
Is the Pandemic a Supply- or Demand-Side Shock?
Booth’s Veronica Guerrieri says that what starts as a supply shock can become a demand shock.
Is the Pandemic a Supply- or Demand-Side Shock?In addition to being a part of the National Bureau of Economic Research, macroeconomics faculty at Booth have played key roles in government and advised world leaders. Steven J. Davis serves as an advisor to the US Congressional Budget Office. Randall S. Kroszner served as a governor of the Federal Reserve System and took a leading role in developing responses to the 2008 financial crisis. Anil K Kashyap serves on the Bank of England’s Financial Policy Committee.
The research of our macroeconomics faculty is published regularly in the leading economic journals, including the American Economic Review, the Quarterly Journal of Economics, and the Journal of Political Economy. Our macroeconomics professors regularly receive some of the most prestigious awards in this area, including the Bernácer Prize, the Carlo Alberto Medal, and Alfred P. Sloan Research Fellowships.
From the New York Times and the Economist to NPR and the Washington Post, major media outlets regularly look to our macroeconomics professors to provide clarity to today’s topical issues, including the labor market, unemployment, and inflation.
Students can expect a number of innovative courses from our macroeconomics faculty.
Courses such as The Wealth of Nations use quantitative analytical frameworks and case studies to examine the role of institutional factors on the performance of firms in emerging markets versus wealthy countries. Other courses such as Advanced Macroeconomics take an applied approach, covering topics that are organized around the impact of the pandemic on the macroeconomy.
Discover more about our macroeconomics faculty, including the classes they teach, below.
Discover some of the latest research from our macroeconomics professors.
Tell us about yourself, and we will show you the value of a Booth education.
Big Data Suggests a Difficult Recovery in US Jobs Market
July 05, 2020 | Financial Times
According to research by Chicago Booth’s Erik Hurst, the 20 percent employment contraction in mid-April was largely tied to small companies in the consumer services sector.
US Leaders Should Approach Current Economic Issues as a Venture Capitalist Would, According to an Economist from Chicago Booth
May 14, 2020 | Business Insider
Booth’s Anil K Kashyap shares his outlook for the US economy and the policy prescriptions he thinks would be the most effective, including giving funds to businesses struggling with liquidity to buy them some time.
Is There Such a Thing as a ‘Good’ or ‘Bad’ Recession?
August 11, 2020 | BBC Future
Because the current recession is such a complicated mix of supply and demand shocks, it’s harder to predict how government interventions will work, suggests Booth’s Veronica Guerrieri.
Our macroeconomics faculty are active in and outside of the University of Chicago. Every macroeconomics faculty member is an affiliate at the National Bureau of Economic Research. In addition:
Discover some of the latest working papers and published papers from our macroeconomics faculty.
“The Fall of the Labor Share and the Rise of Superstar Firms”
Christina Patterson, with coauthors David Autor (MIT and National Bureau of Economic Research), David Dorn (University of Zurich and Centre for Economic Policy Research), Lawrence F. Katz (Harvard University and National Bureau of Economic Research), and John Van Reenen (MIT and London School of Economics)
“The Cost of Privacy: Welfare Effects of the Disclosure of COVID-19 Cases”
Chang-Tai Hsieh, with coauthors David Argente (Pennsylvania State University) and Munseob Lee (University of California at San Diego)
“Slow Household Deleveraging”
Veronica Guerrieri, with coauthors Guido Lorenzoni (Northwestern) and Marta Prato (University of Chicago)
Research centers across Booth and the University of Chicago are hubs for innovation and world-changing research. The centers provide our faculty with research support, and our faculty members lend their expertise to the centers, enriching the student experience and the broader academic community at Booth.