Skip to Content

Ben Wang

Ben Wang
  • Position: Lecturer - Department of Economics
  • Qualifications: BBA with BEc Macquarie, MEc with honours USyd, PhD Macquarie

Contact Details

Social Media

Areas of Expertise

  • Macroeconomics
  • Applied Econometrics


Dr Wang holds a Bachelor of Economics with Bachelor of Business Administration from Macquarie University and a Master of Economics with honours from The University of Sydney. He then pursues his PhD studies in Macquarie University. His research interests include business cycle and monetary policy analysis, how economic agents form future expectations and construction and estimation of DSGE models. He has presented his work at many conferences including the Society for Computational Economic and Finance (CEF) meeting, the Dynare Conference, the Australian Conference of Economists (ACE) and the Reserve Bank of New Zealand.


  • Doctor of Philosophy: (Economics, Macquarie University)
  • Master of Economics with Honours: (The University of Sydney)
  • Bachelor of Economics with Bachelor of Business Administration: (Macquarie University)

Research awards

  • Best paper – The PhD conference for economics and business 2011 (University of Queensland)
  • Faculty HDR research excellent award 2010-2012

Current projects

  • Animal spirits and optimal monetary policy (with Prof. Jeffrey Sheen)
  • An estimated small open economy model with labour market frictions (with Prof. Jeffrey Sheen)
  • Understanding a small open economy business cycle condition index (with Prof. Jeffrey Sheen and Prof. Stefan Trueck)

Research areas

  • Business cycle
  • Monetary policy
  • DSGE models
  • Mix-frequency state-space models

conference toggle icon open Conferences and Presentations

  • [2013] The 9th  Dynare conference, Shanghai
  • [2013] Applied semiparametric conference, Berlin
  • [2013] Reserve Bank of New Zealand research seminar series (2 seminars), Wellington
  • [2013] 19th Conference on computing in economics and finance (CEF, Society for Computational Economics), Vancouver
  • [2012] Workshop on macroeconomic dynamics (WMD), Sydney
  • [2011] Australian PhD conference for economics and business, Brisbane
  • [2011] Australian conference for economists (ACE), Canberra

Student information

  • Load: PhD Student Full Time
  • Associate supervisor: Dr Roselyne Joyeux
  • Date of submission: 13/03/2012
  • Abstract: This paper evaluates the performance of the optimal monetary policy rule in the New Keynesian model. First, we take Blanchard and Gali (2008) as a baseline model, and compare the welfare loss between a classical Taylor rule (1993) and an optimal monetary policy rule (Woodford(2003)). Second, instead of assuming rational expectation in the baseline model, we introduce a heuristic forecasting rule that capturing animal spirit into the model that replacing forward looking expectations. Agents are divided into optimistic and pessimistic forecasters, and they are free to choose a forecasting rule according to the forecasting performance. We demonstrate the performance of the classical Taylor rule varies wildly across different models, while the welfare loss induced by the optimal rule are very stable. In addition, we check the robustness of the optimal monetary policy rule given the parameters that control the degree of animal spirit presented in the modified model. We conclude that the welfare loss is also stable given parameter uncertainty.