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PhD defence by Robert Ayreton Bailey Smith

Title of the lecture: Macroeconomic Interaction of Sectoral Balance Sheets. NB. Due to the Covid-19 situation the thesis will be defended digitally via Zoom.


01.07.2020 kl. 13.00 - 16.00


Title of the thesis: Essays on Macroeconomic Interaction of Sectoral Balance Sheets.

Robert Ayreton Bailey SmithSummary of the thesis

This thesis investigates the interaction between the sector balance sheets in Denmark, as they are crucial for understanding the impact and transmission of economic shocks and policies for the economy. This is particularly important in the context of rapid financial balance sheet expansion that preceded the Global Financial Crisis (GFC). The thesis thus addresses four key objectives: The first is to identify what the primary source of change in sector balance sheets is; the second is to empirically identify the connections and dependencies (interactions) between the three primary sectors - the private sector (PRI), the government sector (GOV) and the foreign sector (ROW); the third is to explore the implications of these interactions, and extends this analysis to include a disaggregated PRI - split into the household sector (HH), the non-financial corporate sector (NFC) and the financial corporate sector (FC); and, the fourth is to assimilate these interactions into a single macroeconomic framework - in order to examine the transmission of economic shocks or policy measures throughout the economy - and to use this framework to investigate the causes and implications of the unprecedented expansion of private debt relative to disposable income of Danish HH. The thesis addresses these issues within the Post Keynesian economic paradigm and the Babylonian mode of thinking, where path dependency and a pluralist approach to method and methodology are encouraged. This is accomplished in the form of five independent, but progressive and related articles which use several methods. These include theoretical and historical analysis, correlation and rolling correlation estimates, and a comprehensive empirical stock flow consistent model.


12:40: Pre-meeting, assessment committee, moderator, observer

13:00: Welcome by Moderator

13:05: PhD presentation (40 min)

13:45: Break

14:00: Opponents examination

15:30: Questions from the audience

16:00: End of defense


  • Associate Professor Mogens Ove Madsen, Aalborg University (chair)
  • Senior Lecturer Maria Nikolaidi,  University of Greenwich
  • Associate Professor Stephen Kinsella,  University of Limerick


Professor Finn Olesen,  Aalborg University


Professor, Head of Department  Christian Nielsen  


Professor, Head of Department  Christian Nielsen

How to participate

Due to the Covid-19 situation the thesis will be defended digitally via Zoom. To watch the defence please follow this link

Be aware that you must be muted during the whole  defense, also your camera must be off.

Please be present at least 15 minutes before the defence begins. The channel opens at 12:30

Participants will during the first break email their questions to Christian Nielsen chn@business.aau.dk. After the questions the assessment committee will meet in another virtual room to discuss the assessment before they return to the defense to give the result. 


Department of Business and Management, Aalborg University

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