Satyam Goel

I am a Ph.D. candidate in Economics at the University of Liverpool Management School, where I am being advised by Professor Oliver de Groot and Dr. Yavuz Arslan.

Before joining Liverpool, I received my M.Res. in Economics from the University of Bristol, an M.Sc. in Financial Economics from the University of Glasgow, and my undergraduate B.A. (Honours) degree in Economics from the University of Delhi.

Research Interests: Macroeconomics, Monetary Policy, Housing Markets


(Work in Progress)

Deciphering Delphic Guidance: The Bank of England and Brexit

In response to the 2016 referendum on EU Membership and the ensuing uncertainty as to ​the eventual consequences of Brexit, the Bank of England (BoE) adopted various methods ​of influencing market rates, including conventional, unconventional monetary policy ​measures and communications on forward guidance. To investigate the effectiveness of ​BoE’s communication, we first decompose long-dated yields into a risk neutral and term ​premium component. Text-based analysis of Monetary Policy Committee minutes is then ​used to measure the stance of policy, attitudes to QE and Brexit. We show that the Bank’s ​communication strategy acted to complement the stance of monetary policy, which had ​responded by lowering Bank rate and expanding QE, and acted to lower the term premium ​that might otherwise have risen in response to Brexit uncertainty.

The Impact of Surprise Inflation across the Age Distribution and Life Cycle of Euro Area Households

The exceptional characteristics of the economic downturn resulting from the COVID-19 pandemic and the conflict in Ukraine have once again brought the global economy to a critical juncture, characterized by the emergence of high inflationary pressures and high-interest rates. This study investigates the intergenerational distributional impacts on wealth and welfare arising from unforeseen high inflation and also evaluates the case when the central bank adopts a strict anti-inflationary regime through its Taylor rule. To explore these dynamics, we develop a model that integrates an inflation episode within a heterogeneous agent New Keynesian overlapping generations (O-HANK) framework specifically tailored to the Euro Area economy.

Intergenerational Distributional Impact of the Zero Lower Bound

with Oliver de Groot

Presented at the ESRC- NW Social Science PhD Conference - 2023

In this paper, we build an OHANK (overlapping generations heterogeneous agent New ​Keynesian) model with a zero lower bound (ZLB) constraint. We present an analysis of how ​such a ZLB constraint on the monetary policy leads to inter-generational redistributive ​effects when there is a change in the preferences of the households following a discount ​factor shock that alters their consumption-saving behaviour and the interest rates remain ​low for long.

Housing systems as the nexus of urban amenity, population change

and productivity

This paper serves as an introduction to a collection of 17 previously published articles in the Urban Studies Journal, which focus on the intricate relationship between population change and productivity in cities. The interconnectedness between population change, migration, specialization, firm location, amenities, agglomeration economies, and productivity is emphasized.

Policy Publications

with Duncan Maclennan and Chris Leishman

Sydney: UNSW City Futures Research Centre, 2021

with Chris Leishman and Duncan Maclennan

The Economics Observatory (2 March, 2023)

Policy article - Economics Observatory

Book Chapters

Forthcoming book chapter in Housing, the Home and Society: Research Handbook. Ed. by K. Jacobs, K. Flanagan, J. Verdouw, and J. de Vries. Extent: c 672 pp. [Edward Elgar], 2024. ISBN: 978-1-80037-596-3

Monetary Policies and their Housing Consequences

Proposed chapter for Maclennan, D., Pawson, H., & Miao. A Political Economy for the Housing of Nations, 2024


University of Liverpool Management School,

Chatham Street,

Liverpool, L69 7ZH, U.K.

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