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UOA 34 - Economics and Econometrics

Queen Mary, University of London

RA5a: Research environment and esteem

1.  INTRODUCTION AND SUMMARY 

 

Between 2001 and 2007, the strategic focus of the Department of Economics at Queen Mary, University of London has been to build and improve on the research achievements that led to our grade 5 in RAE2001.  To that end, we have:

  • fostered a culture of producing international quality research
  • supported and promoted our existing staff in line with that culture
  • hired senior established scholars of outstanding international reputation
  • hired outstanding junior staff
  • further strengthened our RAE2001 research clusters

 

The following table summarises our record in terms of RAE1996, RAE2001 and current data:

 

 

 

1996

2001

2007

Memo items

 

 

 

RAE grade

4

5

 

# staff submitted (FTE)

19.75

20.1

23

  Of which: Early career staff

n/a

n/a

5

 

 

 

 

Indicators

 

 

 

Submissions

44

61

79

 

 

 

 

# Diamond journals (see notes)

7

30

55

 Of which: top 10

0

14

28

% submissions Diamond top 30

16%

49%

70%

% submissions  Diamond top 10

0%

23%

35%

 

 

 

 

Early Career Researcher

 

 

 

# of submissions by ECR 

n/a

n/a

8

# of ECR submissions in Dmd top 10 

n/a

n/a

# of ECR submissions in Dmd top 30 

n/a

n/a

 

 

 

 

Grants

£185,899

£455,737

£1,100,114 

New PhD students 

5

12

26

 

Notes to table:  Diamond journals are the top 30 list in Kalaitzidakis, et al (2003), Journal of European Economic Association, Column 5 of Table 1 (i.e. their preferred impact, age and self-citation adjusted per number of pages).  Top 10 journals are: Am Econ Rev, Econometrica, J Polit Econ, J Econ Theory, Q J Econ, J Econometrics, Economet Theory, Rev Econ Stud, J Bus Econ Stat, J Monetary Econ. To the 10-30 list we have added the Journal of the European Economic Association

 

The key indicators are:

 

1.                               We are submitting more staff this round, including 5 Early Career Researchers (ECRs).

2.                               Since RAE2001, we have had an 83% increase in outputs published in Diamond top 30 journals, from 30 to 55 and a 100% increase in outputs published in Diamond top 10 journals, from 14 to 28.

3.                               Over the current assessment period, 70% of our submissions were in Diamond top 30 journals and 35% in Diamond top 10 journals.

4.                               Our five ECRs are submitting 8 pieces of work, of which 6 are in Diamond top 10 journals: 1 American Economic Review, 2 Journal of Econometrics, 1 Econometric Theory and 2 Journal of Economic Theory (the other two pieces are Journal of Economic Dynamics and Control and Journal of Public Economic Theory).

5.                               Our grant income more than doubled over the assessment period and our current post 2007 grant income is already almost at this level.

6.                               We have increased our PhD student intake significantly.

 

 

2.  RESEARCH ENVIRONMENT

 

2a.  Research students and studentships

 

In the last three years, our PhD programme has undergone a vigorous restructuring. To attract the best students, we have been able to offer a number of scholarships: six College Scholarships, one Departmental Scholarship and three ESRC Studentships. As a measure of our commitment to boosting graduate student numbers and quality, we have instituted “PhD Fellowship” packages providing a combination of fee waivers and scholarships.  In 2005/6 we provided three of these, in 2006/7 nine.  All of these scholarships and fellowships are awarded following a competitive process of interviews and evaluation of research proposals. 

 

Each student is allocated two supervisors and is required to attend advanced courses, reading groups and seminars.  The advanced courses are available from both Queen Mary staff and at other London colleges.  Students are initially registered as MPhil.  To proceed to PhD status, they have to give an approved seminar in the PhD progression seminar series, organised every April.

