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

Statistics expert Sir Andrew Dilnot encourages staff and students to question data

Sir Andrew Dilnot, who presents BBC Radio 4's programme about statistics, More or Less, spoke about the accuracy of data in a public lecture entitled, Numbers and public policy: why data really matters.
26 October 2017

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


CFCM Seminar: Alessia De Stefani (Danmarks Nationalbank)

22 February 2018 (15:00-16:00)
A3 Law and Social Sciences Building
Waves of optimism: House price history, biased expectations and credit cycles (A3, L&SS)

CFCM Seminar Michael Ehrmann (ECB)

08 March 2018 (15:00-16:00)
A2 Law and Social Sciences
Starting from a blank page? Semantic similarity in central bank communication and market volatility (A2, L&SS)

CFCM Seminar Manuel Garcia-Santana (Pompeu Fabra)

03 May 2018 (15:00-16:00)
A09 Highfield House
Investment demand and structural change (A09, Highfield House)

You can view details of our previous seminars/events.


There are currently no upcoming conferences.

Discussion papers

CFCM 18/03: Technology, market structure and the gains from trade

Giammario Impullitti, Omar Licandro and Pontus Rendahl


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