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Centre for Macroeconomic Policy
A research group of the Business School.
We focus on economic growth and ways to explain and understand it more clearly. Our researchers led by Professor Parantap Basu investigate the broad determinants of economic growth, and the possible impact of this on individuals and wider society.
At the moment, we have ongoing projects covering a range of economic issues that affect economic growth such as inequality, finance, education, monetary and fiscal policy, and – in international terms – malnutrition, extreme poverty and low aspiration. In the future, we hope to open out our research to areas including understanding the connection between regional disparity in growth, lack of investment in education and training, and the skills gap.
Members of the centre have written papers on subjects as diverse as offshore banking wage inequality, government debt, environmental economics and fertility.
Creating impact and engagement
We connect with a wide range of interested researchers and practitioners who share our focus on all facets of economic growth.
We are proud to have an advisory board made up of academics from across the globe who take an active interest in all our activities. Notably, d'Artis Kancs from the European Commission, B. Ravikumar from the Federal Reserve Bank of St Louis, and Simon Derrick, Managing Director of Bank of New York Mellon, who is on the advisory board and has presented to staff and MSc students. Stephen Millard from the Bank of England is a Visiting Professor in Durham, participating in CEGAP-sponsored activities.
Faculty, Durham University Business School, Mill Hill Lane, Durham DH1 3LB
- Dr Mauro Bambi
- Dr Anurag Narayan Banerjee
- Professor Parantap Basu
- Dr Xiaoshan Chen
- Dr David Chivers
- Professor Tatiana Damjanovic
- Dr Ahmed Elsayed
- Dr Sara Eugeni
- Professor Richard Harris
- Dr Daniel Li
- Dr Laura Marsiliani
- Dr John Moffat
- Dr Nikos Paltalidis
- Dr Leslie J Reinhorn
- Dr Thomas Renstrom
- Dr Bibhas Saha
Publications by staff in this group
- Banerjee, S. & Basu, P. (2019). Technology Shocks and Business Cycles in India. Macroeconomic Dynamics 23(5): 1721-1756.
- Harris, R. & Moffat, J. (2017). The Sources of The Scotland-Rest Of The UK Productivity Gap: Implications For Policy. Regional Studies 51(9): 1297-1311.
- Chatterjee, I. & Saha, B. (2017). Bilateral delegation in duopoly wage and employment bargaining. Managerial and Decision Economics 38(4): 607-621.
- Basu, P. & Gavin, W.T. (2017). Negative Correlation between Stock and Futures Returns: An Unexploited Hedging Opportunity?. Bulletin of Economic Research 69(3): 209-215.
- Harris, R. & Moffat, J. (2017). The UK productivity puzzle, 2008–2012: evidence using plant-level estimates of total factor productivity. Oxford Economic Papers 69(3): 529-549.
- Banerji, S. & Basu, P. (2017). Universal Banking, Asymmetric Information and the Stock Market. Economic Modelling 60: 180-193.
- Damjanovic, V. (2017). Two “little treasure games” driven by unconditional regret. Economics Letters 150: 99-103.
- Boubaker, S., Gounopoulos, D., Nguyen, D.K. & Paltalidis, N. (2017). Assessing the effects of unconventional monetary policy and low interest rates on pension fund risk incentives. Journal of Banking and Finance 77: 35-52.
- Li, D.Z. (2017). Ranking Equilibrium Competition in Auctions with Participation Costs. Economics Letters 153: 47-50.
- Chivers, D., Feng, Z. & Villamil, A. (2017). Employment-based health insurance and misallocation: Implications for the macroeconomy. Review of Economic Dynamics 23: 125-149.
- Marsiliani, L. & Liu, X. (2017). Share-Ownership Distribution and Extraction Rate of Petrolium in Oil Fields. Review of Business and Economics Studies 5(1): 42-53.
- Chowdhury, S.M., Jeon, J.Y. & Saha, B. (2017). Gender Differences in the Giving and Taking Variants of the Dictator Game. Southern Economic Journal 84(2): 474-483.
