Centre for Finance, Credit and Macroeconomics (CFCM)

Welcome to CFCM

CFCM is a research centre focusing on financial markets, macroeconomic cycles, consumer and corporate credit. Based in the University of Nottingham School of Economics.

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). CFCM research focuses on the operation of financial markets, monetary policy, household and corporate finance and macroeconomic 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

November Public Lecture

Panicos Demetriades will be giving a guest lecture on 11 November at 5pm in B62 Law and Social Sciences Building

Call for Papers for November Conference

The closing date for submissions is 30 September 2014.


CFCM Seminar Paloma Taltavull (Alicante)

A09 Highfield House
Title: The sources of House Price Change: Identifying Liquidity Shocks to the Housing Market (A09 Highfield House)

CFCM Lecture Panicos Demetriades (Leicester)

B62 Law and Social Sciences Building
Title: Europe and the Cyprus Crisis: The Governor's Perspective (B62 Law and Social Sciences, University Park, University of Nottingham, Nottingham NG7 2RD)

CFCM Seminar Stylianos Asimakopoulos (Nottingham)

A11 Highfield House
Title - Tax smoothing in a business cycle model with capital-skill complementarity (A11 Highfield House)

You can also view details of our previous seminars/ events.


Our next conference will take place from 13 to 14 November 2014 at the University of Nottingham.  A programme for the event is now available.

Our last conference was entitled 'Liquidity Management, Institutions and the Macro-economy’ and was held on 9 May 2014. 


Globalization, Wage Polarization, and the Unstable Great Ratio by Guido Cozzi and Giammario Impullitti

Optimal progressive taxation in a model with endogenous skill supply
by Konstantinos Angelopoulos, Stylianos Asimakopoulos and James Malley

Tax smoothing in a business cycle
model with capital-skill complementarity
by Konstantinos Angelopoulos, Stylianos Asimakopoulos and James Malley 

Cross-Country Interactions, the Great Moderation and the Role of Output Volatility in Growth
by Steven Trypsteen

Rented vs. Owner-Occupied Housing and Monetary Policy by Margarita Rubio

The Effects of News Events on Market Contagion: Evidence from the 2007-2009 Financial Crisis by Thanaset Chevapatrakul and
Kai-Hong Tee

Credit Constraints and Spillovers from Foreign Firms in China by Natasha Agarwal, Chris Milner and Alejandro Riaño

Forecasting Global Recessions in a GVAR Model of Actual and Expected Output in the G7 by Anthony Garratt, Kevin Lee and Kalvinder Shields

Firm Dynamics and Residual Inequality in Open Economies by Gabriel Felbermayr, Giammario Impullitti and Julien Prat



Centre for Finance, Credit and Macroeconomics

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

Tel: +44 (0) 115 951 5620
Fax: +44 (0) 115 951 4159
Email: economics-enquiries@nottingham.ac.uk