Prof Jakob Madsen - Researcher Profile

Jakob Madsen

Address

Department of Economics
Building 11E, Clayton

Biography

Jakob is an ARC Professorial Fellow. His research interests are in macroeconomics, endogenous and unified economic growth, stock and house price valuation, macrofinance, history of economic growth, and applied econometrics.

Jakob was born in Randers, Denmark and did his M.Ec. at the University of Aarhus, Denmark. After working some years in the financial sector as financial analyst and deputy chief economist (Bank of Jutland) he went to Australia to do his PhD. Since completing his PhD he has held lecturing positions at the University of Southampton, University of Western Australia and Flinders University and professorial positions at Brunel University, London, and University of Copenhagen.

Jakob has published more than 90 papers in international refereed journals including  Journal of Economic Growth, Journal of Monetary Economics, Review of Economics and Statistics, Journal of International Economics, Economic Journal, Journal of Development Economics, Canadian Journal of Economics, Economic Inquiry, Journal of Economic Behavior and Organization, Oxford Economic Papers, Journal of Economic History, Economica, Explorations in Economic History, Journal of International Money and Finance and Economics Letters.

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Qualifications

ECONOMICS
Institution: ANU
Year awarded: 1992
ECONOMICS
Institution: ANU
Year awarded: 1990
ECONOMICS
Institution: University of Aarhus, Denmark
Year awarded: 1983
ECONOMICS
Institution: University of Aarhus, Denmark
Year awarded: 1976

Publications

Journal Articles

Madsen, J.B., 2012, A behavioral model of house prices, Journal of Economic Behavior and Organization [P], vol 82, issue 1, Elsevier BV North-Holland, Amsterdam Netherlands, pp. 21-38.

Madsen, J.B., Carrington, S., 2012, Credit cycles and corporate investment: Direct tests using survey data on banks' lending practices, Journal of Macroeconomics [P], vol 34, issue 2, Elsevier BV, Amsterdam Netherlands, pp. 429-440.

Madsen, J.B., Mishra, V., Smyth, R.L., 2012, Is the output-capital ratio constant in the very long run?, Manchester School [P], vol 80, issue 2, Wiley-Blackwell Publishing Ltd, Oxford UK, pp. 210-236.

Ang, B.J., Madsen, J.B., 2012, Risk capital, private credit, and innovative production, Canadian Journal of Economics [P], vol 45, issue 4, Wiley-Blackwell Publishing Inc, Hoboken New Jersey USA, pp. 1608-1639.

Madsen, J.B., Dzhumashev, R., 2012, The equity premium and the required stock returns in a Tobin's q model with a stochastic discount factor, Applied Economics [P], vol 44, issue 6, Routledge, Abingdon Oxon UK, pp. 683-694.

Ang, B., Madsen, J., 2011, Can second-generation endogenous growth models explain the productivity trends and knowledge production in the Asian miracle economies?, Review Of Economics And Statistics [P], vol 93, issue 4, MIT Press, Cambridge USA, pp. 1360-1373.

Carrington, S., Madsen, J., 2011, House prices, credit and willingness to lend, Economic Record [P], vol 87, issue 279, Richmond Vic Australia, Wiley-Blackwell Publishing Asia, pp. 537-557.

Madsen, J., Timol, I., 2011, Long-run convergence in manufacturing and innovation-based models, Review Of Economics And Statistics [P], vol 93, issue 4, MIT Press, Cambridge USA, pp. 1155-1171.

Ang, B., Madsen, J., Islam, R., 2011, The effects of human capital composition on technological convergence, Journal of Macroeconomics [P], vol 33, issue 3, Elsevier BV, Amsterdam Netherlands, pp. 465-476.

Madsen, J., Sorensen, A., 2011, The widening productivity gap between the EU and the US: An introduction to the conference on productivity and competitiveness, Nordic Economic Policy Review [E], vol 2, Nordic Council of Ministers, Copenhagen Denmark, pp. 7-25.

Madsen, J., Islam, R., Ang, B., 2010, Catching up to the technology frontier: The dichotomy between innovation and imitation, Canadian Journal of Economics [P], vol 43, issue 4, Wiley-Blackwell Publishing Inc, USA, pp. 1389-1411.

