Jakob Madsen, FASSA

Professor, PhD ANU, Cand. Oecon (MEc) Aarhus

  • The University of Western Australia (M251), 35 Stirling Highway,

    6009 Perth


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Personal profile


Jakob is a Macroeconomist. He joined the Department of Economics at UWA in January 2019. Jakob previously held the Xiaokai Yang Chair in Business and Economics at Monash University. He is a Fellow of the Australian Academy of Social Sciences and was an ARC Professorial Fellow from 2011 to 2015. Jakob's research interests are in macroeconomics, endogenous and unified economic growth, the macroecomics of inequality, history of economic growth, macrofinance, and applied econometrics. 

Jakob was born in Randers, Denmark and holds an M.Ec. from the University of Aarhus, Denmark and a Ph.D. from the Australian National University. Prior to undertaking his Ph.D., Jakob worked for several years in the financial sector in Denmark as a financial analyst and as the Deputy Chief Economist at the Bank of Jutland. Since completing his Ph.D. he has held lecturing positions at the University of Southampton, University of Western Australia and Flinders University and professorial positions at Brunel University, London, and University of Copenhagen and Monash University.

Jakob has published more than 125 papers in international refereed journals including Journal of Economic Growth, Journal of Monetary Economics, Review of Economics and Statistics, Journal of International Economics, Economic Journal, European Economic Review, Journal of Applied Econometrics, Journal of Development Economics, Journal of Economic Behavior and Organization, Canadian Journal of Economics, Economic Inquiry, Oxford Economic Papers, Macroeconomic Dynamics, Journal of Economic History, Economica, Explorations in Economic History, Journal of International Money and Finance and Economics Letters.

Current projects

Revise and Resubmit Articles



Select Publications

Madsen, J.B. and Strulik, H. "Inequality and the Industiral Revolution." European Economic Review. (Forthcoming).

Madsen, J.B., Robertson, P.E. and L. Ye, “Lives versus Livelihoods in the Middle Ages: The Impact of the Plague on Markets over 500 Years,” European Economic Review. (Forthcoming)

Ekanayake, N.S.P., J. B. Madsen, and T. Bharati, (2023), “Sophistication of Traded Goods and Economic Growth,” Journal of Economic Growth, 28(4) 481-524. (Lead article) https://doi.org/10.1007/s10887-023-09224-w.

Kerspien, J. A. and J. B. Madsen, (2023), "Markups, Tobin's q and the Declining Labour Share," Journal of Money Credit and Banking, https://doi.org/10.1111/jmcb.13031.

Madsen, J. B., and H. Strulik, (2023), “Testing Unified Growth Theory: Technological Progress and the Child Quantity-Quality Tradeoff,” Quantitative Economics, 14(1), 235-275. https://doi.org/10.3982/QE1751.

Madsen, J. B., A. Minniti, and F. Venturini, (2023), "The Long-Run Investment Effect of Taxation in OECD Countries," Economica, 90(358), 584-611. (Online version first published 7 December 2022) https://doi.org/10.1111/ecca.12457.  

Dalgaard, C. J., J. B. Madsen, and H. Strulik, (2021), “Physiological Constraints and Comparative Economic Development,” Journal of Economic Growth. 26(3), 241–289. https://doi.org/10.1007/s10887-021-09193-y (Lead Article)

Ang, J., J. B. Madsen and W. Wang, (2021), “Rice Farming, Culture and Democracy,” European Economic Review, 136, 103778. https://doi.org/10.1016/j.euro,corev.2021.103778

Deij, S., J. B. Madsen, and L. Puzzello, (2021), “When are Instruments Generated from Geographical Characteristics in Bilateral Relationships Invalid?” Journal of Applied Econometrics, 36(4), 437-52.  https://doi.org/10.1002/jae.2815

Madsen, J. B., A. Minniti, and F. Venturini, (2021) “Wealth Inequality in the Long Run: A Schumpeterian Growth Perspective,” Economic Journal, 131(633), 476–497. https://doi.org/10.1093/ej/ueaa082

Errol, Z., J. B. Madsen and S. Moslehi, (2021), “Social Disorganization Theory and Crime in the Advanced Countries, 1870-2016.” Journal of Economic Behavior and Organization, 191, 519-537. https://doi.org/10.1016/j.jebo.2021.09.017

Madsen, J. B. and H. Strulik, (2020), “Technological Change and Inequality in the Very Long Run,” European Economic Review, 129.  https://doi.org/10.1016/j.euroecorev.2020.103532

Madsen, J. B., R. Islam, and Xueli Tang, (2020), “Was the Post-1870 Fertility Transition a Key Contributor to Growth in the West in the 20th Century?” Journal of Economic Growth, 25(4), 431-454. https://doi.org/10.1007/s10887-020-09183-6

Madsen, J. B., P. E. Robertson, and L. Ye, (2019), “Malthus was Right: Explaining a Millennium of Stagnation.” European Economic Review, 118, 51-68.

