Macroeconomics and Political Economy

Macroeconomics and Political Economy Group

Members of the Macroeconomics and Political Economy Research Group cover a wide range of topics including

  • the latest developments in DSGE modelling
  • monetary and fiscal policy
  • international finance
  • economic growth and development
  • political economy
  • monetary history
  • macroeconomic impact of immigration.

The group have produced numerous publications in 4* and 3* rated economic journals and its members have been in receipt of grants from the EU, ESRC and HMT/HMRC. PhD students in the group have gone on to work at the IMF, Bank of England and the UNDP.


PhD students

  • Nikolaos Koufos (supervisor: Dr O. Saka & Prof. Keith Pilbeam)
  • Rowlando Morgan (supervisor: Prof M. Ben-Gad and Prof J. Pearlman)
  • Vittorio Siracusa (supervisor: Prof M. Ben-Gad and Prof J. Pearlman)
  • Alexandro Sotirios Sokianos (supervisor: Prof M. Ben-Gad and Prof J. Pearlman)
  • Mohamed Zahran, Essays on the Macroeconomics of Uncertainty (supervisor: Prof J. Pearlman and Prof S. Jafarey)
  • Johnson Nyella, The Effcts of Mobile Money on Monetary Policy in  Developing Country Contexts (supervisor: Prof S. Jafarey and Prof J. Pearlman)
  • Nayab Kanwal, Aging and Inequality (supervisor: Dr G. Faggio and Prof. S. Jafarey)

Past PhD students

  • Vania Esady, 2020, The Role of Expectation Formation for Macroeconomic Policy, supervisors: Prof M. Ben-Gad and Prof J. Pearlman. First Placement: Bank of England
  • Zamid Aligishiev, 2020, Essays on the effects of government expenditure stimulus, supervisors: Prof M. Ben-Gad and Prof J. Pearlman. First Placement: International Monetary Fund
  • Azar Sultanov, 2021, The Impact of Immigration on Public Debt: A Dynamic Macroeconomic Analysis, supervisors: Prof M. Ben-Gad and Prof J. Pearlman. First Placement: UNDP and International Monetary Fund
  • Ivy Sabuga, 2022, The interaction of monetary and macroprudential policies in dynamic macro models, supervisors: Prof M. Ben-Gad and Prof J. Pearlman. First Placement: International Monetary Fund
  • Monika Junicke, 2014, Theoretical and Empirical Contributions to Monetary Policy Analysis, supervisors: Prof M. Ben-Gad. First Placement: University of Cagliari
  • Syed Amir Hosseini, 2019, Essays on the Political Economy of Institutional Reform, supervisors: Prof S. Jafarey and Dr T. Gabrielli First Palcement: McKinsey & Co












