Accessibility statement

Professor Michael R. Wickens



  • BSc(Econ)
  • MSc(London)

Former Managing Editor, The Economic Journal 
Specialist Advisor, House of Lords Economic Affairs Committee
Fellow of the CEPR
Fellow of CESifo
Consultant to the International Monetary Fund and the UN Food and Agriculture Organisation



My general research interests are in macroeconomics and finance, the connections between the two, and in developing new analytical and empirical tools.

I have published papers in the following areas:

  • Macroeconomics : intertemporal macro models, real business cycle theory, the sustainability of fiscal policy, monetary policy, exchange rate models, the consumption function.
  • Finance : Bond, equity and FOREX asset pricing; strategic asset allocation, the term structure of interest rates, the behaviour of the stock market, foreign exchange markets, international CAPM, mortgage-backed securities, commodity models.
  • Econometrics : cointegration, VAR analysis, economic convergence, rational expectations, learning, estimation theory and inference.

I have advised the House of Lords Economic Affairs Committee in all of their investigations since their inception: on monetary policy and globalisation.


Selected publications

Full details of publications can be found at RePEc

"General equilibrium theories of the equity risk premium: estimates and tests", with P.N.Smith and S.Sorensen, Quarterly Analysis in Social Sciences, 2008.

"Is the Euro the success that everyone seems to think?", Open Economies Review, 2009.

"Testing a DSGE Model of the EU Using Indirect Inference", with D. Meenagh and P.A.Minford,  Open Economies Review, 20, 435-471, 2009.

 "The equity premium and the business cycle: the role of demand and supply shocks", with P.N. Smith and S. Sorensen, International Journal of Economics and Finance, 2010.

"Two Orthogonal Continents? Testing a Two-country DSGE Model of the US and the EU Using Indirect Inference", with V.P. M.Le, D. Meenagh, P.A. Minford, Open Economies Review, 21, 2010.

 "Some unpleasant consequences of the euro", Open Economies Review, 2010, 21, 351-364.

"What is the Best Framework for Fiscal Policy? With Application to Selected EU Countries." with V.Polito, in Globalisation New Challenges (ed. C.Richter), Lambert, 2010.

"The 'Puzzles' Methodology: En Route to Indirect Inference?", with V.P.M Le and P. A. Minford,  Economic Modelling, forthcoming 2010.

"Optimal Monetary Policy Using an Unrestricted VAR", with V.Polito, Journal of Applied Econometrics, forthcoming.

"What's wrong with Modern Macroeconomics? Why its critics have missed the point." CESifo Economic Studies, forthcoming.

"Assessing the Fiscal Stance in the European Union and the United States, 1970-2011", with V.Polito, Economic Policy, forthcoming.


Macroeconomic Theory: A Dynamic General Equilibrium Approach, Princeton University Press, 2008.

Michael R Wickens

Michael Wickens
Department of Economics
Room: A/EC/007

Tel: 01904 323764 
personal website
WickensM_publications.pdf (PDF , 13kb)