Greasley, D., Madsen, J., 2010, Curse and boon: Natural resources and long-run growth in currently rich economies, Economic Record [P], vol 86, issue 274, Wiley-Blackwell Publishing Asia, Richmond Vic Australia, pp. 311-328.

Madsen, J., Ang, B., Banerjee, R., 2010, Four centuries of British economic growth: The roles of technology and population, Journal Of Economic Growth [P], vol 15, issue 4, Springer New York LLC, USA, pp. 263-290.

Madsen, J., 2010, Growth and capital deepening since 1870: Is it all technological progress?, Journal of Macroeconomics [P], vol 32, issue 2, Elsevier BV, Netherlands, pp. 641-656.

Madsen, J., Saxena, S., Ang, B., 2010, The Indian growth miracle and endogenous growth, Journal of Development of Economics [P], vol 93, issue 1, Elsevier BV, North-Holland, Netherlands, pp. 37-48.

Harvey, D., Kellard, N., Madsen, J., Wohar, M., 2010, The Prebisch-Singer Hypothesis: Four centuries of evidence, Review Of Economics And Statistics [P], vol 92, issue 2, MIT Press, USA, pp. 367-377.

Madsen, J., 2010, The anatomy of growth in the OECD since 1870, Journal of Monetary Economics [P], vol 57, issue 6, Elsevier BV, Netherlands, pp. 753-767.

Jagd, P., Madsen, J.B., 2009, Myopic loss aversion, bond returns and the equity premium puzzle, Applied Financial Economics [P], vol 19, issue 17, Routledge, United Kingdom, pp. 1383-1390.

Madsen, J.B., 2009, Taxes and the fundamental value of houses, Regional Science and Urban Economics [P], vol 39, issue 3, Elsevier BV, North Holland, The Netherlands, pp. 365-376.

Madsen, J.B., 2009, The dynamics of labour's income shares and the wage curve - Phillips curve controversy, Scottish Journal Of Political Economy [P], vol 56, issue 1, Wiley-Blackwell Publishing Ltd, United Kingdom, pp. 45-72.

Madsen, J.B., Dzhumashev, R., 2009, The equity premium puzzle and the ex post bias, Applied Financial Economics [P], vol 19, issue 2, Routledge, United Kingdom, pp. 157-174.

Madsen, J.B., 2009, The macroeconomics of stock prices in the medium term and in the long run, Manchester School [P], vol 77, issue 2, Wiley-Blackwell Publishing Ltd., United Kingdom, pp. 127-152.

Madsen, J.B., 2009, Trade barriers, openness, and economic growth, Southern Economic Journal [P], vol 76, issue 2, Southern Economic Association, United States, pp. 397-418.

Madsen, J.B., Mishra, V., Smyth, R.L., 2008, Are labour force participation rates non-stationary? Evidence from 130 years for G7 countries, Australian Economic Papers, vol 47, issue 2, Wiley-Blackwell Publishing Asia, Richmond Vic Australia, pp. 166-189.

Madsen, J.B., 2008, Economic growth, TFP convergence and the world export of ideas: A century of evidence, Scandinavian Journal of Economics, vol 110, issue 1, Wiley-Blackwell Publishing Ltd, UK, pp. 145-167.

Madsen, J.B., 2008, Innovations and manufacturing export performance in the OECD countries, Oxford Economic Papers, vol 60, issue 1, Oxford University Press, UK, pp. 143-167.

Davis, E.P., Madsen, J.B., 2008, Productivity and equity market fundamentals: 80 years of evidence for 11 OECD countries, Journal of International Money and Finance, vol 27, issue 8, Pergamon, UK, pp. 1261-1283.

Madsen, J.B., Barner, M., Faro, C., 2008, R&D, technology spillovers and stock prices, Pacific Economic Review [P], vol 13, issue 5, Wiley-Blackwell Publishing Asia, Richmond Vic Australia, pp. 620-631.

Madsen, J.B., 2008, Semi-endogenous versus Schumpeterian growth models: Testing the knowledge production function using international data, Journal of Economic Growth, vol 13, issue 1, Springer New York LLC, USA, pp. 1-26.