 

The Department supports the training of PhD students by running two series of weekly “reading groups”, in Econometrics and in Economic Theory.  These involve both academic members of staff and research students, who take an active part in them by presenting their own work as well as other papers for discussion in an informal forum. The reading groups were explicitly flagged by the ESRC as significant in obtaining our ESRC recognition.  Further direct involvement of PhD students with more senior academics is evidenced by the many co-authored papers with supervisors, as well as their own papers.

 

First destinations of some of our PhD graduates since 2001 include: University of Manchester, Central Bank of Colombia, Chief Economist at Hansabanka Latvia, Centre for Longitudinal Analysis, Carlos III University, Madrid, OFCOM, IMF Research Department, Barclays Bank, American University (Washington D.C).

 

 

 

 

 

2b. Research Income 

 

The Department and College fully support and encourage staff in making grant applications.  At College level, the Innovation and Enterprise Unit and Research Grants Administration Office give extensive help in completing and processing forms.  Applications for teaching buyouts both create research space for the grant-holder and bring talented young researchers into the Department, thereby expanding the general research culture.  Along with our competitive teaching loads, this is a central part of our research strategy.

 

As set out in RA4, our funding this assessment period is £1,100,114.  In all cases external funding has been obtained by a peer-reviewed competitive process.  Our funding sources are broad-based, including the ESRC, the EU, Nuffield, government departments such as the DfES (as was), HMT and Leverhulme.  As would be expected, the applied group has raised around 75% of that money, but the theory and finance/econometrics group have raised around 10% and 15% of the money respectively, including two ESRC grants.

 

We have already raised more money in grants which will start after this RAE 2008 assessment period than during the period.  Confirmed grants from ESRC are those to Cornaglia (Principal Investigator, £81,436), Giraitis (Co-applicant, QMUL share £91,290) and Fernandes (Co-applicant, QMUL share £108,132 from March 2007 to February 2009).  Haskel has an FP7 grant (Principal Investigator, €1,464,767).  Cornaglia has a British Academy Post-Doctoral Fellowship.  The total value of these grants is just over £1.2m.  This is evidence of both future strength and the success of the completed grants; for example, Giraitis’ grant follows a previous ESRC grant rated as “outstanding” by all five external assessors.

 

 

 

2c.  Research structure

 

2.c.1.  Clusters

 

Our areas of research are organised as in the RAE2001 groupings and hires since then have deepened and broadened these groups. 

 

i)                    Econometrics/Financial Econometrics and Finance

 

We continue to sustain and develop a very strong group in econometrics and time series, with applications particularly in financial markets.  Our senior appointments have been Kapetanios (ex Bank of England, submitted papers 3 J.Econmet, 1 Econmet.Th), Guerre (ex Paris, 1 J.Econmet, 2 Econmet.Th., 1 Annals.Statistics), and Giraitis (ex York, 2 J.Econmet, 1 Econmet.Th, 1 Annals.Statistics).  Other appointments have been Fernandes (ex Getulio Vargas Foundation, 3 J.Econmet, 1 J.Ec.Dy.Cont), Lazarova (ECR, PhD LSE, 1 J.Econmet, 1 Econmet.Th), Carriero (ECR, PhD Bocconi, 1 J.Econmet), Galvao Ferreira (papers in maiden name Galvao, ex Banco de Portugal, 2 J.Applied.Econmet, 1 Ec.Let, 1 forthcoming J.Ec.Bus.Stat).  To further strengthen this group and bridge with the theory group, we have just appointed two finance theory specialists, Cespa (1 EER, 1 Economic Theory, 1 Rand J., 1 J. of Finance) and Cestone (1 Rand J., 1 J. of Finance, 1 JEMS).  They join the existing team of Baillie, Karanassou and Qin.

 

The main achievements of this group over the period are as follows.  The 14 people in this group have 11 papers in J.Econmet, 7 in Economet.Th, 2 in the Annals of Statistics and 2 in the Journal of Finance.  External impact includes Kapetanios’ work for the Bank of England and Qin’s work with the Asian Development Bank (see in esteem indicators).  Building for the future, early career researcher hires in this group have been exceptional: Lazarova has two Diamond top 10 publications, including a single-authored J.Econmet and an Econmet.Th (she has also published in J.Applied.Econmet); Carriero also has a J.Econmet (plus a Ox.Bull and Int.J.Forecasting).  Co-authorships reflect increasing research synergies, for example, the co-authorship between Baillie and Kapetanios and between Lazarova and Guerre.

