The Economics Research Group undertakes cutting-edge research ranging from microeconomic level analysis of individual decision making to global macroeconomic and monetary interactions, using theoretical models and empirical analysis of field and experimental data. The group maintains an active research culture with internal academic collaborations and specialised events like the Brown-Bag seminar series in Applied Microeconomics. The group’s research has been funded by bodies such as the British Academy, the Leverhulme Trust and the EPSRC, and published in leading academic journals such as the Economic Journal, or Science. Furthermore, members of the research group contribute to interdisciplinary research clusters like the Sports Cluster or the Development Studies Group. Below is a summary of the main themes and areas of research that are undertaken within the group.



The research group covers a wide area of macroeconomic research: In his theoretical work, Jose Carrasco-Gallego uses DSGE models to study Macroprudential and Monetary policies, and banking regulation. Eun Young Oh investigates the role of money in monetary policy and how money supply and seigniorage impact on output growth using the cash-in-advance model, Bayesian maximum likelihood estimation and the panel threshold model. Wolfgang Luhan examines the impact of behavioural patterns on monetary and fiscal policy using laboratory experiments. Furthermore, some of our researchers analyse macroeconomic time-series data by means of VAR models: Ioannis Chatziantoniou studies the relationship between oil prices, economic growth and tourism income, and its consequences on optimal financial regulation and monetary policy; and Robert Gausden uses this method to estimate the relationship between the price of oil and economic performance, as well as the relationship between consumer confidence indicators and household expenditure. Alan Collins explores the impact of fiscal austerity on social phenomena such as suicide. Last, Gianpiero Torrisi works with cross-regional datasets in order to analyse the impact of devolution.

Applied microeconomics

Researchers in this area use microeconomic theory and empirical methods to solve applied problems. Federica Alberti, Wolfgang Luhan, Judy Rich and Ansgar Wohlschlegel work with micro-level data from laboratory, field or natural experiments in order to identify issues such as contribution to public goods, behaviour in bilateral bargaining, discrimination in the labour market or quality provision in the health care sector. On the theoretical side, Alessia Testa and Ansgar Wohlschlegel formulate real-world problems like mutual funds management, banking regulation or the legal procedure as games with asymmetric information. Furthermore, Evangelos Mitrokostas, Ozer Selcuk and Ansgar Wohlschlegel analyze firms' optimal strategies in imperfectly competitive markets. Last, these predominantly non-cooperative approaches are complemented by Ozer Selcuk's axiomatic work in cooperative game theory.

Environmental and resource economics

This topic is one of the research group’s specific areas of expertise. As an internationally recognised expert on ocean governance including fishery management, fish trade and ecosystem valuation, Pierre Failler is regularly invited to events held by the United Nations and the European Union. Andy Thorpe has worked with FAO on fisheries policy and aquaculture across Central Asia and Africa and researches on the political economy of fisheries policy in Latin America. Aaron Hatcher’s research interests in natural resources mainly focus on the management of marine fisheries, the use of tradeable quotas and the impacts of non-compliance.

Cultural economics

This is a specialised area in which the Economics research group has gained international recognition. Evidence for this recognition is, for instance, that Alan Collins serves on the editorial board of the Journal of Cultural Economics. His research is concerned with the consumption of cultural goods, with a particular focus on cinema. Through the use of techniques such as multinomial probit modelling and classification models based on goal programming, his work provides evidence on issues such as the prediction of cinema attendance, vote clustering in the Oscars and the repeat consumption of identical cultural goods. Joe Cox’s research complements this by providing empirical evidence on the interplay between culture and technology in markets such as video games, investigating issues such as the presence of first mover advantages, purchasing power parity and the influence of reviews from professional critics upon sales performance. This research has policy relevance for the management of cultural resources through providing evidence on consumer behaviour, as well as informing effective strategies for the sustainable management of heritage tourism. Shabbar Jaffry specialises in measuring consumer willingness to pay for cultural resources such as the British Museum and the Palace of Knossos in Crete. His research involves the use of stated preference and choice modelling techniques to investigate issues such as voluntary contributions to heritage sites and the relationship between cultural capital and the propensity to visit cultural attractions.

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