Research

Working Papers

Recoveries, (coming soon), (with Antonio Fatas)

The Exchange Rate as an Instrument of Monetary Policy, (coming soon), (with Ana Maria Santacreu)

The Effects of Fiscal Policy on Consumption and Employment: Theory and Evidence, August 2001, (with Antonio Fatas)

Publications

Journal articles

The Effect of WTO on the Extensive and Intensive Margins of Trade, Journal of International Economics, forthcoming, (with Pushan Dutt and Timothy Van Zandt)

Policy Volatility, Institutions and Economic Growth, Review of Economics and Statistics, May 2013, Vol. 95, No. 2: 362–376, (with Antonio Fatas).

Stock Market Comovements and Industrial Structure, Journal of Money, Credit and Banking, August 2013, Volume 45, Issue 5: 891–911 (with Pushan Dutt)

The Stabilization Role of Fiscal Policy, The B.E. Journal of Macroeconomics, vol.12, No.3, 2012, (with Antonio Fatas)

Sticky Prices and Monetary Policy: Evidence from Disaggregated U.S. Data, American Economic Review, Vol 99, March, pp.350-384, (with Jean Boivin and Marc Giannoni). [Data set] [Programs] [Web appendix]

Is Old Money Better than New? Duration and Monetary Regimes, Economics: The Open-Access, Open-Assessment E-Journal, Vol. 2, 2008-13. (with Andrew K. Rose).

Quantitative Goals for Monetary Policy, Journal of Money, Credit and Banking, August 2007 (with Antonio Fatás and Andrew K. Rose). There is also a long version of the paper that contains more results: Long version.

Credibility and Flexibility with Independent Monetary Policy Committees, Journal of Money, Credit and Banking, February 2006 (with Anne Sibert).

The Macroeconomic Effects of Fiscal Rules in the U.S. States, Journal of Public Economics 90, 2006, (with Antonio Fatas).

The Case for Restricting Fiscal Policy Discretion, Quarterly Journal of EconomicsNovember 2003). [Data, programs (stata) and the volatility measure: zipped file]

On Constraining Fiscal Policy Discretion in the EMU, Oxford Review of Economic Policy(vol. 19, 2003)

Monetary Policy Implementation and Transmission in the European Monetary Union, Economic Policy, 33 (October 2001). Because of copyright reasons this paper cannot be downloaded from my site. Please click here to send me an e-mail if you would like to receive a copy of the paper.

Government Size and Automatic Stabilizers: International and Intranational Evidence, Journal of International Economics (October 2001) (with Antonio Fatas)

Fiscal Policy and Business Cycles: An Empirical Investigation, Moneda y Credito, vol.212, 2001. (Formerly circulated under the title "Measuring the Effects of Fiscal Policy"). (Joint with Antonio Fatas).

Measuring Monetary Policy*, Quarterly Journal of Economics, CXIII (August, 1998) (with Ben Bernanke) [DATA: Download a zipped file with the RATS program, data files, an overall indicator, and a readme file].

Liquidity Effect and Long-Run Neutrality*, Carnegie-Rochester Conference Series on Public Policy, 49 (1998) (with Ben Bernanke).

What Does the Bundesbank Target*, European Economic Review, 41 (June, 1997) (with Ben Bernanke).

Book chapters

Fiscal Discipline, Volatility, and Growth, in Guillermo Perry, Luis Serven and Rodrigo Suescun (eds.) Fiscal Policy, Stabilization and Growth, The World Bank, Washington, DC, 2008, (with Antonio Fatas).

Macroeconomic Stability and Economic Growth, in D. Keridis, C. Perry and M. Carlos (eds) Bulgaria in Europe. Dulles, VA: Potomac books, 2006.

Fiscal Policy in the EMU: Challenges of the Early Years, in Marco Buti and Andre Sapir (eds.) EMU and Economic Policy in Europe: The Challenge of the Early Years,Edward Elgar, 2002 (with Antonio Fatas).

Bulgaria: Ten Years of Economic Transition, in Mario Blejer and Marko Skreb (eds), Transition: The First Decade, Cambridge: MIT Press.

Deflation and Monetary Contraction in the Great Depression: An Analysis by Simple Ratios, Essays on the Great Depression, Princeton University Press, 2000. (with Ben Bernanke).

*These articles are accessible only through institutions that hold a subscription to the internet site or the journal or JSTOR. If you cannot download some of the papers listed on this web page, please send me an email and I will send you the pdf file.
Last update: October 2013

Teaching

MBA

I usually teach the core course Macroeconomics in the Global Economy in the INSEAD MBA Program. It is a required course in macroeconomics that covers the most relevant economic issues for businesses with special emphasis on monetary policy, exchange rate regimes, and currency crises. You can visit the web page for the course by clicking here. (Note access to this page might be restricted to Insead students).

Executive Education

I teach in several of the company-specific programs at INSEAD, as well as in some open-enrolment programs. I was also a program co-director of the Asian International Executive Program (AIEP) from 2008 to 2011 and for company program for Hana Financial Group in 2010. I cover topics on long-term economic growth, the rise of China and India, current market conditions, financial crises, etc.