Madsen, J. B., (2019), “Wealth and Inequality in Eight Centuries of British Capitalism," Journal of Development Economics, 138, 246-260.

Madsen, J. B., (2018), “Health-Led Growth in the OECD since 1800,” Macroeconomic Dynamics, 22(4), 961-1000.

Madsen, J. B., M. R. Islam, and H. Doucouliagis, (2018), “Inequality, Financial Development and Economic Growth in the OECD, 1870-2011,” European Economic Review, 101, 605-624.

Madsen, J. B. and M. Farhadi, (2018), “International Technology Spillovers over 140 Years: The Role of Genetic Proximity.” Economica, 85(338), 329-359.

Madsen, J. B., A. Minniti, and F. Venturini, (2018), “Assessing Piketty’s Laws of Capitalism,” Oxford Economic Papers, 70(1), 1-21 (Lead Article).

Madsen, J. B. and F. Murtin, (2017), “British Growth since 1270: The Role of Education,” Journal of Economic Growth, 22(3), 229-272 (Lead Article).

Madsen, J. B and S. Andric, (2017), “The Immigration-Unemployment Nexus: Do Education and Protestantism Matter?” Oxford Economic Papers, 69(1), 165-188.

Madsen, J. B. and J. B. Ang, (2016), “Finance-Led Growth in the OECD Since 1870: How does Financial Development Transmit to Growth?” Review of Economics and Statistics, 98(3), 552-572.

Madsen, J. B., (2016), “Health, Human Capital Formation and Knowledge Production: Two Centuries of International Evidence.” (NBER Working Paper no. 18461, 2012) Macroeconomic Dynamics, 20(4), 909-953.

Madsen, J. B., P. Raschky, and A. Skali, (2015), “Does Democracy Drive Income in the World, 1500-2000?” European Economic Review, 78, 175-195.

Ang, J. B., J. B. Madsen, and P. Robertson, (2015), “Export Performance of the Asian Miracle Economies: The Role of Innovations and Product Variety.” Canadian Journal of Economics, 48(1), 273-309.

Ang, J. B. and J. B. Madsen, (2015), “What Drives Ideas Production across the World?” Macroeconomic Dynamics, 19(1), 79-115.

Ang, J. B. and J. B. Madsen, (2015), “Imitation versus Innovation in an Aging Society: International Evidence since 1870.” Journal of Population Economics, 28(2), 299-327.

Islam, M. R. and J. B. Madsen, (2015) “Is Income Inequality Persistent? Evidence using Panel Stationarity Tests, 1870-2011.” Economics Letters, 127, 17-19.

Islam, M. R., Ang, J. B., and J. B. Madsen, (2014), “Quality-Adjusted Human Capital and Productivity Growth.” Economic Inquiry, 52(2), 757-777.

Madsen, J. B., (2014), “Human Capital and the World Technology Frontier.” Review of Economics and Statistics, 96(4), 676-692.

Ang, J. B. and J. B. Madsen, (2013), “International R&D Spillovers and Productivity Growth in the Asian Miracle Economies.” Economic Inquiry, 51(2), 1523-1541.

Ang, J. B. and J. B. Madsen, (2012), “Risk Capital, Private Credit and Innovative Production.” Canadian Journal of Economics, 45(4), 1608-1639.

Madsen, J. B., (2012), “A Behavioral Model of House Prices.” Journal of Economic Behavior and Organization, 82, 21-38.

Madsen, J. B. and J. B. Ang, (2011), “Can Second-Generation Endogenous Growth Models Explain the Productivity Trends in the Asian Miracle Economies?” Review of Economics and Statistics, 93, 1360-1373.

