Centre for Macroeconomics

Cambridge University


London School of Economics


Bank of England

National Institue of Economic and Social Research


CFM News and Upcoming Events

Tuesday 21 April 2020: Eran Yashiv discusses in the Financial Times and The New York Times, a  strategy to reopen society more quickly

Eran Yashiv discusses an approach in the Financial Times of how to re-open society more quicky during the CoVid-19 pandemic here.  
The New York Times here.

Friday 17 April 2020: Ethan Ilzetzki publishes short article in VoxEU 

As governments rush to secure medical supplies and ventilators, Ethan Ilzetzki draws on three lessons from US munition production in WWII.  Short article here.

Monday 10 February 2020: Congratulations to Ben Moll

Congratulations to Ben Moll! who has been awarded a Philip Leverhulme Prize and an ERC Consolidator Grant.

Wednesday 22 January 2020: Publication

CFM's Wouter Den Haan and Thomas Drechsel have had their paper, Agnostic Structural Disturbances (ASDs): Detecting and reducing misspecification in empirical models [PDF], selected for publication in the Journal of Monetary Economics.

Monday 06 January 2020: CFM Discussion Paper

Measuring Productivity: Theory and British practice
Nicholas Oulton
Paper No CFM-DP2020-02
Non-Technical Summary [PDF] Full Paper [PDF]

Thursday 07 November 2019:CFM Discussion Paper

MoNK: Mortgages in a New-Keynesian Model
Carlos Carriga, Finn E. Kydland and Roman Sustek
Paper No CFM-DP2019-20
Non-Technical Summary [PDF] Full Paper [PDF]

Tuesday 12 November 2019: Congratulations

Congratulations to CFM's Francesco Caselli and Ricardo Reis, who have been elected Fellows of the Econometric Society.

16 October 2019: Congratulations

Congratulations to CFM's Ben Moll who has been announced as one of the winners of this year’s Philip Leverhulme Prizes. Prizes in each discipline are given every three years to young academics within 10 years of their PhD.

Thursday 25 April 2019: Pre-doc opportunity at CFM

Ben Moll and Ricardo Reis are looking to hire a full-time pre-doctoral research assistant based at the CFM at LSE starting September 1st,  2019. 

This position would be well suited for an exceptional student just finishing his BA/BSc or MA/MSc degree or a recent graduate of such programs, who wants to spend one year working as a research assistant before going to graduate school.

Further information about the role and how to apply is available here [PDF].

Wednesday 10 April 2019: Bretton Woods at 75 - Rethinking International Cooperation

CFM's Keyu Jin and Ricardo Reis took part in a discussion panel at IMF's event commemorating 75 years of cooperation following Bretton Woods. The seminar featured four of the best young academics in the world to discussing how they see the future of international cooperation—and how to further improve international cooperation to strengthen macroeconomic stability and prosperity. Further details and video is available at the IMF webpage.

Friday 29 March 2019: MMF 2019 Call for Papers

The 50th Anniversary Conference of the Money, Macro & Finance Research Group, which has been organised at the London School of Economics, will be held 4-6 September 2019.

The program committee invites submissions from academic, government and business economists in any area of monetary, macro and financial economics. Interested authors are advised to submit their unpublished manuscripts through the Conferencemaker system by 17 May 2019 and notification of acceptance will be given by 14 June 2019.

More details are available on the Centre for Macro (CFM) website and via the MMF conference website.

Friday 19 October 2018: Silvana Tenreyro elected President of the EEA.

Congratulations to Silvana Tenreyro on being elected President of the European Economic Association. She will serve as the president of the Association in 2021, after being Vice President and President-Elect.

Friday 28 September 2018: CFM Member Garrick Hileman reserach on Stablecoins

CFM's Garrick Hileman has released new research on Stablecoins, cryptocurrencies designed to minimize volatility - one of the main issues around cryptocurrency. Available here.

Tuesday 31 July 2018: Professor Silvana Tenreyro named British
Academy Fellow

Silvana Tenreyro is among 76 distinguished scholars to be elected to the British Academy Fellowship in 2018, joining over 1,400 Fellows.

The British Academy, founded in 1902, is an ‘independent fellowship of world-leading scholars and researchers; a funding body for research, nationally and internationally; and a forum for debate and engagement’.

Monday 21 May 2018: Congratulations to Kilian Huber

PhD candidate and CFM member Kilian Huber wins AQR Top Finance Graduate Award at Copenhagen Business School.