Executive MBA

I teach also the core EMBA course with the same title: Macroeconomics in the Global Economy. It covers the same topics as the MBA course.

External activity

I have taught at the Global Leadership Fellows Program at the World Economic Forum. I also have lectures at company events and conferences throughout the world.

PhD programme

In the PhD programme I have taught five courses:

1. Probability and Statistics II. This is a course in measure theory and asymptotic theory.
2. Time Series Analysis. This course is designed for advanced graduate students interested in empirical research. We focus on unit root issues, VARs, ARCH processes, applications of the Kalman filter and spectral analysis.
3. Introduction to Econometrics. This is a standard introductory graduate level course in econometrics.
4. Experimental design. I teach several sessions on nonparametric tests.
5. Microeconometrics. This course offers advanced treatment of dynamic panel data estimation, self-selection problems, truncated and censored regressions, as well as hazard function estimation.

Last update: November 2012

Resume (download PDF)

Academic Experience

INSEAD

Dean, October 2013 -

Dean (interim), March 2013 - September 2013
Dean of Faculty and Research, September 2011 - September 2013
Dean of Research, January 2010 - August 2011

The Novartis Chair of Management and Environment 2008 -

Shell Fellow of Economic Transformation, 2006 - 2008

Professor of Economics, 2007 -
Associate Professor of Economics (with tenure), 2004 - 2007
Associate Professor of Economics, 2000 - 2004
Assistant Professor of Economics, 1996 - 2000

Columbia Business School
Visiting Associate Professor of Economics and Finance, May 2004-April 2005

Center for Economic Policy Research
Research Fellow, 2004 -
Research Affiliate, 1997 - 2004
Princeton University
Visiting Researcher 1996-97

Education

1996. Ph.D., Economics, Princeton University
1994. M.A., Economics, Princeton University
1992. B.Sc., Business Administration, University of South Carolina

Research Areas

Macroeconomics, Monetary Economics, Econometrics, International Economics

Awards

Excellence in Refereeing Award, American Economic Review, 2008
Best Teacher Award 2006, 2008, 2009 MBA Program Core Courses
Nominee for the Best Teacher Award 2007, 2008 and 2010, MBA Core Courses
Nominee for the Best Teacher Award 2008, 2010, 2011 EMBA Core Courses
Distinguished Young Alumnus 2006, Moore School of Business, USC

Teaching and lectures

INSEAD

Executive education modules on macroeconomic trends; recession and recovery;
(EMBA) Macroeconomics in the Global Economy
(MBA) Macroeconomics in the Global Economy
(Ph.D.) Time Series Analysis, Probability and Statistics II, Introduction to Econometrics, Experimental Design (section on nonparametric statistics ), Microeconometrics.

External

World Economic Forum - Global Leadership Fellows Programme

Lectures and panel participant at events organized by CLSA, KPMG, PWC, Deutsche Bank, BNP, Pictet, Hewlett-Packard, Thoresen Thai Agencies, Bloomberg and others.

Research Publications

(Some papers are downloadable from the Research page)

“The Effect of WTO on the Extensive and Intensive Margins of Trade,” Journal of International Economics, forthcoming, (with Pushan Dutt and Timothy van Zandt),

“Policy Volatility, Institutions and Economic Growth,” Review of Economics and Statistics, May 2013, Vol. 95, No. 2: 362–376. (with Antonio Fatás).

“Stock Market Comovements and Industrial Structure,” Journal of Money, Credit, and Banking, August 2013, Volume 45, Issue 5: 891–911 (with Pushan Dutt).

"The Stabilization Role of Fiscal Policy," The B.E. Journal of Macroeconomics, vol.12, No.3, 2012, (with Antonio Fatas)

"Sticky Prices and Monetary Policy: Evidence from Disaggregated U.S. Data,"American Economic Review, Vol. 99, No.1, March 2009, (with Jean Boivin and Marc Giannoni).

“Why Fiscal Stimulus is Likely to Work,” International Finance, 2009, (joint with Antonio Fatás).

“The Euro and Fiscal Policy,” in Alberto Alesina and Francesco Giavazzi (eds.)Europe and the Euro, NBER, University of Chicago Press, 2009, (with Antonio Fatas).

“Fiscal Policy,” in Harry Flam et al., SNS Economic Policy Group Report, 2009, (with Antonio Fatas).

"Is Old Money Better than New? Duration and Monetary Regimes," Economics: The Open-Access, Open-Assessment E-Journal, Vol. 2, 2008-13. (with Andrew K. Rose).

"Fiscal Discipline, Volatility, and Growth," in Guillermo Perry, Luis Serven and Rodrigo Suescun (eds.) Fiscal Policy, Stabilization and Growth, The World Bank, Washington, DC, 2008, (with Antonio Fatas).

"Quantitative Goals for Monetary Policy," Journal of Money, Credit and Banking, August 2007, pp. 1163-1176, (with Antonio Fatás and Andrew K. Rose).