Madsen, J.B., 2007, Are there diminishing returns to R&D?, Economics Letters, vol 95, issue 2, Elsevier BV, North-Holland, Netherlands, pp. 161-166.

Madsen, J.B., 2007, Pitfalls in estimates of the relationship between stock returns and inflation, Empirical Economics, vol 33, issue 1, Physica-Verlag GmbH und Co, Germany, pp. 1-21.

Madsen, J.B., 2007, Technology spillover through trade and TFP convergence: 135 years of evidence for the OECD countries, Journal of International Economics, vol 72, issue 2, Elsevier BV, North-Holland, Netherlands, pp. 464-480.

Greasley, D., Madsen, J.B., 2006, A tale of two peripheries: Real wages in Denmark and New Zealand 1875-1939, Scandinavian Economic History Review, vol 54, issue 2, Taylor & Francis, UK, pp. 116-136.

Kyriacou, K., Madsen, J.B., Mase, B., 2006, Does inflation exaggerate the equity premium?, Journal of Economic Studies, vol 33, issue 5, Emerald Group Publishing Ltd, Bradford UK, pp. 344-356.

Greasley, D., Madsen, J.B., 2006, Employment and total factor productivity convergence, Kyklos: Internationale Zeitschrift fuer Sozialwissenschaften, vol 59, issue 4, Blackwell Publishing Ltd, UK, pp. 527-555.

Madsen, J.B., Davis, E.P., 2006, Equity prices, productivity growth and 'The New Economy', The Economic Journal, vol 116, issue 513, Blackwell Publishing Ltd, Oxford UK, pp. 791-811.

Greasley, D., Madsen, J.B., 2006, Investment and uncertainty: Precipitating the Great Depression in the United States, Economica, vol 73, issue 291, Blackwell Publishing Ltd, Oxford UK, pp. 393-412.

Madsen, J.B., 2006, The dynamic interaction between equity prices and supply shocks, Quarterly Journal of Business and Economics, vol 45, issue 3/4, Summer/Autumn, University of Nebraska - Lincoln, Lincoln USA, pp. 3-30.

Madsen, J.B., 2005, A century of economic growth: The social returns to investment in equipment and structures, The Manchester School, vol 73, issue 1, Blackwell Publishing Ltd, Oxford UK, pp. 101-122.

Madsen, J.B., 2005, Empirical Estimates of the NAIRU, Labour: Review of Labour Economics and Industrial Relations [P], vol 19, issue 3, Wiley-Blackwell Publishing Ltd., UK, pp. 563-593.

Madsen, J.B., 2005, The Fisher hypothesis and the interaction between share returns, inflation and supply shocks, Journal of International Money and Finance, vol 24, issue 1, Pergamon, Oxford UK, pp. 103-120.

Madsen, J.B., Milas, C., 2005, The price-dividend relationship in inflationary and deflationary regimes, Finance Research Letters [P], vol 2, Elsevier/Finance Research Letters, USA, pp. 260-269.

Madsen, J.B., 2004, Price and wage stickiness during the Great Depression, European Review Of Economic History [P], vol 8, issue 3, Cambridge University Press, UK, pp. 263-295.

Madsen, J.B., 2004, The length and the depth of the Great Depression: An international comparison, Research in Economic History [P], vol 22, Emerald Group Publishing Ltd, UK, pp. 239-288.

Goerke, L., Madsen, J.B., 2003, Earnings-related unemployment benefits and unemployment, Economic Systems [P], vol 27, issue 1, Elsevier BV/North Holland, Netherlands, pp. 41-62.

Madsen, J.B., 2003, Inflation and Investment, Scottish Journal Of Political Economy [P], vol 50, issue 4, Blackwell Publishing, UK, pp. 375-397.

Greasley, D., Madsen, J.B., 2003, The household balance sheet, credit, and uncertainty at the onset of the Great Depression in the USA, Research in Economic History [P], vol 21, Emerald Group Publishing, UK, pp. 55-77.