 

ii)                  Economic Theory

 

This group is mainly focused on game theory, bounded rationality, microeconomic theory and experimental research.  Since RAE 2001, Mariotti (1 AER, 1 JET, 1 Ga.Ec.Be, 1 Soc.Ch.W) has been recruited and Manzini (1 JET, 1 J.Pub.Ec, 1 EJ, 1 Int.J.Game.Th) and Vriend (1 J.Ec.Dy.Con, 1 J.Pub.Ec, 1 EJ, 1 Sth.Ec.J) have all been promoted to Chairs. In addition, we have recruited Allouch (ex Leicester, 1 JET, 1 Econ.Th, 2 J.Math.Econ), Tyson (ECR, PhD Stanford, 1 JET, 1 J.Ec.Dy.Con) and Veneziani (ECR, PhD LSE, 1 JET, 1 J.Pub.Ec.Th).  Finally, this year the group has been greatly strengthened by the appointment of Koeniger (PhD European University Institute, 1 IER, 1 EJ, 1 Ec.Let., 1 Ec.Policy) who works in macroeconomic theory and has interests that complement Fella and broaden our theory group.

 

The group has strong internal research synergies and generates a great deal of joint work (NB: all joint output has been submitted for only one author).  These co-authorship links are strong evidence of the co-operative research culture in the group.  For example, between them, Fella, Manzini and Mariotti have 1 J.Euro.Ec.Assoc; Manzini and Mariotti 1 AER, 2 JET, 1 Ga.Ec.Be., 1 EJ, 1 J.Pub.Econ. and 1 J.Pub.Ec.Th; Manzini and Vriend one revision at the EJ, Mariotti and Veneziani one revision at Soc.Ch.W and Manzini, Mariotti and Tyson have submitted a joint research project.  The 7 people in this group have 5 papers in Journal of Economic Theory, 1 paper in the American Economic Review and other papers in leading Game Theory journals, and has raised ESRC and other grant income, relatively hard for theorists to obtain.  Finally, we have hired very strong ECRs in this area, with Tyson and Veneziani both having their first published papers from their PhDs in JET.

 

iii)              Applied Microeconomics

 

This group continues to work on company and individual data with interests in labour, industrial and health economics and a strong policy focus.  This year the group has been further strengthened by the ECR Cornaglia (PhD Turin, 1 AER), bringing with her grants from ESRC (principal investigator) and the British Academy.  Haskel (1 AER, 1 R.Ec.Stat, 1 EJ, 1 Euro.Ec.Rev), attracted two major research grants, from the ESRC and the DTI/Treasury and directs the research centre (Centre for Research into Business Activity, see 3a below). Manacorda (1 AER, 1 JLabEc, 1 J.Euro.Ec.Assoc, 1 J.Pub.E) received a fellowship from the Nuffield Foundation.  Spencer helps direct a team of five health economists to provide health economics expertise and support to the NICE National Collaborating Centre for Primary Care and Chronic Conditions.  Spencer and Cornaglia both have interests in the economics of health; Cornaglia, Manacorda and Fella in the economics of crime.

 

In terms of publications, the group of 4 have 3 papers in the AER.  The group have almost £800,000 worth of grants. Spencer’s work is interdisciplinary, as evidenced by the major co-operative Health Economics Project with the National Institute of Clinical Excellence and is a co-applicant on six medical school grants (that have been accredited to the Queen Mary Medical School under the principal applicant).  As for the strength of our ECR, Cornaglia brings both strong publications and grants.  Finally, a strength of the group has been to build and use extensive interactions with other (particularly London-based) applied microeconomic and policy groups.  These include, for example, Manacorda’s work with CEP/LSE and Haskel’s work with HM Treasury and ONS (see esteem indicators below).

