School of Business and Economics


Professor Eric Pentecost

Professor Pentecost leads the MaDE-RIG which looks at the role of money, monetary policy and financial development of countries

Money and Developing Economies Research Interest Group (MaDE-RIG)

RIG Leader: Dr Eric Pentecost, Professor of Economics

The recent two-day Macroeconomics Policies workshop was a great success - thank you to all who participated! 

The focus of our research is on role of money, monetary policy and financial development in both developed and developing countries, with particular emphasis on the achievement of the macroeconomic goals of economic stability and economic development. Specific interests of the group are in exchange rate determination and policy, balance of payments analysis, financial repression, development finance and the conduct of monetary policy in both developed and developing economies.

Current and recent research projects include:

  • A new test of de facto exchange rate regimes
  • Current account and terms of trade shocks in African economies
  • Determinants of African financial under-development
  • Financial repression in newly liberalising countries (especially India and China)
  • Impact of institutional reforms on financial markets, corporate governance and economic development
  • Modelling monetary policy committee decisions
  • Modelling the location decisions of companies overseas direct investments 

RIG LeaderProfessor Eric Pentecost, Professor of Economics 

Dr Ahmad Ahmad,  Lecturer in Macroeconomics

Dr Vitor Castro, Senior Lecturer in Economics

Dr Simeon Coleman, Lecturer in Macroeconomics

Professor Paul Turner, Professor of Applied Economics 

Dr Chris Spencer, Senior Lecturer in Economics

Dr Justine Wood, Lecturer in Business Economics

Ms Jieye Qin, PhD student,  Futures Market Integration

Mr Yuan Tian, PhD student, Financial Repression

Dr Kavita Sirichand, Lecturer in Financial Economics


Associate members

Dr Chris Green, Professor of Economics and Finance

Dr David Fielding, Visiting Professor of Economics (University of Otago, New Zealand)

Dr Wenti Du, Research Fellow, (Lecturer in Economics, Akita University , Japan)

Dr Yuan Tiang, Research Fellow (Assistant Professor of Economics, Institute of Economics and Finance, Nanjing Audit University, China)

Past activities

  • Workshop on Macroeconomic Policies in Post-crisis Emerging and Developing Countries (10 August 2016)
  • Modelling Macroeconomic and Financial Time Series, two-day conference (July 2014)
  • Eric Pentecost presented a paper at the Western Economics Association International Conference (Denver Colorado, June 2014) on “Real exchange rates, aid and interest repayments: a panel data approach” (Co-authors, Ahmad, Ahmad and Marie Stack)
  • Workshop on the Euro Area Crisis (February 2014)
  • Dr C Spencer was visiting fellow at the Development Bank of Japan (Tokyo, Japan) from August 2012- January 2013, and a Visiting Associate Professor at the Center for Economic Institutions at Hitotsubashi University, Tokyo, Japan from February 2013 - April 2013


Recent publications

  • Pentecost, E. J., Ferett, B., & Rasciute, S., Firm heterogeneity in modelling foreign direct investment location decisions Applied Economics, Vol. 46, April 2014, pp. 1350-1360. DOI: 10.1080/00036846.2013.872760
  • Pentecost, E.J., Puckett, S. & Rasciute, S.,  The allocation of OECD direct investment between CEECs: a discrete choice approach, Bulletin of Economic Research, Vol. 66, August 2014,  DOI:10.1111/boer.12032
  • Pentecost, E.J., G. Ravishankar, G.  & Stack, M.M., Foreign direct investment performance:  a stochastic frontier analysis of location and variance determinants Applied Economics, Vol. 47, December 2015, pp. 3229-42.  DOI: 10.1080/00036846.2015.1013612
  • Pentecost, E.J. & Zazosa, F., Structural real exchange rate and unemployment interdependencies in Argentina, Revista de Economia y Estadistica,Vol. 52, No. 1, 2016, pp. 57-86
  • Castor, Vitor; Sousa, Ricardo M. (2017). Economic Activity, Credit Market Conditions and the Housing Market. Macroeconomic Dynamics, forthcoming
  • Agnello, Luca; Castro, Vitor and Sousa, Ricardo M. (2017). Financial Markets’ Shutdown and Re-Access. Economic Inquiry, forthcoming
  • Agnello, Luca; Castro, Vitor; Jalles, João and Sousa, Ricardo M. (2015). Fiscal Consolidation and Financial Reforms. Applied Economics, 47 (34-35), 3740-3755
  • Agnello, Luca; Castro, Vitor and Sousa, Ricardo M. (2015). Booms, busts and normal times in the housing market. Journal of Business and Economic Statistics, 33(1), 25-45
  • Spencer, CG and Temple, P (2015) Standards, Learning and Growth in Britain, 1901‐2009Economic History Review:, 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 JapanEconomic Review, 66(2), pp.97-114
  • Spencer, CG (2014) Monetary policy committees and Degrootian consensusEconomics Bulletin, 34(2), pp.1291-1302, Full text:
  • Pentecost, E.J., S. Rascuite & B. Ferrett (2014) ‘Firm heterogeneity in modelling foreign direct investment location decisions,’  Applied Economics (forthcoming)
  • Turner, P. (2013) ‘Does the MPC still care about inflation? Some evidence from a small macroeconomic model, Applied Economics, vol. 45, pp. 2745-50


Papers in progress

  • Asymmetries in the impact of monetary policy shocks on inflation
  • Current account dynamics and real exchange rates in Africa
  • Long-memory analysis of house price inflation in the UK: Does location matter?
  • Terms of trade shocks and economic performance of African economies