- Chen, X., Kirsanova, T. & Leith, C. (2017). An empirical assessment of Optimal Monetary Policy in the Euro area. European Economic Review 100: 95-115.
- Pal, R. & Saha, B. (2016). Entry Threats and Inefficiency in `Efficient Bargaining'. Scottish Journal of Political Economy 63(3): 258-277.
- Harris, R., McAdam, R. & Reid, R. (2016). The Effect of Business Improvement Methods on Innovation in Small and Medium-Sized Enterprises in Peripheral Regions. Regional Studies 50(12): 2040-2054.
- Kizys, R., Paltalidis, N. & Vergos, K. (2016). The quest for banking stability in the euro area: The role of government interventions. Journal of International Financial Markets, Institutions & Money 40: 111-133.
- Ding, S., Guariglia, A. & Harris, R. (2016). The determinants of productivity in Chinese large and medium-sized industrial firms, 1998-2007. Journal of Productivity Analysis 45(2): 131-155.
- Harris, R. & Moffat, J. (2016). Plant Closure in Britain since the Great Recession. Economics Letters 140: 27-30.
- Li, Daniel Z. (2016). Disclosure or not, when there are three bidders?. Economics Bulletin 36(1): 349-354.
- Ugur, M., Trushin, E. & Solomon, E. (2016). Inverted-U relationship between R&D intensity and survival: Evidence on scale and complementarity effects in UK data. Research Policy 45(7): 1474-1492.
- Eugeni, S. (2016). Global imbalances in the XIX, XX and the XXI centuries. Economics Letters 145: 69-72.
- Moffat, J. & Roth, D. (2016). The cohort size-wage relationship in Europe. LABOUR: Review of Labour Economics and Industrial Relations 30(4): 415-432.
- Ugur, M., Trushin, E., Solomon, E. & Guidi, F. (2016). R&D and productivity in OECD firms and industries: A hierarchical meta-regression analysis. Research Policy 45(10): 2069-2086.
- Ugur, M. Trushin, E. & Solomon, E. (2016). A firm-level dataset for analyzing entry, exit, employment and R&D expenditures in the UK: 1997-2012. Data in Brief 8: 153-157.
- Basu, P. & Sarkar, A. (2016). Partial Inflation Indexation and Long-run Inflation Targeting in a Growing Economy: A Comparison of Calvo and Rotemberg Pricing Models. Journal of Macroeconomics 50: 293-306.
- Harris, R. & Moffat, J. (2015). Total factor productivity growth in Local Enterprise Partnership regions in Britain, 1997-2008. Regional Studies 49(6): 1019-1041.
- Banerjee, A., Nilbanik, N. & Mukhopadhyay, J. (2015). The Dynamics of Income Growth and Poverty: Evidence from Districts in India. Development Policy Review 33(3): 293-312.
- Eugeni, S. (2015). An OLG model of global imbalances. Journal of International Economics 95(1): 83-97.
- Banerji, S. & Basu, P. (2015). Borrower’s moral hazard, risk premium, and welfare a comparison of universal and stand-alone banking systems. The Journal of economic asymmetries 12(1): 61-72.
- Chen, X. & MacDonald, R. (2015). Measuring the dollar-euro permanent equilibrium exchange rate using the unobserved components model. Journal of International Money and Finance 53: 20-35.
- Basu, P. & Getachew, Y. (2015). An adjustment cost model of social mobility. Journal of Macroeconomics 44: 177-190.
- Harris, R. & Moffat, J. (2015). Plant-level Determinants of Total Factor Productivity in Great Britain, 1997-2008. Journal of Productivity Analysis 44(1): 1-20.
- Damjanovic, T., Damjanovic, V. & Nolan, C. (2015). Ordering Policy Rules with an Unconditional Welfare Measure. International Journal of Central Banking 11(1): 103-149.
- Damjanovic, T., Girdėnas, S. & Liu, K. (2015). Stationarity of econometric learning with bounded memory and a predicted state variable. Economics Letters 130: 93-96.
- Harris, R. & Moffat, J. (2015). The Impact of Exporting and Importing Goods and Services on Productivity in the UK. The World Economy 38(11): 1781-1794.