Monday 08 May 2018: CFM Survey

Should Bank of England wait before raising interest rates? Latest CFM Survey on monetary policy and labour markets now online, results available here.

Friday 27 April 2018: Congratulations to Rachel Ngai and Barbara Petrongolo

Rachel Ngai and Barbara Petrongolo awarded the American Economic Journal: Macroeconomics 2018 Best Paper Award.

Monday 23 April 2018: Congratulations to Silvana Tenreyro

Silvana Tenreyro awarded the Carl Menger Prize for innovative, international research in the fields of monetary macroeconomics and monetary policy.

 Tuesday 02 January 2018: CFM Survey

December's CFM survey: Are cryptocurrencies a threat? Answers to the latest CFM Survey now online at the CFM Survey website.

Monday 27 November 2017: CFM Survey

Latest CFM Survey results now available exploring consensus on the UK housing market and the economy, full details available at the CFM Survey website.

Wednesday 15 November 2017: Ricardo Reis Award Junior Prize in Monetary Economics and Finance (Banque de France), and Bernacer Prize.

Congratulations to CFM member Ricardo Reis on receiving the Junior Prize in Monetary Economics and Finance, from Banque de France and Toulouse School of Economics. Full details (in French) are available on the Banque de France's website.

Additionally, Ricardo has also been awarded the 16th edition of the Bernacer Prize for young economists, full details available here.

Thursday 26 October: CFM Member Publication

Congratulations to Kilian Huber, LSE and CFM PhD student, who has just got a paper accepted at the American Economic Review. The paper is called “Disentangling the Effects of a Banking Crisis: Evidence from German Firms and Counties” and is available at https://sites.google.com/site/kilianhuberecon/

Friday 13 October 2017: CFM Survey

Results are now online for the latest CFM Survey looking at Global risks from rising debt and asset prices.

Monday 18 September: CFM Survey

Latest Survey results now available, economists discuss the benefits of the Euro following Juncker's State of the Union address. Full results are available on the Survey Website.

Archived News

Wednesday 15 July 2020: Public lecture by Silvana Tenreyro - Covid-19 and the Economy: What are the lessons so far? 

Silvana Tenreyro will give a public lecture as part of the LSE's public event series - COVID-19: The Policy Response.

The event is organised by the Department of Economics and the Centre For Macroeconomics.
Title:     COVID-19 and the Economy: what are the lessons so far?
Date:     Wednesday 15 July 2020
Time:    9:00am to 10:00am

 This online public event is free and open to all but pre-registration is required.

Registration for this event will open on Monday 6 July after 10am. For any queries regarding registration, email events@lse.ac.uk .


Tuesday 1st September to Wednesday 3rd September 2020: The 2020 Annual Meeting of the Central Bank Research Association (CEBRA)

The 2020 Annual Meeting of the Central Bank Research Association (CEBRA) brings together academics and central bankers working on policy relevant research. It is co-organised with the Centre For Macroeconomics (CFM) at the LSE , the Bank of England (BoE) and in association with the Leibniz Institute for Financial Research (SAFE). Conference programme here


Thursday 28 May 2020: Carmen M. Reinhart - Economica Phillips Lecture
Capital Flow Cycles: a long global view

Carmen M. Reinhart is the Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School. She was Senior Policy Advisor and Deputy Director at the International Monetary Fund and Chief Economist the investment bank Bear Stearns in the 1980s.

Francesco Caselli, Event Chair, is Norman Sosnow Professor of Economics in the Department of Economics at LSE. 


10 March 2020: Mervyn King and John Kay Public Event

Radical Uncertainty: decision making for an unknowable future

John Kay is Fellow of St John’s College, Oxford. Mervyn King was Governor of the Bank of England until 2013 and is currently Professor of Economics, LSE.

Two leading economists discuss decision making in conditions of radical uncertainty, where we can neither imagine all possible outcomes nor assign probabilities to future events.

This event is hosted by LSE Ideas.


28 February 2020: Income Distribution, Wealth Distribution and Central Bank Policies Conference

The Bank of England, the Centre For Macroeconomics and London School of Economics are organizing a conference bringing together researchers studying the two-way relationship between central bank policies and heterogeneity in agents’ incomes and wealth.

A copy of the programme for this event is available here [PDF].


25 February 2020: CFM and LSE Department of Economics Public Event

Supply Chain Economics and the Next Phase of the Anti-Modern Slavery MovementJohn Studzinski will speak on the next phase of the anti-slavery movement. He will set out what must be done to keep the eyes of the world on this human rights crisis, and how the frontline and business communities can become more unified in the abolitionist effort. This event will be chaired by the LSE's Director, Minouche Shafik.

