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

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 Public Lectures

Details of public lectures confirmed for the academic year 2015 to 2016
18 August 2015


CFCM Seminar Arno Hantzsche (Nottingham)

08 December 2016 (14:00-15:00)
A41 Sir Clive Granger Building
Sovereign Credit Ratings under Fiscal Uncertainty (A41 SCG)

CFCM Seminar Gino Gancia (Centre de Recerca en Economia Internacional & Universitat Pompeu Fabra)

19 January 2017 (14:00-15:00)
A09 Highfield House
Title to be confirmed (A09 HH)

You can view details of our previous seminars/events.


There are currently no upcoming conferences.

Discussion papers

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

Linh Xuan Diep Nguyen, Simona Mateut and Thanaset Chevapatrakul

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

Simona Mateut and Thanaset Chevapatrakul

CFCM 16/02: Exchange Rate Regimes and Growth Collapses

Michael Bleaney, Sweta Saxena and Lin Yin


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