 

 

2.c.2  Infrastructure

 

i. Facilities in the college

The Humanities & Social Sciences sector is managed by a Vice-Principal, whose role includes support of innovatory, cross-departmental and interdisciplinary research. Capital investment (with a substantial element from SRIF) has radically improved research facilities, including provision for the Graduate School (£1million scheme opened April 2005), and residential on-campus provision for research students and visitors in the new £45m Westfield Student Village. A £20m new building for Humanities research and teaching will open in 2009-10.  Substantial College funds (currently c. £1m per year) have also been allocated to departments to (a) fund post graduates; (b) fund the Graduate School in Humanities and Social Sciences, which organises research training and facilitates cross-disciplinary research; (c) fund a Distinguished Visiting Fellows Programme (with accommodation on the campus) and a lively series of research-led events.  A dedicated officer in Research Grants Administration provides specific support for research grant applications.  QM's Innovation and Enterprise department also provides dedicated support for Economics in accessing funding for research from established bodies, starting new Knowledge Transfer projects, accessing new routes for funding and publicising research.

 

ii. Facilities in the department

In addition to the extensive facilities offered by QMUL Library and Computing Services, the department employs a dedicated Computing Officer/Programmer and a Technician to support staff and graduate students.  All staff offices have excellent IT provision, with the current standard an Intel core 2 duo, 2G RAM with 17" LCD monitor, and workstations for staff with higher processing requirements (and a Unix server if needed). The department purchases any relevant software and upgrades.

 

All staff have an annual allowance of £4,000 for research activities.  We also have a generous budget to pay for the expenses and accommodation of guest speakers at our regular research seminars. Staff can apply for additional monies to cover research activities, such as travel to or by co-authors, which is generously funded.

 

Regarding facilities for research students, our PhD Students each have a PC, £1,000 research allowance, use of a shared office in the Department and any data or software they need.

 

The Department runs a full programme of research events, drawing together staff, PhD students and a wide range of guest speakers.  We currently run weekly Departmental seminars as well as seminars with external and internal speakers. All the Department’s research groups have run at least one major workshop or conference in their areas (see under Esteem Indicators for more details).  Recent visiting speakers in the annual College Corry and Peston public lectures have included David Blanchflower, Charles Goodhart and John Roemer.

 

2.c.3  Interdisciplinary research structure

 

We have a policy of giving staff specific time and financial support to pursue interdisciplinary ideas and links.  For example, we gave Spencer paid leave at the initial stages of her interdisciplinary work with the Medical School specifically to establish these links.

 

2.c.4 Relations with business, professional bodies, government and regulatory bodies, not-for-profit organisations or other users of research and how these relate to research strategy

 

We seek not to be prescriptive about research links (aside from discouraging extensive consultancy with minimal research content).  Staff have therefore, for the most part, forged links with users requiring high quality academic research.  In turn, such links have informed staff research plans and data and helped subsequent placement of our students.  Details of such engagement are set out in detail in the esteem indicators, see 4c below, but as examples, we note the following. In productivity, labour and health, Haskel, Manacorda and Spencer have extensive policy engagement; Spencer mentors a team of around 5 health economists at the National Collaborating Centre for Primary Care (at the Royal College of General Practitioners) and Chronic Conditions (at the Royal College of Physicians).  She runs a series of workshops for health economists on modelling techniques to aid decision-making at the National Institute for Health and Clinical Excellence (NICE), which are used to calculate the cost effectiveness of competing therapies.  Thus Queen Mary has supervised the economic modelling that underpins the NICE guidelines in around 15 clinical areas, including: Chronic kidney disease; Myocardial infarction; Postnatal care; Lower back pain; Chronic kidney disease; Type 2 Diabetes; Parkinson's disease, and Tuberculosis.  In macroeconomics, Kapetanios has links with the IMF, the ECB and close links with the Bank of England; Qin was seconded from 2003-6 to the Asian Development Bank to build the Bank’s macroeconometric models for China, Philippines, Bangladesh and Indonesia.  Her work is now being used in all of these countries. 

