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).






CFCM Seminar Angus Chu (Liverpool)

A11 Highfield House
Labor Unions, Directed Technical Change and Cross-Country Wage Inequality (A11 Highfield House)

CFCM Seminar Campbell Leith (Glasgow)

A11 Highfield House
Title: An Empirical Assessment of Optimal Monetary Policy Delegation in the Euro Area (A11 Highfield House)

CFCM Seminar Franck Portier (Toulouse)

A09 Highfield House
Title: Reconciling Hayek's and Keynes' views of recessions (A09 Highfield House)

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


Our autumn conference took place from 13 to 14 November 2014. A programme for the event is still online and copies of presentations (where available) can be found on our conference website.

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


Public spending and growth: the role of government accountability  by Atsuyoshi Morozumi and Francisco José Veiga

The optimal distribution of the tax burden over the business cycle by Konstantinos Angelopoulos, Stylianos Asimakopoulos and James Malley

Electoral effects on the composition of public spending and revenue: evidence from a large panel of countries by Atsuyoshi Morozumi, Francisco José Veiga and Linda Gonçalves Veiga

The Importance of a Time-Varying
Variance and Cross-Country
Interactions in Forecast Models
by Steven Trypsteen

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 (revised version)
by Steven Trypsteen

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


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