Outstanding research and analysis underpins everything we do, from policymaking to providing secure banknotes. We aim to attract and develop world-class researchers and foster an environment that supports creative freedom and engagement with global research communities.

Research events

As part of the Bank’s aims to be more open and to create an environment that stimulates challenge and debate, we run a series of events where we can engage with the wider research community and experts from beyond research.

Research papers

Research Papers describe research in progress by Bank staff and are published to encourage comments and further debate.

Journal publications

Work by Bank of England staff is published externally in journals, books, chapters in books and conference volumes. View a list of published work below.

  • External Publications in Refereed Journals 2015-2018




    • The Bank of England/NMG Survey of household finances (G Anderson, P Bunn, A Pugh and A Uluc) Fiscal Studies, Vol. 37, Issue 1
    • The role of collateral in supporting liquidity (Y Baranova, Z Liu and J Noss) Journal of Financial Market Infrastructures, Vol. 5, No. 1
    • Price discovery and the cross-section of high-frequency trading (E Benos and S Sagade) Journal of Financial Markets, Vol. 30
    • What moves international stock and bond markets? (G Cenedese and E Mallucci) Journal of International Money and Finance, Vol. 60
    • What do stock markets tell us about exchange rates? (G Cenedese, R Payne, L Sarno and G Valente) Review of Finance, Vol. 20, Issue 3
    • Does US partisan conflict matter for the euro area? (C H J Cheng, J Chiu and W B Hawkins) Economics Letters, Vol. 138
    • The macroeconomic effects of monetary policy:  a new measure for the United Kingdom (J Cloyne and P Hürtgen) American Economic Journal: Macroeconomics, Vol. 8, No. 4
    • CCPs in crisis: International Commodities Clearing House, New Zealand Futures and Options Exchange (R T Cox, D Murphy and E Budding) Journal of Financial Market Infrastructures, Vol. 4, No 3
    • Factor complementarity and labour market dynamics (F Di Pace and S Villa) European Economic Review, Vol. 82
    • Exchange rate regimes and current account adjustment:  an empirical investigation (F Eguren Martin) Journal of International Money and Finance, Vol. 65
    • Using Shapley’s asymmetric power index to measure banks’ contributions to systemic risk (R Garratt, L Webber and M Willison) Journal of Network Theory in Finance, Vol. 2, No. 2
    • Imbalances and fiscal policy in a monetary union (I Hjortsoe) Journal of International Economics, Vol. 102
    • A new summary measure of inflation expectations (G Kapetanios, B Maule and G Young) Economics Letters, Vol. 149
    • Evaluating the robustness of UK term structure decompositions using linear regression methods (S Malik and A Meldrum)  Journal of Banking and Finance, Vol. 67
    • Integrating macro-prudential policy:  central banks as the ‘third force’ in EU financial reform (S McPhilemy) West European Politics, Vol. 39, No. 3
    • The effect of labor and financial frictions on aggregate fluctuations (H Mumtaz and F Zanetti) Macroeconomic Dynamics, Vol. 20, Issue 1
    • I want security: stylized facts about CCP collateral and their systemic context (D Murphy, H Holden and M Houllier) Journal of Financial Market Infrastructures, Vol. 5, No. 2
    • Identifying historical episodes for CCP stress testing (D Murphy and D Macdonald) Journal of Financial Market Infrastructures, Vol. 4, No 3
    • Capital stocks and capital services:  integrated and consistent estimates for the United Kingdom, 1950-2013 (N Oulton and G Wallis) Economic Modelling, Vol. 54
    • An intellectual property-based approach to the mandatory disclosure among lenders of credit data for small and medium enterprises (P Siciliani) Journal of Banking Regulation, Vol. 17, Issue 4
    • Efficient evaluation of collisional energy transfer terms for plasma particle simulations (A E Turrell, M Sherlock and S J Rose) Journal of Plasma Physics, Vol. 82, Issue 1
    • Tax incentives and investment in the UK (G Wallis) Oxford Economic Papers, Vol. 68, Issue 2


