Marian Miner Cook
Athenaeum

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Friday, October 27, 2017

Friday, October 27, 2017 - Lunch Program
The Importance of Anticipation in Macroeconomics
Valerie Ramey

Valerie Ramey, professor of economics at the University of California, San Diego, will speak about how expectations, forecasts, and generalized anticipation affect the course of the macroeconomy and determine the impact of macroeconomic policy. The aggregated actions of individual firms and consumers determine the health and trajectory of the macroeconomy. These actions are directly correlated to how we formulate our view of the likely future. Understanding macroeconomic dynamics and designing macroeconomic policy crucially requires an understanding of how these expectations are formed, of how we anticipate. This complex feedback has been central to the field of macroeconomics for decades with Ramey at the forefront of scholarship in this area.

Valerie Ramey received her B.A. in Economics and Spanish from the University of Arizona, graduating summa cum laude, and went on to earn a Ph.D. in Economics from Stanford University. She is currently a professor of economics at the University of California, San Diego and a research associate of the National Bureau of Economic Research. She has served as co-editor of the American Economic Review, chair of the economics department at UCSD, and as a member of several National Science Foundation advisory panels and the Federal Economic Statistics Advisory Committee. She currently serves on the Panel of Economic Advisers for the Congressional Budget Office and on the NBER Business Cycle Dating Committee, and she is vice-president of the American Economic Association and an associate editor of the Quarterly Journal of Economics and the Journal of Political Economy.

Ramey has published numerous scholarly articles on the sources of business cycles, trends in wage inequality, the effects of monetary and fiscal policy, the impact of volatility on growth, and links between time use and educational outcomes. She has received research grants from the National Science Foundation, the Alfred P. Sloan Foundation, and the Bradley Foundation.

Professor Ramey's Athenaeum presentation is the keynote for the California Macroeconomics Conference, hosted by the Lowe Institute of Political Economy at CMC.

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