120
Industrial Organisation and Economic Theory
Prof Bob Rothschild, Dr Caroline Elliott, Dr Kim Kaivanto, and Gerry
Steele.
Much of the work done by the group is based upon applications of
game theory in the context of economics. Bob Rothshchild’s
research focuses on strategic behaviour amongst large firms, in
particular on aspects of product differentiation, cartel and coalition
formation. Kim Kaivanto’s research draws on advances in decision
theory and the economics of risk and uncertainty, including
cumultative prospect theory. He builds upon this to develop models
of financial investment applications addressing the problems
associated with valuing and financing R&D and innovation.
Caroline Elliott’s research is on advertising. Some of this work is
empirical but much of the research is game theoretic in nature.
Gerry Steele’s work is more eclectic and much of it is on the
RESEARCH AREAS
periphery of the economics mainstream, covering such topics as:
psychology, rationality and values; critical realism and economics;
Human Resource Economics
and Hayek’s capital and business cycle theory.
Prof Steve Bradley, Prof Geraint Johnes, Prof Jim Taylor, Dr Colin
Green, Dr Hilary Ingham, Dr Jill Johnes and Dr Rob Simmons.
Macroeconomics, International Economics and
Financial Markets
The group’s research concentrates on quantitative analysis in three
Prof David Peel, Dr Marwan Izzeldin, Dr Ivan Paya, Deborah
major areas. Much of this work is funded by bodies such as the
Gefang, Themis Pavlidis, Dr Nicholas Snowden and Dr Alina Spiru.
ESRC, Nuffield and Leverhulme foundations.
David Peel has published pioneering papers on the applications of
The first area concerns the performance of the education sector and
nonlinear time series models to parity conditions, such as
the impact of education and training on labour market outcomes.
purchasing power parity and covered interest parity (Journal of
Geraint Johnes and Jill Johnes have conducted numerous studies of
Political Economy, International Economic Review, Journal of
costs and efficiency in educational institutions. Jim Taylor has
Money, Credit and Banking) and the modelling of political
investigated performance indicators in this sector and has recently
popularity (SNDE, JRSSa). He has contributed to the theoretical
completed an analysis of the impact of the specialist schools
modelling of central banks with asymmetric preferences (Economic
programme. Meanwhile Steve Bradley has done a large amount of
Journal) and the political theory of business cycles (European
work on the school to work transition, and Colin Green has
Economic Review). He has also contributed to the literature of the
investigated the incidence of overeducation amongst migrants.
economics of gambling markets (Economica). Ivan Paya has
extended the analysis of the mean reversion and persistent
The second main area of research in this group concerns the
properties of real exchange rates and inflation series by looking at
operation of the labour market. Steve Bradley has recently
the structure of impulse response functions and temporal
completed a major investigation (conducted jointly with Manchester
aggregation effects (JMCB, Journal of Applied Econometrics).
University) of efficiency within search and matching models of the
Themis Pavlidis has recently joined the department and works
labour market. Rob Simmons has developed particular expertise in
along with David Peel and Ivan Paya on modelling real exchange
the economics of sport. Much of his work involves the testing
rates with trade costs, robust linearity tests and forecasting and
of labour market theories in this sphere. Geraint Johnes works on
nonlinear models. Alina Spiru investigates the Efficient Market
labour market discrimination.
Hypothesis in the forward market and the nonlinear modelling of
inflation.
The third area concerns the comparative analysis of labour market
policies in a variety of European countries. Hilary Ingham’s work in
Nick Snowden extends the work on international economics by
this area has focused on the accession countries to the EU and has
looking at capital flows and financial markets. He analyses
attracted funding from, among other sources, DfID, generating a
financial aspects of economic development and stabilisation
series of books and articles in the sphere of industrial relations.
problems (Oxford Economics Papers, World Development).
Marwan Izzeldin’s research relates to the modelling and forecasting
of high frequency data. He investigates volatility and forecasting in
equity and foreign exchange markets as well as the application of
Bootstrapping techniques in testing long memory (Computational
Statistics and Data Analysis). Deborah Gefang works on nonlinear
models for business cycles using a Bayesian approach.
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