 25 February 2020: CFM, Financial Markets Group Research Centre, and School of Public Policy, European Institute Public Event

The State of European Banking Union: two proposals to resurrect it: with Luis Garicano and chaired by Andrés Velaso.



15 November 2019: CFM and Department of Economics Public Event

Love, Money and Parenting: Matthias Doepke investigates how economic forces and growing inequality shape how parents raise their children. Chaired by Wouter Den Haan.

14 October 2019: CFM, FMG and Department of Economics Public Event

Managing risk in a more uncertain world: An uncertain world requires us to manage risks we could never have imagined. But there exists tools that can help, economist, author and journalist Allison Schrager examines what we can learn from sex workers, studs, and surfers. Chaired by Dimitri Vayanos.

A podcast of this event is available here, with video expected to be available shortly. Photographs of this event are available to view here.

04-06 September 2019: 50th Anniversary MMF Conference
The 50th Anniversary Conference of the Money, Macro & Finance Research Group, which has been organised at the London School of Economics, was held between the 4-6 September 2019.

Full details available here.

06 September 2019: CFM Public Event
Narrative Economics: Nobel Prize winning economist and New York Times bestselling author Robert Shiller talked about his new book which argues that looking at viral stories’ impact on the economy - an approach he coined as “narrative economics” - gives forecasters better tools for predicting a recession.

A Podcast of this event is available here.

02 May 2019: CFM, FMG and School of Public Policy Event
Exchange rates and monetary policy frameworks in EMEs: Where do we stand? Shaw Library, LSE, 6.30pm-8.00pm

A decade after the crisis, central banks are seeking to bring monetary policy back to more normal settings but often lack a compass to navigate the new post-crisis terrain. Emerging market economies (EMEs) face the added challenge of volatile exchange rates and capricious capital flows. The increasing role of financial factors in the transmission of exchange rate fluctuations creates difficult trade-offs for EME central banks. What is the nature of these trade-offs and how should policymakers calibrate and sequence the use of multiple policy instruments?

Agustín Carstens, the General Manager of the Bank for International Settlements (BIS), joined the School of Public Policy's Dean, Professor Andres Velasco, to deliver a lecture on "Exchange rates and monetary policy frameworks in EMEs: Where do we stand?" followed by a discussion, moderated by Prof Andres Velasco.

Mr Carstens has headed the BIS, the bank for central banks, since December 2017. During a four-decade career in public policy, he has served as Governor of the Bank of Mexico, Finance Minister of Mexico and Deputy Managing Director of the International Monetary Fund, among other positions.

The School of Public Policy co-hosted this event with the Centre For Macroeconomics, The Financial Markets Group and the Systemic Risk Centre.

17-18 December 2018: 2nd Annual NuCamp Conference
The 2nd Annual NuCamp Conference will take place at St Hugh’s College, Oxford on December 17-18. The preliminary programme is available here [PDF]. 

The conference is open to all CFM members. Please register at nucamp@nuffield.ox.ac.uk if you would like to attend on one or both days. The organisers (Martin Ellison, Andrea Ferrero and Michael McMahon).

Monday 01 October 2018: CFM and LSE Department of Economics Public Lecture

The Fed and Lehman Brothers: setting the record straight on a financial disaster: Why didn’t the Federal Reserve rescue Lehman Brothers? This lecture debunks the explanation given by Fed officials–lack of legal authority–and explore the real reasons for the decision to let Lehman fail. Video of this event will be available shortly.

Thursday 06 September: CFM and LSE Financial Markets Group Lecture
Getting Rules into Policymakers' Hands: A Review of Rules-Based Macro Policy: Mario Marcel and Ricardo Reis compares the reasons and risks behind choosing one or another policy approach, exemplifying with the cases of monetary and fiscal policy frameworks. A special focus is given to disentangle the reasons on why monetary policy rules are more complied with than fiscal rules. The lecture deconstructs macro policy rules first to then interrogate the evidence and distil lessons from practice in emerging economies, focusing on Chile in particular. Chaired by Dimitri Vayanos.

Monday 09 July 2018: CFM and LSE Department of Economics Public Lecture

Adam Smith: what he thought and why it matters: Jesse Norman offers a Smithian analysis of contemporary markets, predatory capitalism and the 2008 financial crash; it addresses crucial issues of inequality, human dignity and exploitation; and it provides a compelling explanation of why Smith is central to any attempt to defend and renew the market system.