Madsen, J.B., 2002, Share returns and the Fisher hypothesis reconsidered, Applied Financial Economics, vol 12, issue 8, Routledge, Abingdon UK, pp. 565-574.

Madsen, J.B., 2002, The causality between investment and economic growth, Economics Letters, vol 74, issue 2, Elsevier BV, Amsterdam Netherlands, pp. 157-163.

Madsen, J.B., 2001, Agricultural crises and the international transmission of the Great Depression, The Journal of Economic History, vol 61, issue 2, Cambridge University Press, Cambridge UK, pp. 327-365.

Madsen, J.B., 2001, Trade barriers and the collapse of world trade during the Great Depression, Southern Economic Journal, vol 67, issue 4, Southern Economic Association, Richmond VA USA, pp. 848-868.

Postgraduate Research Supervisions

Current Supervision

Program of Study:
(DOCTORATE BY RESEARCH).
Thesis Title:
An innovative assessment of convergence.
Supervisors:
Madsen, J (Main), Raschky, P (Associate).
Program of Study:
(DOCTORATE BY RESEARCH).
Thesis Title:
Essays in institutions innovation and productivity.
Supervisors:
Madsen, J (Main), Ang, B (Associate).
Program of Study:
(DOCTORATE BY RESEARCH).
Thesis Title:
Essays on infrastructure investment and economic growth in OECD countries.
Supervisors:
Inder, B (Joint-co), Madsen, J (Joint).
Program of Study:
(DOCTORATE BY RESEARCH).
Thesis Title:
Life expectancy - human capital and growth.
Supervisors:
Gomis Porqueras, P (Joint), Madsen, J (Joint-co).
Program of Study:
(DOCTORATE BY RESEARCH).
Thesis Title:
Patterns of immigration and long-run economic growth.
Supervisors:
Madsen, J (Main), Dzhumashev, R (Associate).
Program of Study:
(DOCTORATE BY RESEARCH).
Thesis Title:
The relation between savings and growth in OECD countries: evidence from long range data.
Supervisors:
Madsen, J (Main), Ng, Y (Associate).
Program of Study:
(DOCTORATE BY RESEARCH).
Thesis Title:
Three essays on investment in Australia.
Supervisors:
Madsen, J (Main), Dzhumashev, R (Associate).
Program of Study:
(DOCTORATE BY RESEARCH).
Thesis Title:
Three essays on long run relationship between income inequality and growth among the OECD countries.
Supervisors:
Madsen, J (Main), Ang, B (Associate).

Completed Supervision

Student:
Banerjee, R.
Program of Study:
Endogenous technological progress, population and long run economic growth. (PHD) 2010.
Supervisors:
Madsen, J (Main).
Student:
Carrington, S.
Program of Study:
The macroeconomics of credit, asset prices and investment. (PHD) 2010.
Supervisors:
Madsen, J (Main), Ang, B (Associate).
Student:
Islam, M.
Program of Study:
Innovation, human capital and economic growth: international evidence. (PHD) 2010.
Supervisors:
Madsen, J (Main), Ang, B (Associate).
Student:
Saxena, S.
Program of Study:
Technology, knowledge spillovers and the Indian growth miracle. (PHD) 2008.
Supervisors:
Valenzuela, M (Main), Bhattacharya, M (Associate), Madsen, J (Associate).
Student:
Timol, I.
Program of Study:
Long-run economic growth in OECD countries: a century of evidence. (PHD) 2011.
Supervisors:
Harris, M (Joint-Co), Madsen, J (Joint).
Student:
Wu, Y.
Program of Study:
Essays on financial development and the role of the banking sector in the Asian financial crisis. (PHD) 2008.
Supervisors:
Madsen, J (Joint), Smyth, R (Joint-Co).
Student:
Yan, F.
Program of Study:
The great divergence between the East and the West: the role of institutions, demography and culture. (PHD) 2011.
Supervisors:
Madsen, J (Main), Bhattacharya, M (Associate), Dzhumashev, R (Associate).
Student:
Yao, H.
Program of Study:
The interaction between asset prices, credit and the macroeconomy. (PHD) 2012.
Supervisors:
Madsen, J (Main), Dzhumashev, R (Associate).