 

 

 

 

 

 

2e. Staffing Policy

 

i)                    Recruitment Policy

The Humanities and Social Sciences sector at Queen Mary is vigorous, ambitious and well supported. In RAE 2001, 95% of eligible staff in the sector were submitted and of these 92% were in departments subsequently graded 5/5*, placing the sector within the top ten in the UK in research quality. Since 2001, in a carefully planned and targeted research strategy, the College has invested heavily in new appointments at professorial and more junior levels, achieving an overall increase in academic staff in the sector of 25%.  The Department has benefited directly from this investment and has recruited high quality staff in Economics at all levels, both junior and senior. All short listed candidates for academic posts visit and give a pre-interview seminar to the Department.  We use the RES hiring sessions intensively and we expect to continue making new appointments well into the next assessment period.

 

ii)                  Supporting and developing staff and non-research duties

The Department supports staff in their development in many ways.  The College’s Education and Staff Development Unit facilitates a wide range of staff development courses, for both new, probationer staff and for existing staff.  Staff have a generous research allowance (see 2.c.2.ii above). The College awards sabbaticals for one semester/year in seven, and all submitted staff members who have been eligible for sabbatical have been granted it during the current assessment period. Moreover, we have granted additional periods of leave further to support research projects. For example, Qin was awarded three years of (unpaid) leave after a request from the Asian Development Bank to second her to develop their macroeconomic models.  Spencer was given (paid) leave at the start of her collaboration with NICE to set up the structure of research fellows that she co-supervises.

 

We promote staff with a track record and prospects of excellence.  Allouch, appointed in September 2003 as Lecturer, was promoted to Senior Lecturer in 2004 and then Reader in 2007; Fernandes, appointed as lecturer in September 2004, was promoted to Professor in 2006; Kapetanios, appointed as Senior Lecturer in 2002 was promoted to Professor in 2004; Lazarova, appointed as Lecturer in September 2004, was promoted to Senior Lecturer in September 2007; Manzini and Vriend, both appointed as Lecturer in 1997, were promoted to Professor in 2005 and 2006 respectively.

 

We ensure that teaching and marking loads allow adequate research time, and all staff members have, at the very least, one day free of teaching during term time to prosecute their research.  Where possible, we assist staff if they wish to compress their teaching into one semester.

 

iii)                Specific steps to support ECRs

ECRs receive specific support via the probationary system. The College’s Education and Staff Development Unit offers the PGCAP course to equip new staff with relevant skills, while the Department funds any courses and seminars necessary for staff development. In terms of workload, the Department’s policy has been to ensure that such staff carry only the smallest administrative tasks in their initial years of appointment. All major administrative tasks are undertaken by senior staff members. We also have been careful to match teaching to ECR’s areas of expertise.

 

iv)                Departure of category B staff

We have had 14 departures between RAE2001 and RAE2007 including intra-period departures.  The departures consist of 3 temporaries not renewed, 3 to promotions, 4 to other Grade 5 departments (for promotion or equivalent jobs) and 4 returning to their home countries. 

 

In spite of this turnover, we have improved our submission in all dimensions relative to RAE2001: more staff submitted, more submissions and of higher quality (see table in Introduction).  In particular, the notable strength of our ECRs shows the success of our hiring policy. Also, since RAE2001 we have increased the number of FTE Professors from 5½ to 8½ . 

 

Finally, we have kept our areas of strength and not had to change them from RAE2001 due to staff departure (see 3a below).

 

 

v)                  Other categories of staff and staff with joint appointments

We have no category C or D staff.  Our only joint appointment is Baillie 0.5(FTE) with Michigan State University.  He has submitted a joint paper with Kapetanios (J.Bus.Ec.Stats) (and has other joint papers with Kapetanios).

