Macroeconomics and Finance

1.  Macroeconomic Dynamics and Financial Stability

• Macro-labour dynamics (including using online vacancy data to revisit theories such as matching efficiency and nonlinear Phillips curves).
• Sovereign debt and fiscal policy dynamics (including sub-national debt in historical perspectives).
• Exchange rate dynamics, inflation, and international risk premia.
• Interest rate dynamics, asset prices, and their relationship with macroeconomic fundamentals.
• Corporate decision-making, firm heterogeneity, and productivity in response to macroeconomic shocks.
• Long-term sustainability of life-cycle investment choices.

2.  Macroeconomic Policy and Policy Tools

• Fiscal and monetary policy communication (including leveraging novel platforms like social media).
• The transmission of monetary policies and their interaction with fiscal policies.
• Tools for the measurement and analysis of macro-financial linkages, systemic risk, nowcasting, forecasting, and forecast evaluation.

Cluster members have published in prestigious journals, including the American Economic Review, the Journal of Political Economy, the Journal of Financial Economics, the Journal of Econometrics, the Review of Economics and Statistics, the Journal of the European Economic Association, the Journal of Monetary Economics, and the Journal of Money, Credit and Banking.

The cluster has ongoing collaborations with several central banks and international organisations, including the National Bank of Ukraine (labour market tightness using online vacancies), the National Bank of Slovakia (forecasting real house prices using mixed-frequency models), the Bank of England (international spillover of monetary policy shocks), the Bank for International Settlements (market expectations of policy rates), the Federal Reserve Bank of Saint Louis (international comovement of stock returns), and the International Monetary Fund (currency risk premia).

Several cluster members hold leadership roles in the Money Macro and Finance (MMF) Society, a charity founded in 1969 and currently based in York. With approximately 900 academic members, the MMF Society promotes and disseminates research in monetary economics, macroeconomics, and financial economics. The cluster is also a partner of the Durham-Newcastle-York macro research group and engages actively with the media, providing economic commentary to outlets such as the Financial Times and the BBC.

Finally, the cluster engages in interdisciplinary projects that combine macroeconomics with fields such as political science, computer engineering, and statistics. It plays a major role in the Centre for Applied Macro-Finance (CAMF), fostering dialogue between academics, policymakers, and practitioners, and hosting the Asset Pricing Workshop (APW) in collaboration with the Bank of England. 

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