Centre for Finance, Credit and Macroeconomics (CFCM)

Internal Research Fellows

This section contains links to webpages of CFCM Fellows including their most recent publications that have appeared in the Economic Journal, Journal of the European Economic Association, Journal of International Economics, Journal of Monetary Economics, Journal of Money, Credit, and Banking, Macrodynamics and many more.

Internal Fellows are based in the School of Economics or the Business School at University of Nottingham. In addition to holding academic positions at the University of Nottingham, CFCM Internal fellows have also worked on a consultancy basis for international governmental and non-governmental economic and financial institutions including the IMF, World Bank, European Central Bank and the Bank of England.


Giammario Impullitti

Professor of Economics

Joining Nottingham in 2013 from Cambridge University, Giammario's fields of specialism include international trade, macroeconomics and economic growth.  

Internal Research Fellows

Associate Professor

Marta joined the University of Nottingham in September 1998. Marta is an Associate Professor in Economics. Her research interests broadly lie in macroeconomic theory.


Professor of Finance, Nottingham Business School 

Sanjay's research interests are in the areas of Corporate Finance, Financial intermediation and Macroeconomics.

Professor of Economics

Spiros has been a member of staff at the University of Nottingham since 1999. He is an Associate Professor in Economics. His research interests include the application of contract theory to financial and labour markets and the implications of technological choice for economic development.


Associate Professor

Jake joined the School of Economics in 2017, prior to Nottingham he was a Postdoctoral research fellow at the University of Cambridge. His research interests are in applied and theoretical labour economics, particularly in search and matching models and structural estimation.

Associate Professor

Sarah joined the School of Economics in October 2000 as a Research Fellow and became a lecturer in September 2004. Her research interests lie in the areas of applied microeconometrics and personnel economics.

Assistant Professor in Finance, Nottingham University Business School 

Interests: Capital market imperfections and firms' behaviour; Financial constraints and its relationship with firms' investment, employment, productivity, exports etc.; Firms' capital structure and its determinants.

Associate Professor in Finance, Nottingham University Business School

Thanaset joined Nottingham University Business School in June 2013. His research interests include financial econometrics, forecasting and monetary policy.

Professor of Economics

Gianni joined Nottingham in 2012 as Professor of Economics. Prior to coming to Nottingham he held positions at the University of Leicester and the University of York.   

Associate Professor

Markus joined the School of Economics in September 2011 as a Lecturer in Economics. Prior to coming to Nottingham he held an ESRC post-doctoral research fellowship at the Centre for the Study of African Economies in the Department of Economics at Oxford, where he also completed his Masters and PhD. His first degree was in Modern Chinese Studies and he has spent over three years studying and conducting research in China.

John Gathergood

Professor of Economics

John joined the School of Economics as an ESRC Postdoctoral Research Fellow in July 2008. His area of research is household finance, with a particular interest in household financial behaviour in relation to housing wealth.

Professor of Industrial Economics

Applied microeconometrics; mergers and acquisitions; productivity analysis; firm level response to globalisation.


Alejandro Graziano

Assistant Professor

Alejandro Graziano works on international trade, with a focus on trade policy and the role of market structure.  

Martin Jensen

Professor of Economics

Martin is a macroeconomic theorist but also works on game theory (mostly on aggregative games) and a variety of other theoretical topics. Current research interests include behavioral growth models, distributional comparative statics and functional diversity.

Professor of Economics

Kevin Lee's research interests are primarily in the econometric analysis of macroeconomic performance, business cycles, the formation of expectations, the determination of inflation and the operation of the labour market. He has a particular interest in investigating the usefulness of sectoral disaggregation in applied economics, including research on the econometric analysis of disaggregated data, the role of sectoral interactions in the analysis of persistence and business cycle fluctuations, and the analysis of wage and employment determination by industry/region/sex/age.


Associate Professor, Nottingham University Business School 

Simona has been a member of staff at the University of Nottingham since 2010. She is an Associate Professor in Financial Economics. Her research interests include corporate finance, credit market imperfections and their implications for monetary policy transmission, and the relationship between firm innovation and productivity, competitiveness and economic growth.

Assistant Professor

Atsuyoshi joined the University of Nottingham in September 2009. His research interests are macroeconomic and monetary theory. Specifically, he studies the role of credit market imperfections in business cycle dynamics.


Associate Professor

Rahul’s areas of expertise include foreign direct investment, dynamic stochastic general equilibrium models of international business cycles and portfolio allocation, the macroeconomics of labour markets, and emerging economies.

Associate Professor

Dynamic Stochastic General Equilibrium Models with financial frictions. Topics of interest include housing markets, housing finance, and its interrelation with business cycles and monetary policy, as well as macroprudential policies and its effects on the real economy, financial stability and welfare.


Assistant Professor

 Research interest: macroeconomics, corporate finance, international economics                            .

Associate Professor, University of Nottingham Malaysia Campus

Wing Leong's research interest spans macroeconomics, international finance and monetary economics. Most of his research involves the use of Dynamic Stochastic General Equilibrium (DSGE) models to evaluate the nature of business cycles, inflation dynamics, asset price dynamics, as well as the optimal design of monetary and fiscal policies in both closed economy and open economy settings.


Associate Professor

Broad theoretical and empirical research interests in the macroeconomics of demographic and structural change, macroeconomic policy, financial stability, and inequality and distribution. 


 Professor of Economics

 Adrien is a microeconomist, mostly in the field of information economics.  Current research mainly focuses on the workings of financial markets. 


Assistant Professor

Juan studies growth and development issues from a macro perspective, using micro and aggregate data. Primary areas of interest are structural transformation, growth, development, and human capital.

Yang Zu

Assistant Professor

Yang Zu joined the School of Economics from 1 September 2016. His research interests include econometric methods of high-frequency data, volatility models, unit root and cointegration tests.


Centre for Finance, Credit and Macroeconomics

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

Enquiries: hilary.hughes@nottingham.ac.uk