 

 

 

3.  RESEARCH STRATEGY

 

3a. Stated strategy in RAE2001 and implementation

 

RAE2001 said “Our plans.  We have established ourselves as one of the top economics research departments in the UK. We will consolidate this further by

(a)• continuing to produce internationally regarded high-quality research output

(b)• establishing externally funded research centres in (at least one of) our chosen areas

(c)• using our growing research expertise and reputation to expand our lively graduate school

 

We have delivered on all these plans during the assessment period.  Regarding (a), the data in the table above demonstrates that we have significantly increased the number of publications appearing in top ranked journals.  We continue to foster a culture of research excellence through our recent appointments, in particular the strength of our ECRs.

 

Regarding (b), since 2001 we have set up a Research Centre funded by Haskel’s Treasury, ESRC and now FP7 grants - the Centre for Research into Business Activity (www.ceriba.org.uk).  Quite apart from research generated, we have placed students at the ONS and Treasury and have developed a programme of summer student project placement as a result of this interaction.  Kapetanios has obtained college funds to create a Centre of Finance which will bring together departmental work and foster inter-disciplinary research with other departments in the College (including the Departments of Physics, Electronic Engineering and Computer Sciences and the Centre for Commercial Law Studies).

 

Regarding (c), as our table shows, we have increased our PhD numbers significantly and re-shaped the programme, see section 2.

 

3b. Current research strategy, future plans and objectives

Our current strategy is a logical continuation of that set out in RAE2001, namely:

 

1.      To continue to build clusters of internationally renowned staff around our three distinctive areas of strength

2.      To continue to publish work of first-class international quality

3.      To continue the expansion of our PhD programme

 

Our future plans to achieve these objectives are as follows: 

 

First, the department will continue to invest resources in the expansion of its PhD program by providing fully-funded studentships.  As a demonstration of our commitment, we offered last summer a large number of studentships to support our MSc programmes. This has resulted in a very large expansion of the programme this academic year.  This will be an important screening and feeding route into the PhD programme.

 

Second, we believe that our internal seminars and reading groups have been a very great success, both as a forum for the common advancement of knowledge and for the exchange of ideas between researchers at all stages of their career, and are therefore a crucial tool to pursue simultaneously the first two objectives set out above. The groups have proved effective as a springboard for new projects and collaborations (e.g. our PhD student Lombardi has completed a paper with Yoshihara, visitor to the Economic Theory reading group from Hitotsubashi University).  The Department will continue to support the groups and this type of associated activity. 

 

Third, the Department will also continue to support and encourage academic visitors and seminar speakers.  To invest in this, we have this year further raised our allowance for inviting external speakers.  We also give very generous allowances to staff members to bring in co-authors from overseas and visit them to foster co-operation and finish projects.  We have financially supported staff members who organise conferences for example, the QM conferences organised by Allouch, Kapetanios and Veneziani (detailed in Esteem section).

 

Fourth, to try to recruit and keep the best staff, the Department will continue to be very active in the January RES Job Fair and in encouraging applications for internal promotions.

 

Fifth, the departmental culture strongly encourages research grant applicants, with our confirmed grants after the July 2007 deadline set out above and evidence of our increasing success.  Research income over the period has contributed strongly to our research strategy, with grant income supporting high quality publications and bringing new researchers into our staff clusters.

 

Finally, our future plans are built around the three clusters and develop the high-quality work already in place, as demonstrated by our publications in top journals.  We present here work grounded in post July 2007 grants, highlight plans of our ECRs and set out external collaborations.  As for grants, Cornaglia will work on crime and mental wellbeing (ESRC-funded); Fernandes will study international financial market links (ESRC-funded), Giraitis will be developing the research agenda initiated in a previously ESRC-funded project with a project on the extraction of trend, cycle and memory from economic and financial series (ESRC-funded), Haskel will work on intangibles and the knowledge economy (EU-funded).

 

As for ECRs, Cornaglia will work on smoking, Carriero develop projects (with Kapetanios and Marcellino) on forecasting and the term structure, Lazarova on structural breaks and (with Guerre) on adaptive nonparametric testing in econometrics, Tyson on revealed preference and (with Manzini and Mariotti) on extensive form tests of the expected utility model and Veneziani will continue his research on issues of distributive justice, building on current joint work with Mariotti and. Yoshihara and Roemer.

