Last month we held our inaugural Economics at Panmure House event. Heriot-Watt University Economics department in collaboration with the Edinburgh Business School hosted a half-day conference at the recently renovated, last known abode of Adam Smith in the heart of Edinburgh.
Our keynote speaker of the day was the President and CEO of the Federal Reserve Bank of St Louis James Bullard. President Bullard informed the conference on recent developments in monetary policy, and presented academic research on whether monetary policy affects inequality. In a stylised model of optimal monetary policy with heterogeneity and life-cycle effects, it improved consumption allocation and altered income distribution. We were also delighted to have heard from two distinguished experts in monetary theory and policy Campbell Leith of The University of Glasgow and David Miles of Imperial College Business School. Campbell presented recent research on the interaction of fiscal and monetary policy and its impact on welfare, while David discussed the fundamental causes of inequality, and how much, if at all, the past distribution of asset allocation affected the distribution of income and wealth today, and thus society's economic growth potential at large.
The event was attended by around sixty guests ranging from academic colleagues to PhD students to economists from the government, and the business community from around Scotland.
“We are pleased to have colleagues at The University of Edinburgh, Edinburgh Business School, and other parts of the economics community in Scotland join us for the inaugural event of what we call Economics at Panmure House.” The event was the brain child of Dr Cristev; an Economics researcher at the School of Social Sciences Economics department, Dr Cristev focuses on econometric models of firm adjustment in transition, including dynamic labour demand, asymmetric adjustment costs, employment and wage mobility.
“The lectures and the atmosphere created at Panmure House provided for stimulating and engaging debate at the frontier of economic science, and we are keen to ensure that we pursue many more of these fervent exchanges at the last remaining home of Adam Smith." commented Dr Atanas Cristev Economist at Heriot-Watt University, School of Social Sciences.