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Giancarlo Corsetti has a long-term engagement with monetary authorities (the European Central Bank and since 2010 the Bank of England) where his research has had an impact on the development of frameworks for analysing stabilization policies in open economies. Since September 2010, his research has specifically focused on: (a) monetary policy trade-offs between internal objectives and exchange rate misalignment and external imbalances; (b) macroeconomic stabilization with high and variable sovereign risk; (c) the design of a monetary backstop to government debt. The research has had an impact through setting policy research agendas; through the inputs into scenario and econometric analyses; through forming the basis of Giancarlo's contribution to high-level policy seminars and the basis of his training of central bank officers.
Andrew Scott and co-authors have examined how government debt should respond to economic shocks. Their research shows incomplete debt markets should show large and long-lasting re-sponses: a 3-4 year financial crisis should generate a swing in debt over 20-30 years. This work has impacted European governments, Finance Ministers and Permanent Secretaries of the G7, the UK Debt Management Office, and others. In summary: cutting-edge research has impacted the contemporary thinking of policymakers as they formulate government debt management.
In the wake of the 2007 financial crisis, Schenk's expertise on the history of the international monetary system influenced debates and discussions in the International Monetary Fund and the G20 about international monetary reform as a means of achieving global financial stability. Schenk's work was also used to inform discussions about the potential role for gold as a strategic response to the financial crisis conducted by Chatham House (Royal Institute for International Affairs).
Professor Ronald MacDonald has developed leading research and economic models for applied exchange rate analysis. This body of work has underpinned training and capacity-building at the IMF Institute in Washington DC, reaching approximately 250 economists and policy-makers of financial institutions from around the world. Additionally, the research has formed the basis of advice to government agencies, such as the General Secretariat for Development Planning Qatar in 2008.
MacDonald's work has been cited by central bankers and IMF economists in working papers and his expertise led to his being appointed Monetary Advisor for the IMF. In this capacity, he has provided research-driven analysis and recommendations to central banks on their approaches to exchange rate regimes, with one notable example being the Central Bank of Costa Rica in 2010.
John Moore's Edinburgh-based research (1993-) on the role of trust and liquidity in the amplification and propagation of business cycles has informed both the understanding of, and the policy response to, the recent financial crisis in central banking circles around the world. His insight into the self-reinforcing effect of a decline in asset prices via the collateral multiplier has been instrumental in making sense of the crisis. Moore's work has also provided intellectual underpinning for the unconventional monetary policy — quantitative easing — that central banks, including the Federal Reserve (over US$1.5 trillion) and the Bank of England (over £375 billion) have undertaken in response to the crisis.