School of Business and Economics

Discipline groups

Dr Justine Wood

Dr Justine Wood

With a keen interest in monetary policy, Dr Wood has recently published on non-linear exchange rates

Economics

Monetary Economics and Development Research Theme

The focus of our research is on the role of money and monetary policy in developed and developing countries, with special emphasis on the achievement of the macroeconomic goals of economic stability and economic development.

Specific research interests are:

  • Effectiveness of monetary policy in developing countries
  • Exchange rate determination, capital flows, currency crisis, and financial repression
  • Central banking, interest rate setting and transmission and policy communication
  • Financial markets, portfolio analysis, and corporate finance
  • Finance and financial inclusion and economic growth and cross border banking issues in developing countries

Current and recent research projects under this theme include:

  • A new test of de facto exchange rate regimes in Africa
  • Modelling the location decisions of companies overseas direct investments
  • Financial repression in newly liberalising countries (especially India and China)
  • Modelling Monetary Policy committee decisions
  • Terms of trade Shocks and economic performance in Africa
  • Current account dynamics and real exchange rates in Africa
  • Fiscal sustainability and monetary issues in the Euro
  • Financial inclusion and economic growth in Africa

The research output under this theme has been published in internationally recognised peer review journal that include Applied EconometricsEconomic History ReviewEconomic InquiryEconomics LettersJournal of International Finance and EconomicsInternational Review of Financial AnalysisJournal of International Financial MarketsInstitutions and MoneyPublic Choice and World Development.

Research funding was secured under this theme including from DFID, ESRC, MMF.

Members working within the Monetary Economics and Development theme:

Dr Ahmad Hassan Ahmad

T: +44 (0)1509 222719
E: A.H.Ahmad@lboro.ac.uk

International economics; monetary policies of developing countries; foreign exchange rate; macroeconomic dynamics

Selected publications

  • Ahmad, AH and Aworinde, OB (Accepted for publication) The Role of Structural Breaks, Nonlinearity and Asymmetric Adjustments in African Bilateral Real Exchange Rates, International Review of Economics and Finance, ISSN: 1873-8036
  • Ahmad, AH and Shah, IH (Accepted for publication) How important is the Financial Sector to Price Indices in an Inflation Targeting Regime? An Empirical Analysis of the UK and the US, Review of Quantitative Finance and Accounting, pp.1-20, DOI: 10.1007/s11156-016-0578-9
  • Ahmad, AH and Brown, S (2016) Re-examining the ECB's Two-pillar monetary policy strategy: Are There Any Deviations during and the Pre-Financial Crisis Periods?, Empirica, ISSN: 1573-6911. DOI: 10.1007/s10663-016-9339-1
  • Ahmad, AH, Aworinde, OB, Martin, C (Accepted for publication) Threshold cointegration and the short-run dynamics of twin deficit hypothesis in African countries, The Journal of Economic Asymmetries, 12(2), pp.80-91, DOI: 10.1016/j.jeca.2015.03.001
  • Ahmad, AH and Aworinde, OB (2015) Structural breaks and twin deficits hypothesis in African countries, Economic Change and Restructuring, 48(1), pp.1-35
  • Ahmad, AH and Fanelli, SL (2014) Fiscal Sustainability in the Euro-Zone: Is There A Role for Euro-Bonds?, Atlantic Economic Journal, 42(3), pp.291-303, ISSN: 0197-4254. DOI: 10.1007/s11293-014-9416-4

Dr Simeon Coleman

T: +44 (0)1509 228850
E: S.Coleman@lboro.ac.uk

Development macroeconomics; international macroeconomics; time series econometrics

I currently have publications in Applied Economics, Technological Forecasting and Change, Soft Computing, World Development, Economics Letters, Journal of Policy Modeling and Journal of Macroeconomics. Recent conference participation include the Centre for the Study of African Economies (CSAE) Annual conference in Oxford (UK) and the Canadian Economic Association Annual (CEA) conference (Canada) where I usually present my on-going research. Together with two fellow researchers in South Africa and Ghana, I was co-investigator in a 6-month International Growth Centre funded research project titled A Regional Analysis of Inflation Dynamics in Ghana: Persistence, Causes and Policy Implications (see http://www.theigc.org/project/regional-analysis-of-inflation-dynamics-in-ghana-persistence-causes-and-policy-implications/). I am currently an associate editor for two journals - Economic Issues and African Review of Economics and Finance (AREF); both journals are fairly active in publishing applied and policy-driven work. 

Selected publications
  • Coleman, S, Ackrill, R, Dobson, C, Igudia, E (2016) Determinants of the informal economy of an emerging economy: a multiple indicator, multiple causes approach, Int. J. Entrepreneurship and Small Business, 28(2/3), pp.154-177.
  • Igudia, E, Ackrill, R, Coleman, S, Dobson, C (2016) Determinants of the informal economy of an emerging economy: A multiple indicator, multiple causes approach, International Journal of Entrepreneurship and Small Business, 28(2-3), pp.154-177, ISSN: 1476-1297. DOI: 10.1504/IJESB.2016.076643.
  • Coleman, S, Mourelle, E, Cuestas, J-C (Accepted for publication) Investigating the oil price-exchange rate nexus: evidence from Africa 1970-2004, Economic Issues, ISSN: 1363-7029. Full text: http://www.economicissues.org.uk/ .
  • Coleman, S and Leone, V (2015) An investigation of regime shifts in UK commercial property returns: a time series analysis, Applied Economics, Full text: http://www.tandfonline.com/doi/abs/10.1080/00036846.2015.1080805?journalCode=raec20. DOI: 10.1080/00036846.2015.1080805.
  • Coleman, S and Sirichand, K (2015) International yield curve comovements: impact of the recent financial crisis, Applied Economics, 47(43), pp.4561-4573, ISSN: 1466-4283. Full text: http://www.tandfonline.com/doi/full/10.1080/00036846.2015.1031875#abstract. DOI: 10.1080/00036846.2015.1031875.
  • Coleman, S and Sirichand, K (2015) Investigating Multiple Changes in Persistence in International Yields, Economic Issues, 20(1), pp.65-90.

