Centre for Finance, Credit and Macroeconomics (CFCM)

PhD Students

CFCM internal fellows supervise PhD students engaged in research into household and corporate credit. Former CFCM PhD students have subsequently taken positions in central banks, academic institutions and the private sector. CFCM has funds to provide postgraduate research opportunities for potential graduate students. In addition, CFCM can jointly formulate grant applications to funding bodies such as the ESRC and the Leverhulme Trust. Opportunities for PhD Fellowships will be advertised on this website.

We are interested in supervising students with research interests in credit scording, household spending and saving, household borrowing and debt, corporate credit, monetary policy and credit channels, forecasting credit conditions and predictions of default.

Current students
Student Supervisor(s) 
Fabrizio Ardiles Decker Margarita Rubio and Paul Mizen
Selim Elbadri Markus Eberhardt and Juan Vizcaino
Maria (Cristina) Griffa Diaz Kevin Lee and Paul Mizen
Hun Jang Margarita Rubio and Yoshi Morozumi
Gabriele Lucchetti Alessandro Ruggieri, Giammario Impullitti and Juan Vizcaino
Guido Lamarmora Omar Licandro, Facundo Albornoz and Juan Vizcaino
Taufiq Bin Mohd Zin Margarita Rubio and Rahul Mukherjee
Sungwon Moon Jake Bradley and Omar Licandro
Yoocheol Noh Margarita Rubio and Markus Eberhardt
Miquel Oliver i Vert Giammario Impullitti and Omar Licandro
Agustina Sampaolesi Giammario Impullitti and Adam Spencer


Completed PhD students
Student Topic 
Arif Prabowo Sulistiono Foreign holdings and bond market volatility: Evidence from Indonesia
Michael Mahony Output expectations, uncertainty and the UK Business Cycle: Evidence from the CBI's suite of business surveys
Carolina Gomez Cuenca Growth and pollution: A GVAR analysis of the past and future effects of international environmental agreements
Yuzhu Zhang Essays on foreign acquisition, multiproduct firms and international trade: evidence from China
Marta Ronchetti Three essays on credit ratings
Elchin Mustafayev  
Seokmo Nam Three essays on applied economics with high-frequency consumer data
William Gatt Essays on household loan-to-value macroprudential policy
Francesca Vinci Essays on growth and business cycles
Kyung In Hwang Tariffs, retailers, and consumer prices
Ana Camila Cisneros Acevedo>

Financial exclusion distortions in TFP allocations and their impact on exports promotion
Ahmed Usman  
Arno Hantzsche Fiscal uncertainty and sovereign credit risk
Lionel Roger Essays on macroeconomics in Africa
Adhi Purwanto A Comprehensive DSGE modelling approach to macroprudential policy to support Cntral Bank's decision process
Pawel Smientanka Essays on Macroeconomic Uncertainty
Crystalleni Aristidou

Issues in the accommodation of model uncertainty in macro-econometric modelling
Martina Magli Effects of service offshoring on productivity
Kian Ong  Modelling the sustainability of public sector debt and net foreign asset positions
Milan Vanko

National and union-level modelling: Inflation, output and interest rates in the eurozone
Zhiyong Li

Essays on the foreign exchange market: The Market microstructure and evidence of the behavioural theory
Steven Trypsteen Growth and volatility: A multi-country empirical study
Jinke Li Credit cycles
Zhongjian Yu Financial equilibrium models
Feng Yue Firm level credit constraints
Zhongjan Yu   Financial constraints and development
Xuehai Yang  Financial development and international trade in China 
Hiroshi Ochiai  Cascades, investment and cycles 
Hosung Lim  Open economy credit models and the Korean credit boom 
Bilal Keskinsoy  Essays on the capital account 
Veronica Veleanu Asset prices, financial innovation and the transmission of monetary policy 
Christop Gortz Expectations driven business cycles
Minjia Chen Financial constraints and the investment behaviour and employment decisions of Chinese firms 
Eleonora Fichera Formal and informal credit markets in rural Africa 
Xiao Qui Constraints in the consumer credit market - Evidence from automobile loans 
Abdul Majid Muhamed Zul Firm and bank credit in Malaysia 
Sophia Mueller Spahn Interest rate pass-through by German banks 
Evren Ceritoglu Precautionary saving in Turkey 
John Gathergood Household financial behaviour and housing wealth
Serafeim Tsoukas Evidence from bond prices of financial accelerator effects
Marina Spaliara The impact of financial constraints and the role of external finance on firms' employment decisions in the UK 
Harshanah Kasseeah Financial decisions of UK and Chinese firms
Thanaset Chevapatrakul Modelling and forecasting the performance of monetary policy rules for the United Kingdom 
Cihan Yalcin External finance and the credit channel of monetary policy 
Simona Mateut The trade credit channel of Monetary Policy 
Abbi Kedir Household consumption in Ethiopia 

Centre for Finance, Credit and Macroeconomics

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

Enquiries: hilary.hughes@nottingham.ac.uk