Centre for Finance, Credit and Macroeconomics (CFCM)

Internal Research Fellows

his 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 the 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.


Professor of Monetary Economics

Paul Mizen has been a member of the faculty in the School of Economics at Nottingham since 1992. His research interests span monetary economics, corporate finance and central banking.

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.


Assistant 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.

Associate Professor

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.

Giammario Impullitti

Associate Professor

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

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.

Omar Licandro

Professor of Macroeconomics

Omar is a professor of macroeconomics at the University of Nottingham, based in Room C5 Sir Clive Granger Building, University Park Campus. His main research field is Macroeconomics with special interest in Growth Theory. His main contributions are on vintage capital theory, embodied technical progress and the transition from Malthus to Modern Growth. He has recently contributed to the literature on the competitive role of trade, in particular under firm heterogeneity.

Before joining the University of Nottingham, he was Research Professor at the Instituto de Analisis Economico (CSIC), Professor at the European University Institute and the Universidad Carlos III de Madrid, and Senior Researcher at FEDEA. He is the current Secretary General of the International Economic Association (IEA) and the Executive Secretary of the Research Center for Development, Growth and Economics (RIDGE). 


Associate Professor, Nottingham University Business School 

Macroeconomics; Applied microeconometrics, Credit market imperfections, Monetary policy transmission; Credit channel; Trade credit channel, Household indebtedness, Migration.

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.

Alejandro Riano

Associate Professor

My research draws from the fields of international trade, macroeconomics and industrial organisation, and seeks to quantify the effect of globalisation on firm-level decisions such as investment in physical capital, technology adoption, and the skill composition of the workforce.

Assistant 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.

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.

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

+44 (0)115 951 5620