 

Some of the outside co-authors whom we have already worked with and with whom we have established collaborations, which we intend to extend, are:

        in the UK, Abadir (Imperial), Adda (UCL), Clements (Warwick), Corradi (Warwick), Distaso (Imperial), Dustmann (UCL), Hidalgo (LSE) Iacone (York), Manning (LSE), Rasul (UCL);

        in the US, Kao (Syracuse), Lerner (Harvard), Moretti (UC Berkeley), Page (Indiania), Roemer (Yale), Slaughter (Dartmouth), L. White (Harvard), Wooders (Vanderbilt);

        in Europe, Bertola (Turin), Bjerkhold (Oslo), Bosch-Domenèch (UPF), Boumans (Amsterdam), Dupont-Kieffer (Paris), Florenzaro (Paris), Foucault (HEC), Fumagalli (Bocconi), Garcia (Nice), Kirman (Marseille), Le Van (Paris), Marcellino (Bocconi), Saffi (IESE), Scaillet (HEC Geneve), Thoron (GREQAM) and Vives (IESE Business School).

 

 

 

4.      ESTEEM 

 

4a  Honours and awards from professional societies and public and other bodies

 

Carriero won the "Carlo Giannini Prize" for the best paper written by a young Italian econometrician (given by Italian Econometric Association, CIDE). 

Fernandes received the 2001 Brazilian Economic Association Simeonides Prize for the  Best PhD Thesis. 

Giraitis was awarded a Lithuanian National Prize for Science (2005). 

Koeniger received an honourable mention for his first thesis chapter, in the competition for the Ernst-Meyer prize of the Geneva Association (2003)

 

Membership of research associations and centres include the American Statistical Association (Baillie, Fellow), the Centre for Economic Performance (Manacorda, Associate), the Centre for Economic Policy Research (Haskel, Fellow, Cespa, Cestone, Manacorda, Affiliates), the Centre for Studies in Economics & Finance, Italy (Cespa, Cestone), CESIFO (University of Munich, Manacorda), CHILD (University of Turin, Manacorda), CREA-Barcelona Economics (Cespa, Cestone) (2003-2005), IZA, Bonn (Haskel, Karanassou, Koeniger, Manzini, Fellows), Leverhulme Centre for Research on Globalisation and Economic Policy (Haskel)Haskel was also an ESRC / AIM Senior Fellow from 2003-6. Fernandes was Vice President of the Brazilian Econometric Society from January 2004 to December 2005, and Elected Member of the Board of the Brazilian Finance Society from January 2003 to December 2005.  Manacorda was a research Fellow at STICERD, LSE, from 2002-7.

 

Cornaglia has been awarded a British Academy Postdoctoral Fellowship (2006-8), a Marie Curie Fellowship and a Marie Curie Intra European Fellowship.  Manacorda was awarded the Nuffield Foundation New Career Development Fellowship in the Social Sciences (2002-2005). 

Tyson was a Postdoctoral Prize Research Fellow at Nuffield College, Oxford (2003-2006).

 

4b. Recognition from the academic or user community in connection with the impact of research work

 

Staff act regularly as referees and PhD examiners.  They give seminars throughout the world.  The list of institutions is too numerous to mention singly, but includes all UK grade 5/5* departments, a total of 32 UK Universities, 64 non-UK Universities in all 5 continents and 4 Central Banks.  Non-academic UK institutions include the Bank of England, the Cabinet Office, the Foundation for Science and Technology, the DTI (now BERR), HM Treasury, the Office of Fair Trading, the Office of National Statistics and Watson Wyatt Insurers.  Staff and their work have appeared in a number of media including newspapers (The Observer, The Sunday Times, The Times, FT, Economist, TIME), Radio and TV (ABC, CNN, BBC, RAI).

 

 

 

4c Consultancy, or policy advice given to business, professional bodies, government or regulatory bodies, not-for-profit organisations or other users of research.