  • Aksoy, Yunus & Melina, Giovanni, 2011. "U.S. fiscal indicators, inflation and output", The North American Journal of Economics and Finance, Elsevier, vol. 22(3), 221-236.
  • Aksoy, Yunus & Melina, Giovanni, 2012. "An empirical investigation of US fiscal expenditures and macroeconomic outcomes", Economics Letters, Elsevier, vol.114(1), 64-68.
  • Basu, P., Gillman, M. & Pearlman, J, 2012, "Inflation, Human Capital and Tobin's q", Journal of Economic Dynamics and Control, 36(7), 1057-74.
  • Batini, B., Levine, P & Pearlman, J., 2009, "Monetary Rules in Emerging Economies with Financial Market Imperfections", in NBER Conference Volume, International Dimensions of Monetary Policy, ed. J. Gali & M. Gertler.
  • Batini, N., Levine, P. & Pearlman, J., 2009,"Estabilización óptima del tipo de cambio en una economía dolarizada con meta inflacionaria ," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 16, 37-82.
  • Ben-Gad, M, 2012, "The Two Sector Endogenous Growth Model: An Atlas,"Journal of Macroeconomics , 34, 706-722.
  • Ben-Gad, M, 2008, "Capital-Skill Complementarities and the Immigration Surplus" Review of Economic Dynamics , 11, 335-365.
  • Callegari, G, Melina,G & Batini, N, 2012. "Successful Austerity in the United States, Europe and Japan," IMF Working Papers 12/190, International Monetary Fund.
  • Cantore, C, Levine, P, Melina, G & Yang, Bo, 2012. "A fiscal stimulus with deep habits and optimal monetary policy," Economics Letters, Elsevier, vol. 117(1), 348-353.
  • Cantore, C, Levine, P,Melina, G & Pearlman, J, 2013. "Optimal Fiscal and Monetary Rules in Normal and Abnormal Times," Working Papers 16, Department of Economics, City University London.
  • Costantini, M, Fragetta, M. & Melina, G., 2013. "Determinants of Sovereign Bond Yield Spreads in the EMU. An Optimal Currency Area Perspective," Working Papers 13, Department of Economics, City University London.
  • Ellison, M & Pearlman, J, 2011. "Saddlepath learning," Journal of Economic Theory, Elsevier, vol. 146(4), 1500-1519, July.
  • Fragetta, M & Melina, G, 2013, "Identification of monetary policy in SVAR models: a data-oriented perspective," Empirical Economics , Springer, vol. 45(2), 831-844. Fragetta, M & Melina, G, 2011. "The Effects Of Fiscal Policy Shocks In Svar Models: A Graphical Modelling Approach," Scottish Journal of Political Economy, Scottish Economic Society, vol. 58(4), 537-566, 09.
  • Gabriel, V, Levine, P and Pearlman, J, 2012, "A DSGE Model of India", The Oxford Handbook of the Indian Economy.
  • Jafarey, S & Lahiri, S, 2009, "Developing country borrowing from a monopolistic lender: strategic interactions and endogenous leadership",The Japanese economic review, 60, 191-207.
  • Levine, P, Lotti, E, Pearlman, J and Pierse, R 2010, "Growth And Welfare Effects Of World Migration," Scottish Journal of Political Economy, 57(5), 615-643.
  • Levine, P, McAdam, Pearlman, J, 2012, "Probability Models and Robust Policy Rules", European Economic Review, 56(2), 246-262.
  • Levine, P., McAdam, P. and J. Pearlman, J, 2009. ''Quantifying and Sustaining Welfare Gains from Monetary Commitment'', Journal of Monetary Economics, vol. 55(7), 1253-1276.
  • Levine, P, Pearlman, J, Perendia, G, Yang, B. 2012, "Endogenous Persistence in an Estimated DSGE Model under Imperfect Information", Economic Journal , 122 (565), 1287-1312,
  • Levine, P., Pearlman, J. and  R. Pierse, 2008, "Linear-Quadratic Approximation, External Habit and Targeting rules," Journal of Economic Dynamics and Control, vol. 32(10), 3315-3349.
  • Levine, P., Pearlman, J. and B, Yang, 2008, ''The Credibility Problem Revisited: Thirty Years on from Kydland and Prescott'', Review of International Economics
  • Melina, G & Villa, S, 2013. "Fiscal Policy and Lending Relationships," IMF Working Papers 13/141, International Monetary Fund.
  • Pilbeam, K. and Nagle, S. 2009, "High-Tech IPOs in the US, UK and Europe after the Dot-Com Bubble" International Journal of Financial Services Management,. vol 4, no 1, pp.64-75.
  • Pilbeam and Obolevicuite, N. 2012, "Does Foreign Direct Investment Crowd in or Crowd out Domestic Investment? Evidence from the European Union," Journal of Economic Asymmetries, vol 9, no 1, pp.89-104.
  • Pilbeam, K., Olmo J., and Pouliot,W. 2011, "Detecting the Presence of Insider Trading via Structural Break Tests", Journal of Banking and Finance, vol 35, no 11, pp.2820-2828.
  • Pilbeam, K. and J. Olmo, J., 2011, "Uncovered Interest Rate Parity and Exchange Market Efficiency: A Re-Examination of the Evidence,"International Journal of Finance and Economics. vol 16, pp.189-204.
  • Pilbeam. K. and Olmo, J. ,2011, "The Forward Discount Puzzle and Market Efficiency." Annals of Finance, vol 7, No 1, pp.119-135.
  • Pilbeam. K. and Olmo, J., 2009, "Are Rejections of Uncovered Interest Parity Valid?" Journal of Economic Integration, vol 24, no 2, pp370-385.
  • Pilbeam. K. and Olmo, J., 2009, "The Profitability of Carry Trades," Annals of Finance, vol 5, no 2. pp.231-241.
  • Pilbeam, K. and Noronha, R. 2008, "Risk Budgeting and Value at Risk,"International Journal of Monetary Economics and Finance , vol 1 no 2, pp.162-176 .
  • Tsoukis, C, Kapetanios, G and Pearlman, J, 2011, "Elusive Persistence: Wage And Price Rigidities, The New Keynesian Phillips Curve and Inflation Dynamics," Journal of Economic Surveys, Wiley Blackwell, vol. 25(4), 737-768.