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

The role of macro-prudential policies in the prevention and correction of asset imbalances in the Euro Area

New briefing paper by Professor Margarita Rubio
31 May 2017

Outstanding impact in public policy

NSE economist Dr John Gathergood is shortlisted for the 2017 ESRC Celebrating Impact Prize for Outstanding Impact in Public Policy.
20 April 2017

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.
02 February 2017

GEP / CFCM Malaysia Conference 2017

Globalisation and Economic Policy International Conference on: Economic and Financial Integration in Asia and Beyond
20 January 2017


Andrew Haldane (Bank of England)

03 October 2017 (17:00-18:00)
CFCM public lecture (University Park Campus)

CFCM Seminar Morten Ravn (UCL)

12 October 2017 (14:00-15:00)
title and venue TBC

CFCM Seminar Anton Nakov (ECB)

19 October 2017 (14:00-15:00)
Logit Price Dynamics (venue TBC)

You can view details of our previous seminars/events.


There are currently no upcoming conferences.

Discussion papers

CFCM 17/05: Are Fixed Exchange Rates Still a Mirage?

Michael Bleaney and Mo Tian

CFCM 17/04: Customer financing, bargaining power and trade credit uptake

Simona Mateut and Thanaset Chevapatrakul

CFCM 17/02: Welfare benefit reforms and employment

Marta Aloi and co-authors investigate the implications on employment and income of low skilled workers of shifting from unemployment benefits to income subsidies (a flat basic income payment). They show that such a move (increasingly advocated by many) will bring about a net decrease in employment levels and a higher tax burden for the employed low skilled workers.


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
University of Nottingham
University Park
Nottingham, NG7 2RD

+44 (0)115 951 5620