Madsen, J. B. and I. Timol, (2011), “Long-Run Convergence in Manufacturing and Innovation-Based Models.” Review of Economics and Statistics, 93, 1155–1171.

Madsen, J. B., J. B. Ang, and R Banerjee, (2010), “Four Centuries of British Economic Growth: The Roles of Technology and Population.” Journal of Economic Growth, 15, 263-290 (lead article).

Madsen, J. B., M. R. Islam, and J. B. Ang, (2010), “Catching up to the Technology Frontier: The Dichotomy between Innovation and Imitation.” Canadian Journal of Economics, 43, 1389-1411.

Madsen, J. B., (2010), “The Anatomy of Growth in the OECD since 1870.” Journal of Monetary Economics, 57, 753-767.

Madsen, J. B., S. Saxena, and J. B. Ang, (2010), “The Indian Growth Miracle and Endogenous Growth.” Journal of Development Economics, 93, 37-48.

Harvey, D. I., N. M. Kellard, J. B. Madsen, and M. E. Wohar, (2010), “The Prebisch-Singer Hypothesis: Four Centuries of Evidence.” Review of Economics and Statistics, 92, 367-377.

Madsen, J. B., (2009), “Taxes and the Fundamental Value of Houses.” Regional Science and Urban Economics, 39(3), 365-376.

Madsen, J. B., (2008), “Semi-endogenous versus Schumpeterian Growth Models: Testing the Knowledge Production Function using International Data.” Journal of Economic Growth, 13(1), 1-26 (lead article).

Davis, E. P. and J. B. Madsen, (2008), “Productivity and Equity Market Fundamentals: 80 years of Evidence for 11 OECD Countries.” Journal of International Money and Finance, 27(8), 1261-1283.

Madsen, J. B., (2008), “Economic Growth, TFP Convergence and the World Export of Ideas: A Century of Evidence.” Scandinavian Journal of Economics, 110(1), 145-167.

Madsen, J. B., (2008), “Innovations and Manufacturing Export Performance in the OECD countries.” Oxford Economic Papers, 60(1), 143-167.

Madsen, J. B., (2007), “Technology Spillover through Trade and TFP convergence: 135 Years of Evidence for the OECD countries.” Journal of International Economics, 72(2), 464-480.

Madsen, J. B., (2007), “Are there Diminishing Returns to R&D?” Economics Letters, 95(2), 161-166 (lead article).

Madsen, J. B. and E. P. Davis, (2006), “Equity Prices, Productivity Growth and the New Economy”. The Economic Journal, 116(513), 791-811.

Greasley, D. and J. B. Madsen, (2006), “Investment and Uncertainty: Precipitating the Great Depression in the United States.” Economica, 73(291), 393-412.

Madsen, J. B., (2005), “The Fisher hypothesis and the Interaction between Share Returns, Inflation and Supply Shocks.” Journal of International Money and Finance, 24(1), 103-120.

Madsen, J. B., (2002), “The Causality between Investment and Economic Growth.” Economics Letters, 74(2), 157-163.

Madsen, J. B., (2001), “Agricultural Crises and the International Transmission of the Great Depression.” The Journal of Economic History, 61(2), 327-365.

Madsen, J. B., (2001), “Trade Barriers and the Collapse of World Trade during the Great Depression.” Southern Economic Journal, 67(4), 848-868 (Received Georgescu-Roegen Prize for the best article published in the Southern Economic Journal in the year 2000-2001 (volume 67).

Greasley, D., J. B. Madsen, and L. Oxley, (2001), “Income Uncertainty and Consumer Spending during the Great Depression.” Explorations in Economic History, 38(2), 225-251.

Madsen, J. B., (1999), “On Errors in Variable Biases in Estimates of Export price Elasticities.” Economics Letters, 63(3), 313-319.

Madsen, J. B., (1998), “General Equilibrium Macroeconomic Models of Unemployment: Can They Explain the Unemployment Path in the OECD?” The Economic Journal, 108(448), 850-867.

For the full list of my publications, click on the Research Outputs tab above.


Funding overview

Grants and Fellowships

2022-2026: AUD 527,500. ARC Discovery Grant: DP220102557, Inequality, Trade and Technology (with Peter Robertson).

2017-2020: AUD 381,500. ARC Discovery Grant: DP170100339, Inequality and Economic Growth: Evidence for Australia and the OECD                    

2015-2019: AUD 609,100. ARC Discovery Grant: DP150100061, Government, Institutions and Economic Activity: A Long-Term Analysis using National and Sub-National Data (with Paul Raschky).

