PhD Defence: Raphaël Huleux

In order to obtain the PhD degree, Raphaël Huleux has submitted his thesis entitled:

Essays in Quantitative Macroeconomics
Applications to Inequality, Monetary Policy, and Climate Change

This thesis consists of three chapters that investigate income inequality, asset prices, and climate change policies using quantitative macroeconomic models. The first chapter shows that rising permanent labor income inequality leads to greater wealth concentration by increasing financial asset prices. Higher savings by richer households drive capital gains, which exacerbate wealth inequality. In the second chapter, I study the interaction between income inequality and monetary policy transmission. The findings suggest that greater inequality in permanent income strengthens the output response to monetary policy shocks and changes its transmission channels. The third chapter examines climate policy uncertainty and its effect on investment in polluting capital. Investors’ anticipation of bailouts for polluting industries can explain why persistent investments in such assets.

The thesis will be available from research.cbs.dk

Primary Supervisor:

Associate Professor David Jinkins
Department of Economics
Copenhagen Business School

Secondary Supervisors:

Associate Professor Birthe Larsen
Department of Economics
Copenhagen Business School

Guest Researcher Karl Harmenberg
Department of Economics
Copenhagen Business School

Assessment Committee:

Associate Professor Katja Mann (Chair)
Department of Economics
Copenhagen Business School

Professor Xavier Ragot
Department of Economics
Paris School of Economics

Associate Professor Søren Hove Ravn
Department of Economics
University of Copenhagen

Date: 18 October 2024
Time: 14:00-16:00

Location: Porcelænshaven 20
Room: PHRs20
Reception: Lobby outside PHRs20

*The CBS PhD School will host a reception, which will take place immediately after the defence.