- Renström, T. & Spataro, L. (2015). Population Growth and human capital: a Welfarist Approach. The Manchester School 83(S2): 110-141.
- Blackburn, K. & Chivers, D. (2015). Fearing the worst: the importance of uncertainty for inequality. Economic Theory 60(2): 345-370.
- Amin, S. B. & Marsiliani, L. (2015). Energy Price Shocks in Dynamic Stochastic General Equilibrium: The Case of Bangladesh. Review of Business and Economics Studies 3(4): 12-21.
- Damjanovic, T. & Girdėnas, Š. (2014). Quantitative easing and the loan to collateral value ratio. Journal of Economic Dynamics and Control 45: 146-164.
- Basu, P. & Kollmann, R. (2013). Productive Government Purchases and the Real Exchange Rate. The Manchester School 81(4): 461-469.
- Harris, R., Li, Q.C. & Moffat, J. (2013). The impact of higher education institution-firm knowledge links on establishment-level productivity in British regions. Manchester School 81(2): 143-162.
- Reinhorn, L. (2013). Production efficiency and excess supply. Mathematical Social Sciences 65(2): 92-100.
- Harris, R. & Moffat, J. (2013). Intangible Assets, Absorbing Knowledge and its Impact on Firm Performance: Theory, Measurement and Policy Implications. Contemporary Social Science 8(3): 346-361.
- Harris, R. & Moffat, J. (2013). The Direct Contribution of FDI to Productivity Growth in Britain, 1997-2008. The World Economy 36(6): 713-736.
- Zhiyun Li, D. (2013). Revealing Product Information to Bidders with Differentiated Preferences. Economics Bulletin 33(3): 2235-2244.
- Damjanovic, V. (2013). Endogenous Risk in Monopolistic Competition. Economics Letters 120(2): 220-223.
- Basu, P. & Bhattarai, K.R. (2012). Cognitive Skills, Openness and Growth. Economic Record 88(280): 18-38.
- Basu, P. & Bhattarai, K.R. (2012). Government Bias in Education, Schooling Attainment and Long-run Growth. Southern Economic Journal 79(1): 127-143.
- Basu, P., Gillman, M. & Pearlman, J. (2012). Inflation, Human Capital and Tobin's q. Journal of Economic Dynamics and Control 36(7): 1057-1074.
- Zhiyun Li, D. (2012). Seller cheap talk in almost common-value auctions. B.E. Journal of Theoretical Economics 12(1): 8.
- Spataro, L. & Renstrom, T. (2012). Optimal taxation, critical-level utilitarianism and economic growth. Journal of Public Economics 96(9-10): 727-738.
- Harris, R. & Li, Q.C. (2012). Export-market dynamics and firm-level productivity: evidence for UK tradable sectors. Industrial and Corporate Change 21(3): 649-670.
- Banerjee, A. (2012). Discriminating short and long memory in finite samples using sensitivity analysis: an application to growth convergence. Bulletin of economic research 64(s1): 168-192.
- Harris, R. & Moffat, J (2012). Is productivity higher in British cities?. Journal of Regional Science 52(5): 762-786.
- Chen, X., Kontonikas, A. & Montagnoli, A. (2012). Asset Prices, Credit and Business Cycles. Economics Letters 117(3): 857-861.
Chapter in book
- Banerjee, Shesadri & Basu, Parantap (2016). Indian Economy During the Era of Quantitative Easing: A Dynamic Stochastic General Equilibrium Perspective. In Monetary Policy in India: A Modern Macroeconomic Perspective. Ghate, Chetan & Kletzer, Kenneth M. Cham: Springer. 549-580.
- Trushin, E. (2013). Does regulation affect innovation and technical production efficiency? In Governance, Regulation and Innovation. Ugur, M. Northampton, MA: Edward Elgar Publishing. 197-215.
- Basu, P. (2009). Too Hungry to Read: Is an Education Subsidy a Misguided Policy for Development?. In Handbook of Research in Cost Benefit Analysis. Brent, R.J. Edward Elgar Publishing Limited.