A New Director, A New Chris sticky icon

Christopher Cotton

Effective July 1, 2016 Christopher Cotton has been appointed as the new Director of the John Deutsch Institute for the Study of Economic Policy by Department of Economics Head Huw Lloyd-Ellis.

Chris joined the QED in 2014 as the Jarislowsky-Deutsch Chair in Economic and Financial Policy. He received his PhD from Cornell University and was previously an assistant professor at the University of Miami.

Chris takes over from Christopher Ferrall who served as Director since 2009.

Doctoral Fellows

Alex Mcleod's picture

Alex Mcleod

Wage Bargaining with Information Acquisition and Technological Routinization

This project analyzes the interaction between screening and bargaining in wage determination. Technological routinization affects agents' productivities as well as their incentive to mimic other types of agents in the bargaining process.


Adugna Olani's picture

Adugna Olani

International Transmission of Monetary Policy through Capital Flows

This paper explores the spill-over effects of advanced economies' monetary policy shocks in a disaggregated financial flow variables to emerging market economies (EMEs). It uses the quarterly data of many EMEs spanning from 1990 first quarter to 2014 second quarter. I separately study the spill-over effects of conventional and non-conventional monetary policy on direct and portfolio investment inflow separately. I use panel of eight EMEs to study investment inflows and outflows. Direct and portfolio investment outflows are not significantly affected by the monetary policy variables. During the periods of quantitative easing, as unconventional monetary policy, direct and portfolio investment inflows sizes changed differently. I use structural VAR to study the response of each inflow variables in each of the eight EMEs to conventional monetary policy. Portfolio investment inflow, because of its short term nature, increases in response to contractionary monetary policy of the US. On the other hand, direct investment, as longer-term investment inflows, decrease after two quarters in response to the longer-term interest rate such as the difference between 10-Year and 3-Month US Treasury rates. Finally, the variance decompositions show that exchange rate volatility explains variations in investment inflows more than other domestic as well as global shock variables including the US monetary policy. These results are robust to several specifications of identification restrictions imposed.