicago Press.

McMahon, Michael (2004) "Comments on 'Household saving and cohabitation' by Rob Alessie, Agar Brugiavini and Guglielmo Weber". Published in NBER International Seminar on Macroeconomics; R. Clarida, J. Frankel, and F. Giavazzi, editors, 2004.

In submission or under revision:

Hansen, Stephen, Michael McMahon and Andrea Prat (2015), “Transparency and Deliberation within the FOMC: A computational linguistics approach". VoxEU article. The Economist wrote an article on this work. Revise and Resubmit, Quarterly Journal of Economics.

  • Technical Appendix (data and robustness appendix is in the main document)
  • There is a hands-on tutorial which Stephen Hansen put together to introduce the methods used in this paper. All source code and example data is available in this zip archive (unpack and read README file to begin). More optimised code will be uploaded in the future.

Fernandez-Corugedo, Emilio, Michael McMahon, Stephen Millard and Lukasz Rachel (2010), "Understanding the Macroeconomic Effects of Working Capital in the UK". Bank of Working Paper 422. Revise and Resubmit, Economic Journal.

Butt, Nick, Rohan Churm, Michael McMahon, Arpad Morotz, and Jochen Schanz (2014) "QE and the Bank Lending Channel in the UK". Web appendix. Revise and Resubmit, Economic Journal.

McMahon, Michael, Udara Peiris and Herakles Polemarchakis (2014) "Perils of Quantitative Easing”. Submitted.

Being Prepared for Submission:

Malherbe, Frederic and Michael McMahon (2017) "Financial sector origins of economic growth delusion".

McMahon, Michael (2011), "Inventories in Motion: A New Approach to Inventories Over the Business Cycle". New Version in development.

McMahon, Michael and Boromeus Wanengkirtyo (2015), "Beyond Inventory Management: The Bullwhip Effect and the Great Moderation".


Giavazzi, Francesco and Michael McMahon (2012) “The Distributional Effects of Government Spending.

Giavazzi, Francesco and Michael McMahon (2012) “How fiscally conservative are US voters?”.

A Regression Discontinuity Approach to Monetary Policy Shocks”. Joint with Dave Donaldson (MIT).

Older Policy Papers

Kearney, Ide, Daniel McCoy, David Duffy, Michael McMahon and Diarmaid Smyth (2000) "Assessing the Stance of Irish Fiscal Policy" in Budget Perspectives, Proceedings of a Conference. Economic and Social Research Institute, Dublin, 19 September: 4- 40.

Teaching Related Materials

“Teaching and Research in a UK University” (2012) in “What's the Use of Economics?: Teaching the Dismal Science After the Crisis” edited by Diane Coyle. My views on the challenges of managing research and teaching in a research university. This talk reflects a TedX talk given at Warwick in March 2011. Document and TEDxWarwick Talk, March 2010

McMahon, Michael (2011), "Classroom Games in Economics: A Quantitative Assessment of the 'Beer Game'".

Good Practice Teaching Case Studies - Published by the Higher Education Academy's Economics Network and available at

McMahon, Michael (2007) “Coaching Economics”.

McMahon, Michael (2007) “Employability, Transferable Skills and Student Motivation”.

McMahon, Michael (2010) “Reflections on my teaching”. Reflections on Teaching in a Research-intensive University