Friday 01 June: NIESR/RICS/CaCHE CFM Conference
The Broken Housing Market: This free one-day conference brings together leading academics, policymakers and practitioners to discuss what is "broken" about the UK housing market and how we might go about fixing it. The event takes place at the Institution of Civil Engineers, London. Further details are available here.

Monday 14 May 2018: CFM and LSE Department of Economics Public Lecture

How Central Bankers Rigged the World: Nomi Prins shows how the 2007–2008 financial crisis turbo-boosted the influence of central bankers and triggered a massive shift in the world order. Central banks and international institutions like the IMF have overstepped their traditional mandates by directing the flow of epic sums of fabricated money without any checks or balances. Meanwhile, the open door between private and central banking has ensured endless opportunities for market manipulation and asset bubbles - with government support. A podcast of this event is available on the LSE's website.

Wednesday 25 April: LSE Department of Economics A.W. Phillips Chair Inaugural Lecture

The New Conventional Central Bank: CFM's Ricardo Reis gives his inaugural lecture as A W Phillips Professor of Economics, asking what lessons from the financial crisis can central banks carry over into normal times.

Monday 23 April 2018: CFM and LSE Department of Economics Public Lecture

The Value of Everything: making and taking in the global economy: Mariana Mazzucato argues that if we are to reform capitalism, we urgently need to rethink where wealth comes from - who is creating it, who is extracting it, and who is destroying it? A Podcast of this event is available on the LSE website.

Thursday 08 March 2018: CFM and LSE Department of Economics Public Lecture

The Almighty Dollar: Dharshini David lays bare complex interrelationships through the simple story of one dollar as it moves through the opaque international system. A podcast of this event is available at the LSE website, and video of this event will be available soon.

Wednesday 07 February 2018: NIESR Economist's Briefing
NIESR Economist's Briefing, chaired by Director Jagjit Chadha, concentrated on the trade-offs that confront the UK and EU for the upcoming Brexit negotiations and the consequences of these on the economic outlook, with presentations from Garry Young, Director of Macroeconomic Modelling and Forecasting, and Amit Kara, Head of UK Macroeconomic Forecasting.

Monday 29 January 2018: CFM and LSE Department of Economics Public Lecture

The Growth Delusion: David Pilling questions the most fundamental measurement of economics: gross domestic product, exposing how our obsession with growth is distorting our view of what really matters, and leading to policies that are increasingly at odds with people’s lived experience.

Friday 15 December 2017: CFM Cambridge and INET event
Trilemma in Crisis: economics and politics in Qatar: Dr. Khalid rashid Alkhater discusses how Qatar experimented policy solutions around the trilemma while maintaining its exchange rate fixed during the 2008 global financial crisis, and analyses how stabilisation policy evolved in response to the current political crisis in the Gulf.

Saturday 11 November 2017: CFM and LSE Department of Economics Public Lecture

A World of Three Zeros: the new economics of zero poverty, zero unemployment, and zero carbon emissions: Nobel Peace Prize-winning economist Dr Muhammad Yunus outlines his radical economic vision for fixing the capitalist system, as explored in his new book A World of Three Zeroes. Podcast and Video are available on the LSE website.

Thursday 09 November 2017: CFM Oxford Event
Taking Fiscal Policy Seriously [PDF]: A one-day workshop in London focused on fiscal policy, debt management and fiscal rules. The event was sponsored by the Money, Macro and Finance Research Group (MMF), Nuffield College Centre for Applied Macro Policy (NuCamp) and the Centre for Applied Macro-Finance at the University of York (CAMF).

Friday 27 October 2017: CFM and LSE Department of Economics Public Lecture

Assessing Global Financial Stability: where do we stand? Tobias Adrian discussed the main features of a framework to assess global financial stability in a comprehensive and consistent way. He also presents the analysis of the October 2017 Global Financial Stability Report, which identifies sources of financial instability and the policies to mitigate risks to growth. Podcast and video are available on the LSE event page.

Tuesday 17 October 2017: CFM and LSE Department of Economics Public Lecture

Economics for the Common Good: Nobel Prize recipient Jean Tirole discusses his new book, Economics for the Common Good, a manifesto for a world in which economics is a positive force for the common good. A podcast of this event is available on the LSE's event page.

