The macroeconomic effects, transmission channels and amplifiers of supply shocks, and their implications for monetary or fiscal policy
The global economic landscape has become more volatile over the past decade as supply-side disruptions – from acute shocks such as the COVID-19 pandemic and recent geopolitical conflicts to pronounced long-term structural shifts such as geopolitical fragmentation or the green or digital transition – have become important drivers of the business cycle. Unlike demand shocks, such supply-side disruptions can force a stark policy trade-off between stabilizing inflation and economic activity, challenging the prevailing monetary and fiscal frameworks.
This PhD project offers a comprehensive opportunity to investigate the role of supply-side disruptions on the macroeconomy and their implications for monetary or fiscal policy. Within this project, the student can flexibly explore issues such as the propagation of such shocks within or across economies, the structural features of an economy that amplify or buffer their broader macroeconomic impacts on growth and inflation, or the distributional effects of supply shocks.
Applicants are also welcome to propose a different topic for a PhD thesis in the field of applied macroeconomics.
Responsibilities and (foreseen) tasks:
- Conduct independent, high-quality academic research culminating in a doctoral dissertation focused on the macroeconomic effects of supply shocks.
- Collaborate with faculty and potentially with other PhD students on research projects.
- Aim to publish research findings in leading peer-reviewed academic journals (Scopus indexed journals, Web of Knowledge indexed journals).
- Present research outputs at national and international academic conferences.
- Contribute actively to the research environment within the Department of Economics and Finance as well as TalTech School of Business and Governance
- Participate in the Department’s seminars and workshops where project findings are presented and discussed.
- Seek opportunities to engage with policymakers and practitioners to share research insights.
- The candidate is also expected to engage in limited teaching and supervision related to the PhD candidate’s field of expertise.
The candidate is expected to have:
- Strong and demonstrable writing, analytical and critical thinking skills as well as curiosity and creativity.
- A Master’s degree in economics or a closely related field.
- A genuine and demonstrable interest in macroeconomics, international economics and monetary or fiscal policy.
- Strong written and verbal communication skills in English.
- Working knowledge of econometrics.
- High level of motivation and resilience to work both as an independent researcher and as part of an international team with capacity and willingness to provide assistance in organizational tasks relevant to the project.
- Experience in working with quantitative research methods.
The following experience is beneficial:
- Experience in macroeconomic modelling.
The initial research plan:
The candidate should submit an initial research plan for the thesis, consisting of a focused, overarching research question for the collection of papers within the advertised topic and a sketch of the proposed methodological approach. The candidate can expand on or narrow down the listed research questions and propose alternative theoretical lenses to be used. The research plan is expected to be developed further regarding the project’s goals and specific research questions as well as on-going project activities once the candidate is admitted.
We offer:
- 4-year PhD position (employed as an Early-Stage Researcher at the Department of Economics and Finance ) in a strong team of researchers.
- The chance to do research on one of the most topical questions in macroeconomics with high policy relevance.
- Opportunities for conference visits, research stays and networking with leading universities, research centre or economic policy institutions.
- All PhD positions are guaranteed a gross income of at least 2300 EUR and Estonian national health insurance.
Supervisors:
Main supervisor: Assistant Professor Benjamin Beckers: School of Business and Governance: Department of Economics and Finance
Tallinn University of Technology (TalTech) is an international scientific community with approximately 9,000 students and 2,000 employees; it is one of the largest universities in Estonia, the leading EU country in digitalisation. The university's strengths are broad multidisciplinary study/research interests, a modern research environment, and strong collaboration with international educational and research institutions. TalTech is aiming to be an organisation leading the way to a sustainable digital future.
The research carried out at the Department of Economics and Finance in the School of Business and Governance in TalTech deals with various aspects of economics and finance ranging from companies’ productivity, investments and export competitiveness; economic integration, governance and policy; contemporary finance in times of behavioural, green and digital change; and human capital, mental health and socio-economic inclusion for promoting sustainable development. The Department has around 40 employees and the School has over 200.
For information about the admission process, please visit the PhD Admission homepage
Applications can be submitted from 01.06.2026 to 30.06.2026