See Dr Coleman's staff profile page >

Professor Eric Pentecost

T: +44 (0)1509 222734
E: E.J.Pentecost@lboro.ac.uk

Open economy macroeconomics; currency substitution and capital flows; exchange rate modelling and policy; financial repression and liberalisation

Selected publications

  • Rasciute, S, Puckett, S, Pentecost, EJ (2015) The allocation Of OECD direct investment between CEECs: A discrete choice approach, Bulletin of Economic Research, 67, pp.S26-S39, ISSN: 0307-3378. DOI: 10.1111/boer.12032
  • Stack, MM, Ravishankar, G, Pentecost, EJ (2015) FDI performance: a stochastic frontier analysis of location and variance determinants, Applied Economics, ISSN: 0003-6846. DOI: 10.1080/00036846.2015.1013612
  • Stack, MM, Ravishankar, G, Pentecost, EJ (2015) FDI performance: a stochastic frontier analysis of location and variance determinants, Applied Economics, 47(30), pp.3229-3242, ISSN: 0003-6846. DOI: 10.1080/00036846.2015.1013612
  • Rasciute, S, Pentecost, E, Ferrett, B (2014) Firm heterogeneity in modelling foreign direct investment location decisions, Applied Economics, 46(12), pp.1350-1360, ISSN: 0003-6846. DOI: 10.1080/00036846.2013.872760
  • Ahmad, AH and Pentecost, EJ (2012) Identifying aggregate supply and demand shocks in small open economies: Empirical evidence from African countries, INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 21(1), pp.272-291, ISSN: 1059-0560. DOI: 10.1016/j.iref.2011.08.004

 

Dr Christopher Spencer

T: +44 (0)1509 222706
E: C.G.Spencer@lboro.ac.uk

Role of committees in setting monetary policy; EMU and EU enlargement; applied economics and macroeconomics

Selected publications
  • Spencer, CG and Temple, P (Accepted for publication) Standards, Learning and Growth in Britain, 1901‐2009, Economic History Review: a journal of economic and social history, 69(2), pp.627-652, ISSN: 1468-0289. DOI: 10.1111/ehr.12129
  • Spencer, CG, Asako, K, Liu, Z (2015) Objectives and Makings of Monetary Policy in Japan, Economic Review, 66(2), pp.97-114
  • Spencer, CG (2014) Monetary policy committees and Degrootian consensus, Economics Bulletin, 34(2), pp.1291-1302, Full text: http://www.accessecon.com/Pubs/EB/2014/Volume34/EB-14-V34-I2-P120.pdf 
  • Brooks, R, Harris, MN, Spencer, C (2012) Inflated ordered outcomes, ECONOMICS LETTERS, 117(3), pp.683-686, ISSN: 0165-1765. DOI: 10.1016/j.econlet.2012.08.020

See Professor Spencer's profile page >

Professor Paul Turner

T: +44 (0)1509 222722
E: P.M.Turner@lboro.ac.uk

Macroeconomics; monetary economics; applied econometrics

Selected publications
  • Turner, PM and Wood, JA (Accepted for publication) Non-Linear Exchange Rate Pass Through in Industrial Economies, Applied Economics, DOI: 10.1080/00036846.2016.1197374
  • Turner, P and Wood, JA (2014) Teaching the multiplier: The value of a quantitative approach, International Review of Economics Education, 16(PB), pp.147-155, ISSN: 1477-3880. DOI: 10.1016/j.iree.2014.03.001
  • Hall, MJB, Yan, M, Turner, P (2014) Estimating Liquidity Risk Using the Exposure-based Cash-Flow-at-Risk Approach: An Application to the UK Banking Sector, International Journal of Finance and Economics, forthcoming, DOI: 10.1002/ijfe.1495
  • Turner, P and Wood, JA (2014) Teaching the multiplier: The value of a quantitative approach, International Review of Economics Education, ISSN: 1477-3880. DOI: 10.1016/j.iree.2014.03.001
  • Turner, P (2013) Does the monetary policy committee still care about inflation? Some evidence from a small macroeconomic model, Applied Economics, 45(19), pp.2745-2750, ISSN: 0003-6846. DOI: 10.1080/00036846.2011.629985
  • Forest, JJ and Turner, P (2013) Alternative estimators of cointegrating parameters in models with nonstationary data: An application to US export demand, Applied Economics, 45(5), pp.629-636, ISSN: 0003-6846. DOI: 10.1080/00036846.2011.608647.

See Professor Turner's profile page >

Dr Justine Wood

T: +44 (0)1509 223622
E: J.A.Wood@lboro.ac.uk

Central Bank transparency; monetary policy; Higher Education economics; the history of economic thought

Selected publications

  • Turner, PM and Wood, JA (Accepted for publication) Non-Linear Exchange Rate Pass Through in Industrial Economies, Applied Economics, DOI: 10.1080/00036846.2016.1197374
  • Turner, P and Wood, JA (2014) Teaching the multiplier: The value of a quantitative approach, International Review of Economics Education, 16(PB), pp.147-155, ISSN: 1477-3880. DOI: 10.1016/j.iree.2014.03.001