Wednesday 02 August 2017: NIESR Economists' Briefing

Presentation and discussion of analysis associated with NIESR's quarterly UK and global economic forecasts. The briefing will concentrate on the question of Interest Rate Normalisation with presentations from Jagjit Chadha, William Allen and Amit Kara. RSVP to Luca Pieri: l.pieri@niesr.ac.uk.

14-15 September 2017: CFM UCL Event
Conference on Housing, Housing Credit, and the Macroeconomy organised by Morten Ravn, Paolo Surico and Amanda Vincent-Rous will be held at Euston Square, London. Enquiries should be directed to Anthea Keeping.

28-29 September 2017: CFM Oxford and Federal Reserve Bank of New York Event
Monetary Economics Conference: The 3rd Oxford – Federal Reserve Bank of New York conference on monetary economics will take place at Exeter College’s Cohen Quad on Walton Street on 28-29 September 2017. The preliminary programme is available here. If you would like to attend the conference, then please send an email to ox.nyf.2017@gmail.com.


Monday 12 June 2017: CFM and LSE Department of Economics Public Lecture

The End of Globalisation, the Return of History: Globalisation, long considered the best route to economic prosperity and the apparent norm for decades may not be as inevitable as we think.  It now threatens to go abruptly into reverse.  What went wrong?  And what is the likely impact upon our future prosperity? A Podcast and video of this event are available at the LSE's event page.

19-20 May 2017: CFM-UCL and ADEMU Conference
CFM UCL and ADEMU held The new macroeconomics of aggregate fluctuations and stabilisation policy conference.

Thursday 18 May: Oxford International Macroeconomics Workshop
1705-OxfordWorkshopTo mark the occasion of Oxford University joining the Centre for Macroeconmics, Oxford hosted a one-day international macroeconomics workshop on May 18th. With speakers are Hélène Rey, Ken Rogoff, Andrea Ferrero, and Silvana Tenreyro, see programme for more details.

Monday 24 April 2017:
CFM and LSE Department of Economics Public Lecture

The Facts Matter: from policy to politics: While being a university professor, Jean-Yves Duclos had the opportunity to comment on governmental decisions. Now that he is the one making the decisions and as an economist, he sees the process in a much different perspective. Video and a Podcast for this event are available at the LSE's event page.

Wednesday 22 March 2017:Stamp Memorial Lecture

The Forces Shaping the World Economy: Professor Blanchard (MIT) discussed the main forces interacting to shape the world economy, and the uncertainties associated with them, namely the legacies of the financial crisis; the decrease in productivity growth; and populism and populist policies. A podcast and video of this event are available on the LSE's website.

Monday 20 March 2017: CFM and LSE Department of Economics Public Lecture

The Productivity Puzzle: Andrew Haldane (Bank of England) examined how productivity growth has weakened across a number of economies over recent years, particularly in the UK. Does this reflect a slowing of innovation? What role can public policy play in supporting productivity growth? A transcript of the speech is available on the Bank of England's website, Video and a podcast of this event is available on the LSE's Event website.

Wednesday 01 March 2017: A Budget that Works for Women A Budget that Works for Women, a Keynote speech and panel discussion from the Women's Budget Group. Hosted by LSE Department of Economics, LSE EDI and CFM.

Wednesday 08 February 2017: CFM and LSE Department of Economics Public Lecture

The Production of Money: how to break the power of the bankers: Political economist Ann Pettifor (PRIME) demystifies history’s most misunderstood invention: the money system. Arguing that democracies can reclaim control over money production, Pettifor sets out the possibility of linking the money in our pockets (or on our smartphones) to the change we want to see in the world around us. Video and a podcast of this event is available on the LSE website.

Wednesday 08 February 2017: CFM and LSE Department of Economics Public Lecture

Politics after Brexit and Trump: Rick Pildes in conversation with Mervyn King: Professor Rick Pildes (New York University) and Lord Mervyn King (LSE) look back at a year of unpredictable political upheavals in the industrialised world, which promises an interesting period ahead. What are the lessons from Brexit and the Trump election for our democracy? Video and a Podcast of this event is available on the LSE website.

Monday 16 January 2017: CFM and LSE Department of Economics Public Lecture

Policy Issues Affecting the Bank of England: A talk by Mark Carney, the Governor of the Bank of England, followed by a response from Amartya Sen, Professor of Economics and Philosophy at Harvard University. A transcript of Mark's speach is available at the Bank of England's webpage, video and audio recordings of this event are also available on the LSE website.


Archived Events


Mid-Term Report

NIESR GDP Estimates


BankUnderground Blog