Goldman Sachs, UK, and IZA@LISER, Luxembourg
World of Labour role
Author
Current position
Senior European Economist, Goldman Sachs, UK
Research interest
Housing markets, monetary policy, consumption, Spanish labor market, corporate behavior
Positions/functions as a policy advisor
Research Manager, Bank of England, 2008–2011; Visiting Scholar, International Monetary Fund, 2006–2008; Senior Economist, Banco de Espana, 2002–2003
Past positions
Research Associate, University of Warwick Economics Department, 1995–1997; Research Fellow, Warwick Business School, 1994–1995
Qualifications
PhD Economics, University of Warwick, 1997
Selected publications
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“Labour supply as a buffer: Evidence from UK households.” Economica 80 (2013): 698–720 (with J. Saleheen).
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“Excess sensitivity, liquidity constraints and the collateral role of housing.” Macroeconomic Dynamics 13 (2009): 305–326 (with H. Mumtaz).
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“Who withdraws housing equity and why?” Economica 76 (2009): 51–70.
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“Labour demand, flexible contracts and financial factors.” Oxford Bulletin of Economics and Statistics 70 (2008): 283–301 (with I. Hernando).
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How does monetary policy affect labor demand and labor productivity?
Monetary policy easing initially supports labor demand, but persistent easing may slow down necessary restructuring and productivity growth
Andrew Benito, July 2017By supporting aggregate demand, including by easing financial constraints that affect businesses and households, accommodative monetary policy increased employment during the 2008 financial crisis and its aftermath. But, monetary policies that ease financial pressures also reduce necessary restructuring that normally contributes to productivity growth. One reason why productivity growth has been weaker in the aftermath of the crisis is that aggressive monetary policy actions have weakened underlying supply-side performance and labor productivity.Read moreRead less