Centre for Finance, Credit and Macroeconomics (CFCM)


CFCM research is organised under four ongoing research programs. Empirical research utilises cutting-edge econometric methods on household-level, firm-level and market data applying micro-econometric and time series techniques as well as structural modelling using VAR and DSGE methods.

CFCM research programmes involve collaborative projects with private sector institutions, both on a consultancy basis and combined with academic research projects, central banks and international organisations. Partners have provided funding for PhD students within the centre as well as data sets and practitioner input.

Current research

Corporate Finance

Recent research interest has considered the transmission process by which the credit market can impose asymmetric responses to monetary policy and differential access to bank, bond market, equity market and trade finance for firms according to their financial characteristics. We are also interested in the factors that influence the cost of different types of finance and the spreads over risk free rates. Our work in this area is both empirical and theoretical. See the websites of Spiros Bougheas, Sourafel Girma, Simona Mateut, Paul Mizen and Alejandro Riano for more details on current activities and publications

Emerging Market Finance

A number of staff have developing or existing interests in financial issues in Emerging Markets including China, South East Asia and Latin America. These include research interests in issues such as the effects of financial constraints on job creation/destruction, productivity growth, foreign direct investment (FDI) and export performance, capital accumulation and the nature of firm-level finance. Our principal interests cover the impact of financial constraints and financial development on real economic and financial activity.  See the websites of Spiros Bougheas, Sourafel Girma, Paul Mizen and Alejandro Riano for more information on current activities and publications.

Household Finance

This research programme focuses on consumer behaviour in credit markets using household and firm-level microdata. Topics addressed include the causes of household indebtedness and default/arrears on debt, the relationship between housing wealth and household indebtedness, financial literacy and the impact of liquidity constraints on household saving behaviour and health. See the webpages of John Gathergood, Margarita Rubio and Sarah Bridges for more information on current activities and publications.

Macroeconomics and the Business Cycle

The interests of this group cover the development of theoretical models of credit market imperfections in business cycle dynamics, growth dyanmics, dynamic competitive-equilibrium micro-founded macroeconomics with focus on aggregation, expectations and learning. Other interests include structural modelling using the DSGE framework, the role of sectoral interactions in the analysis of persistence and business cycle fluctuations, and decision-making using macroeconomic models. See the websites of Marta Aloi, Margarita Rubio, Kevin Lee, Paul Mizen, Yoshi Morozumi and Mark Roberts for information on current activities and publications.

Paul Mizen and Katarina Juselius

CFCM Director, Paul Mizen introduces Katarina Juselius (Copenhagen) for her seminar, 'Real exchange rate persistence: the case of Swiss franc - US dollar rate' on 5 May 2016.


Centre for Finance, Credit and Macroeconomics

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

Enquiries: hilary.hughes@nottingham.ac.uk