Centre for Finance, Credit and Macroeconomics (CFCM)

Welcome to CFCM

The Centre for Finance, Credit and Macroeconomics (CFCM) is a research centre focusing on financial markets, macro-economic cycles, consumer and corporate credit, based in the School of Economics at The University of Nottingham.

CFCM receives external funding from the UK government (BERR), research councils (ESRC), the private sector (Experian, Fitch Ratings) and charities (Nuffield Foundation, the British Academy).

Centre for Finance, Credit and Macroeconomics

CFCM research focuses on the operation of financial markets, monetary policy, household and corporate finance and macro-economic dynamics. The centre specialises in the analysis of high frequency data from markets, households and firms to understand indebtedness and financial distress.

The centre also investigates the transmission mechanisms of monetary policy through credit channels, exploring the behaviour of corporations and households when credit is constrained, and the effect of credit on house prices and business cycles.

CFCM has formed close research links with a number of similar research institutions (Institute for Fiscal Studies, EUI Finance and Consumption) and central banks (Bank of England, European Central Bank, Federal Reserve).

Latest news

New Bank of England Decision Maker Panel established

Paul Mizen and Nicholas Bloom (Stanford University) are working with the Bank of England and HM Treasury to create a new Decision Maker Panel to collect information on how business conditions are changing in these times of substantial UK and international economic uncertainty.
15 December 2016

NSE Economist Advises HMT and DWP on 'Life Chances'

Nottingham School of Economics economist Dr John Gathergood is to advise the Government on the upcoming 'Life Chances' policy program.
26 May 2016

Martin Weale talks about unconventional monetary policy

Part of the CFCM public lectures programme
09 March 2016

Finding a framework for financial literacy

John Gathergood talks to Investment Adviser
04 January 2016


CFCM Seminar Sevi Rodriguez Mora (University of Edinburgh)

26 January 2017 (14:00-15:00)
A11 Highfield House
Correlating Social Mobility and Economic Outcomes (A11 HH)

You can view details of our previous seminars/events.


There are currently no upcoming conferences.

Discussion papers

CFCM 16/06: Volatility spillovers across European stock markets around the Brexit referendum

Hong Li, Shamim Ahmed and Thanaset Chevapatrakul

CFCM 16/05: Business-Linkage Volatility Spillover between US Industries

Linh Xuan Diep Nguyen, Simona Mateut and Thanaset Chevapatrakul examine return volatility spillovers and their dependence on the commercial linkages between US industries.

CFCM 16/04: Customer financing, bargaining power and trade credit uptake

Simona Mateut and Thanaset Chevapatrakul


Governance and Public Policy

The centre is part of the University's Governance and Public Policy Research Priority Area.



Centre for Finance, Credit and Macroeconomics

Sir Clive Granger Building
The University of Nottingham
University Park
Nottingham, NG7 2RD

telephone: +44 (0)115 951 5620