    • The two faces of cross-border banking flows (Dennis Reinhardt and Steven J Riddiough), IMF Economic Review, Vol. 63, Issue 4
    • Curbing the credit cycle (D Aikman, A G Haldane and B D Nelson) The Economic Journal, Vol. 125, Issue 585
    • Reputation, risk-taking and macroprudential policy (D Aikman, B Nelson and M Tanaka) Journal of Banking and Finance, Vol. 50
    • Simple banking: profitability and the yield curve (P Alessandri and B Nelson) Journal of Money, Credit and Banking, Vol. 47, Issue 1
    • Risky bank lending and countercyclical capital buffers (J Benes and M Kumhof) Journal of Economic Dynamics and Control, Vol. 58
    • Big data and central banks (D Bholat) Big Data and Society, April
    • Inflation targeting and term premia estimates for Latin America (A Blake, G Rule and O Rummel) Latin American Economic Review, Vol. 24, Issue 1
    • House Prices and Rents: Microevidence form a Matched Data Set in Central London (P Bracke) Real Estate Economics, Vol. 43, Issue 2
    • Bayesian mixed frequency VARs (J Chiu, B Eraker, A T Foerster, T B Kim and H D Seoane) Journal of Financial Econometrics, Vol. 13, Issue 3
    • An empirical sectoral model of unconventional monetary policy: the impact of QE (J Cloyne, R Thomas, A Tuckett and S Wills) The Manchester School, Vol. 83, Supplement S1
    • FDI, debt and capital controls (S Dell'Erba and D Reinhardt) Journal of International Money and Finance, Vol. 58
    • DSGE priors for BVAR models (T Filippeli and K Theodoridis) Empirical Economics, Vol. 48, Issue 2
    • Estimating the effects of forward guidance in rational expectations models (R Harrison) European Economic Review, Vol. 79
    • Generalised density forecast combinations (G Kapetanios, J Mitchell, S Price and N Fawcett) Journal of Econometrics, Vol. 188, Issue 1
    • A new approach to multi-step forecasting using dynamic stochastic general equilibrium models (G Kapetanios, S Price and K Theodoridis) Economics Letters, Vol. 136
    • Factor adjustment costs:  a structural investigation (H Mumtaz and F Zanetti) Journal of Economic Dynamics and Control, Vol. 51
    • Optimal tolerance for failure (C Siegert and P Trepper) Journal of Economic Behavior and Organization, Vol. 109
    • Monetary policy and the financial sector (A Singh, S Stone and J Suda) Economics Letters, Vol. 132
    • Ultrafast collisional ion heating by electrostatic shocks (A E Turrell, M Sherlock and S J Rose) Nature Communications, Vol. 6



  • Other External Publications 2015-2017



    • Monetary versus macroprudential policies: causal impacts of interest rates and credit controls in the era of the UK Radcliffe Report (D Aikman, O Bush and A M Taylor), NBER Working Paper No. 22380; CEPR Discussion Paper No. 11353;  LSE Economic History Working Paper No. 246
    • The residential collateral channel (S Bahaj, A Foulis and G Pinter), Centre for Macroeconomics Discussion Paper No. CFM-DP2016-07
    • Modelling metadata in central banks (D Bholat) ECB Statistics Paper No. 13
    • The analysis of money and credit during the financial crisis:  the approach at the Bank of England (J Bridges, J Cloyne, R Thomas and A Tuckett), Chapter in Cobham, D (ed), Monetary analysis at central banks, Palgrave Macmillan
    • Household debt and spending in the United Kingdom (P Bunn and M Rostom), Chapter in Chadha, J, Crystal, A, Pearlman, J, Smith, P and Wright, S (eds), The UK economy in the long expansion and its aftermath, Cambridge University Press
    • VAR models with non-Gaussian shocks (J Chiu, H Mumtaz and G Pinter), Centre for Macroeconomics Discussion Paper No. CFM-DP2016-09
    • The real effects of capital requirements and monetary policy: evidence from the United Kingdom (F De Marco and T Wieladek), CEPR Discussion Paper No. 11265
    • QE:  the story so far (A Haldane, M Roberts-Sklar, T Wieladek and C Young), CEPR Discussion Paper No. 11691
    • Monetary policy and the current account:  theory and evidence (I Hjortsoe, M Weale and T Wieladek), CEPR Discussion Paper No. 11204
    • UK broad money growth in the long expansion, 1992–2007:  what can it tell us about the role of money? (M McLeay and R Thomas), Chapter in Chadha, J, Crystal, A, Pearlman, J, Smith, P and Wright, S (eds), The UK economy in the long expansion and its aftermath, Cambridge University Press
    • Capital requirements, risk shifting and the mortgage market (A Uluc and T Wieladek), CEPR Discussion Paper No. 11214
    • Market discipline, public disclosure and financial stability (P Zimmerman and R Sowerbutts), Chapter in The Handbook of post crisis financial modelling, Palgrave Macmillan


    • Interest rates, debt and intertemporal allocations:  evidence from notched mortgage contracts in the UK (M Best, J Cloyne, E Ilzetzki and H Kleven), July 2015 NBER conference paper 
    • Monetary policy when households have debt (J Cloyne, C Ferreira and P Surico), July 2015 NBER conference paper
    • Monetary policy when households have debt:  new evidence on the transmission mechanism (J Cloyne, C Ferreira and P Surico), CEPR Discussion Paper No. 11023
    • Notes on the Underground:  monetary policy in resource-rich economies (A Ferrero and M Seneca), OxCarre Research Paper Series No. 158
    • Deposit protection and bank resolution (N Kleftouri), Oxford University Press
    • Sovereign risk and financial crisis (S Pepino), Palgrave Macmillan
This page was last updated 22 March 2018
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