"The Macroeconomic Effects of Fiscal Policy Rules in the U.S. States," Journal of Public Economics 90, 2006, pp.101–117, (with Antonio Fatás),

"Credibility and Flexibility with Independent Monetary Policy Committees," Journal of Money, Credit and Banking, Vol. 38, No. 1, February 2006, (with Anne Sibert)

"Macroeconomic Stability and Economic Growth," in D. Keridis, C. Perry and M. Carlos (eds) Bulgaria in Europe. Potomac Books, Inc. 2006.

"The Case for Restricting Fiscal Policy Discretion," Quarterly Journal of Economics,November 2003, ( with Antonio Fatas).

"On Constraining Fiscal Policy Discretion." Oxford Review of Economic Policy, vol.19, 2003, ( with Antonio Fatas).

"Fiscal Policy in the EMU: Challenges of the Early Years," in Marco Buti and Andre Sapir (eds.) EMU and Economic Policy in Europe: The Challenge of the Early Years, Edward Elgar. 2002.

"Monetary Policy Implementation and Transmission in the European Monetary Union," Economic Policy, October 2001.

"Fiscal Policy and Business Cycles: An Empirical Investigation," (formerly circulated under the title "Measuring the Effects of Fiscal Policy"), Moneda y Credito, vol. 212, 2001, (with Antonio Fatas).

"Government Size and Automatic Stabilizers: International and Intranational Evidence", Journal of International Economics, October, 2001, (with Antonio Fatas).

"Bulgaria: Ten Years of Economic Transition," in Mario Blejer and Marko Skreb (editors), Transition: The First Decade. Cambridge: MIT Press, 2001.

"Deflation and Monetary Contraction in the Great Depression: An Analysis by Simple Ratios", Essays on the Great Depression, Princeton University Press, 2000. (with Ben Bernanke)

"Measuring Monetary Policy", Quarterly Journal of Economics, CXIII (August, 1998) (with Ben Bernanke).

"Liquidity Effect and Long-Run Neutrality", Carnegie-Rochester Conference Series on Public Policy, 49 (1998) (with Ben Bernanke).

"What Does the Bundesbank Target", European Economic Review, 41 (June, 1997) (with Ben Bernanke).

Short papers and newspaper articles

“Another Challenge to China’s Growth,” Harvard Business Review, March 2009.

“Keeping the Global Economy Afloat,” Financial Times, January 23, 2009.

“Anatomy of a Crisis,” Smart Investor, January 2009.

Working Papers

"The Exchnage Rate as a Monetary Policy Instrument," March 2013, (with Ana Maria Santacreu)

"Recoveries," March 2013, (with Antonio Fatas)

“Trade Diversification and Economic Development,” September 2007, (with Pushan Dutt and Timothy van Zandt).

"The Effects of Fiscal Policy on Consumption and Employment: Theory and Evidence," manuscript (with Antonio Fatas), August 2001.

Other Activities

Area coordinator, Economics and Political Science, 2005 - 2008

Editorial Board, Journal of Macroeconomics, June 2007 - 2011
Associate Editor, Journal of the European Economic Association, 2003 - 2008
Associate Editor, Macroeconomic Dynamics, January 2003 - 2010
Associate Editor, European Economic Review, January 2001 - September 2002

External Committees:
WEF Advisory council on Fiscal Crises, 2010-2012
Scientific Committee, Banque de France Research Foundation 2002 - 2010
Advisory Council, Bulgarian National Bank, 2005 - 2007

Research Consultant, Monetary Authority of Singapore, 2008, 2011 -

Program Committee, European Economic Association meetings, August 2006
Program Committee, European Economic Association meetings, August 2004
Program Committee, European Economic Association meetings, August 2001

INSEAD Committees:
Faculty Evaluation Committee, 2007 - 2009

Stratgey Task Force, 2008

Pension Task Force, Chair, 2007
Advisory Committee on Diversity, 2006 – 2008
Research and Development Committee, INSEAD, '99–'01, '03–'04, '05-'07, '08-'12
Admissions Committee for the INSEAD-Macquarie Master of Finance Program, 2006-2008
MBA Diploma Committee 2003
MBA Admissions Committee (1996-1999)

Conference co-organizer :
(1) The Design and Implementation of Monetary Policy Rules, Annual Workshop in Macroeconomics, INSEAD, April 2001.
(2)Political, Institutional and Economic Determinants of Fiscal Policy, INSEAD, November 2002.
(3)Monetary Policy Effectiveness: Theory, Evidence, Challenges (conference), INSEAD, 7-8 November 2003.
(4)Policy, Institutions and Economic Growth (conference), INSEAD, 5-8 May 2005.
(5) Inaugural conference of the Asian Bureau for Financial and Economic Research, Singapore, May 2013

Last update: October 2013

Contact

Ilian Mihov
Professor of Economics
INSEAD Asia campus
1 Ayer Rajah Avenue
Singapore 138678

Tel: +65 6799-5434
Email: [email protected]

Assistant: Sylvia Lim Tel: +65 6799-5254
Email: [email protected]