Arthur Galichere

Office: 301A, 12 Southpark Terrace, Glasgow G12 8LG

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Arthur Galichère is a 4th year PhD candidate in Economics at the Adam Smith Business School, University of Glasgow. He specialises in macroeconomics and asset pricing. His research focuses on asset price bubbles, macroeconomic policies and financial stability. He designs theoretical models and applies empirical methods to evaluate the effects of bubbles on the economy and provide policy recommendations. His current project focuses on the Bayesian estimation of a DSGE model with stock market bubbles and nominal rigidities. Galichère holds a BSc and an MSc in Economics and Management from the University of Caen (2014, 2015) and an MRes in Economics from the University of Glasgow (2017).

Research title: Asset Price Bubbles and Macroeconomics Policies

Research Summary

Asset price bubbles have been affecting economies with ‘modern’ financial systems for at least 400 years. While it is clear that asset price bubbles emerge because the current owners of the asset believe they can resell the asset at a higher price than the one that they bought, it is still ambiguous which measures need to be adopted to deflate or limit the impact of these bubbles. Since bursting bubbles may lead to financial crises, it is crucial to make clarifications and policy recommendations on how to deal with asset price bubbles.

Arthur Galichère’s first paper studies the dynamic ownership of risky asset price bubbles and its implications for financial stability and real activity in a heterogeneous agent model with occasionally binding borrowing constraints. His new project focuses on the Bayesian estimation of a DSGE model with stock market bubbles and nominal rigidities.


Economic and Social Research Council (ESRC) studentship from the Scottish Graduate School of Social Science (SGSSS) for his thesis.



  • Scottish Graduate Programme in Economics's Residential Conference (2018, 2019, 2020)
  • Money Macro and Finance PhD conference (MMF), Virtual Conference (2020)
  • Annual Congress of the European Economic Association, Virtual Conference (2020)


  • Macroeconomics Seminar Series, University of Glasgow (2019)


Graduate Teaching Assistant (2016 – Present):

  • ECON 1A and 1B: Level 1 Microeconomics and Macroeconomics
  • ECON 2A and 2B: Level 2 Microeconomics and Macroeconomics
  • ECON 3023: Level 3 Macroeconomics: Economic Policies and Growth