2015: AUD 19,280. Research Grant, Department of Economics, Monash University.

2012-2014: AUD 380,000. ARC Discovery Grant: DP120103026, Growth, IQ, Diseases, and the Great Demographic Transition (with James B. Ang).  

2011-2015: ARC Professorial Fellowship

2011-2015: AUD 972,869. ARC Discovery Grant: DP110101871, The Great Divergence, Long-Run Growth and Unified Theories of Economic Growth

2009-2011: AUD 204,000. ARC Discovery Grant: DP0984711, Growth, Trade, and Economic Development in Asia (with Peter Robertson) 

2008-2010: AUD 206,500. ARC Discovery Grant: DP0877427, Human Capital and Economic Growth

2006: AUD 15,000. Faculty of Social Sciences, Monash University

2004: DKK 216,680. Centre for Economic Policy Research, Denmark, Innovations, Product Variety and Trade Performance.

2003: DKK 204,519, Centre for Economic Policy Research, Denmark, Innovations, Spill-over Effects and Economic Growth.

2002-2003: DKK 25,000, Institute of Economics, University of Copenhagen, Innovations, economic growth and share prices.

2001-2002: GBP 25,000, Brunel University Vice Chancellor’s Discretionary Fund, Macrofinance

2000-2002: AUD 113,000, Australian Research Council Large Grant, The Great Depression of the 1930s: Causes, International Transmission, and Implications for the Asian Financial Crisis in the late 1990s

1998-1999: AUD 6,000, Department of Economics Research Grant, UWA, Causes of the Great Depression

1998-1999: AUD 26,921, Australian Research Council Small Grant, Unemployment in the OECD Countries: Causes and Solutions

1997-1998: AUD 5,000, Department of Economics Research Grant, UWA, Neoclassical versus Endogenous Models of Economic Growth


English (Fluent)

Danish (Native)

Swedish (Basic)

French (Basic)

German (Basic)

Previous positions

2011-2019  Xiaokai Yang Distinguished Professor of Economics, Monash University.

2006-2011  Professor of Economics, Department of Economics, Monash University.

2002-2006   Professor of Economics, Department of Economics, University of Copenhagen, Denmark.

2000-2002   Professor of Economics and Finance, Department of Economics and Finance, Brunel University, London, UK.

1997-2000   Senior Lecturer, Department of Economics, University of Western Australia.

1995-1996  Lecturer, Department of Economics, University of Southampton, UK.

1992-1995  Lecturer, School of Economics, Flinders University of South Australia.

1987-1989  Deputy Chief Economist and Head of Department of Danish and International Economics, Economic Research Department, Bank of Jutland, Denmark.

1984-1987 Financial Analyst, Economic Research Department, Bank of Jutland, Denmark.

1983-1984  Research Associate, Institute for Regional Studies, Aabenraa, Denmark.

Expertise related to UN Sustainable Development Goals

In 2015, UN member states agreed to 17 global Sustainable Development Goals (SDGs) to end poverty, protect the planet and ensure prosperity for all. This person’s work contributes towards the following SDG(s):

  • SDG 1 - No Poverty
  • SDG 2 - Zero Hunger
  • SDG 3 - Good Health and Well-being
  • SDG 5 - Gender Equality
  • SDG 8 - Decent Work and Economic Growth
  • SDG 9 - Industry, Innovation, and Infrastructure
  • SDG 10 - Reduced Inequalities
  • SDG 11 - Sustainable Cities and Communities
  • SDG 12 - Responsible Consumption and Production
  • SDG 13 - Climate Action
  • SDG 15 - Life on Land
  • SDG 16 - Peace, Justice and Strong Institutions

Education/Academic qualification

Economics, PhD, Unemployment in the OECD: A Macroeconomic Study, The Australian National University

Award Date: 2 Oct 1992

Economics, Cand. Oecon (MEc), Dynamic Effects of Monetary and Fiscal Policies, Aarhus University

Award Date: 1 Jul 1983

External positions

Adjunct Professor, Monash University (Australia)

1 Feb 2019 → …

Research expertise keywords

  • Economic growth
  • Macroeconomics of Inequality
  • Asset Returns
  • Applied econometrics


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