Professor Atif Mian presented views on “Inequality and central banks” which is based on "Indebted demand", a paper co-authored with Ludwig Straub (Harvard & NBER) and Amir Sufi (Chicago Booth & NBER).

The Henry Thornton Lecture Series, inaugurated in 1979 and hosted by the Centre for Banking Research at Bayes Business School, focuses on monetary theory and monetary policy, and finance.

Professor Mian and his co-authors propose a theory of indebted demand, capturing the idea that large debt burdens lower aggregate demand, and thus the natural rate of interest. At the core of the theory is the simple yet underappreciated observation that borrowers and savers differ in their marginal propensities to save out of permanent income. Embedding this insight in a two-agent perpetual-youth model, they find that recent trends in income inequality and financial deregulation lead to indebted household demand, pushing down the natural rate of interest. Moreover, popular expansionary policies-such as accommodative monetary policy-generate a debt-financed short-run boom at the expense of indebted demand in the future. When demand is sufficiently indebted, the economy gets stuck in a debt-driven liquidity trap, or debt trap. Escaping a debt trap requires consideration of less conventional macroeconomic policies, such as those focused on redistribution or those reducing the structural sources of high inequality.

Henry Thornton Lecture with Professor Atif Mian

2024/25 The Building Your Home at City St George’s podcast takes you through everything you need to know about starting life at university. In a series of five podcasts, City St George’s students and alumni share their experiences on a wide range of subjects, from how to register at university, how to make the most of university life and access support if you need it, to navigating London and much more.
In the first episode, Daniel shares how to sort out all the key admin needed to begin life at university, including how to register and how to access timetables. He also shares his tips on how to make the most of your university experience. Enjoy!

Episode 1 - Unpacking With Daniel

2024/25 The Building Your Home at City St George’s podcast takes you through everything you need to know about starting life at university. In a series of five podcasts, City St George’s students and alumni share their experiences on a wide range of subjects, from how to register at university, how to make the most of university life and access support if you need it, to navigating London and much more.

Episode 2 - Growing Your Support System With Sabrina

Episode 3 - Opening The Door To New Opportunities with Eulàlia

Episode 4 - Getting To Knowing Your Neighbourhood With Ben

Episode 5 Housewarming With Mei

Dr Dan Robotham, Deputy Director of the McPin Foundation, talks about ways of involving those with relevant personal experience in carrying out mental health research.

Lived experience expertise in research, challenges and ways to overcome them

2 young members of AA share their experiences with alcohol and alcoholism during their time at university. What it was like, their recovery and what their life is like now.

CityUniLondon

Popular tracks