 

Our applied microeconomics research grouping has particular policy focus and involvement.  In health, Spencer has extensive policy engagement with her health work (see 2.c.2, and 2.c.4). Cornaglia is a member of the Mental Health Policy Group directed by Richard Layard.

 

Haskel is currently an Academic Associate at the Treasury and has participated in the Keynes Seminar Series and productivity policy roundtables.  He has been a member of the Competition Commission since 2002, serving on major market inquiries into mobile phones (2003), home credit (2006) and airports (2007 and ongoing) and the EMAP/ABI merger inquiry (2004). Haskel’s work on productivity, design and intangibles has been supported by grants from HM Treasury and the DTI/BERR and appeared extensively in a number of policy documents including the 2005, 2006 and 2007 Pre-Budget Reports and the Cox Review.  His results were also quoted in speeches by the Chancellor (May and October 2007). His work on skills and productivity was the subject of a full meeting with Lord Leitch and was reported in the Leitch Review.  He met and briefed the OECD team on his productivity research when they compiled their 2006 country report on the UK. 

 

Manacorda is a regular consultant to the World Bank and the ILO-UNICEF-World Bank UCW project, writing reports on labour market issues in the UK, Africa and Latin America, and in particular Child Labour in Latin America. He is also an advisor to the Government of Uruguay on the evaluation of the Plan de Emergencia a la Atención Social (PANES).  He has also reviewed policy documents for the NAO.

 

On the macroeconomics side, Kapetanios is a consultant for the IMF, the ECB and the Bank of England.  At the Bank of England he has been, and is, involved in the development of the suite of models which is an integral part of the forecasting process that informs the decision making process of the MPC. He has worked and is currently working on the development of tools for taking into account data uncertainty. These are currently being used to provide best guesses as alternatives to ONS data releases.  This work is published in a number of Bank of England working papers and Quarterly Bulletin articles. 

 

Qin has consulted for the Oxford Finance Group on a research project commissioned by the Ministry of Finance in the Netherlands, and a project on the Governance of Market Infrastructure Institutions sponsored by a number of international institutions.  Between 2003 and 2006 she was based at the Asian Development Bank to build the Bank’s macroeconometric models for China, Philippines, Bangladesh and Indonesia.  These models were then provided back to the country’s Central Banks and Treasuries.  Thus in each of these countries, the macroeconometric models they now use either use the technology of these models (with confidential country-specific data in the Philippines) or these models are part of the suite of models that each country maintains (e.g. in Bangladesh, China and Indonesia).  She held meetings, conferences and formal training sessions on macroeconomic modelling with officials and government economists from each of these countries as well as other ADB member countries.

 

In other work, Allouch and Manzini have acted as Academic Assessors for the Civil Service Selection Board (CSSB).  Cespa and Cestone gave 2-day intensive courses on Corporate Finance to executives of the DG ECFIN European Commission in Bruxelles (2005).  Fernandes is an Associate Consultant to Vision Brazil Investments.  Lazarova is a Consultant to Timberlake Consultants and gave a Gauss course for the Bank of England (2006). Fella, Tyson and Veneziani have been instructors on the Foreign and Commonwealth Office’s training programme.  Qin helped the Institute of World Economy and Politics, the Chinese Academy of Social Sciences to win project funding by the Natural Science Foundation of China, 2003 – 2005, acting as adviser on the project.

 

 

 

 

 

4d Participation in the work of advisory, review, funding, standards or planning bodies

 

Allouch is the UK representative and an advisory member to the Steering Committee of Public Goods, Public Projects, Externalities (PGPPE) an ESF research networking programme. Haskel was a member of the ONS R&D Capitalisation Project Board (2006-7). Vriend was member of the Advisory Council (by presidential appointment) of the Society for Computational Economics, 2004-2006.  Staff have acted as grant reviewers for groups such as ESRC, EPSRC and NSF.

 

4e Plenary/keynote addresses at major conferences

 

Keynote addresses include Cestone (May 2007, Toulouse); Fernandes (York, 2006, 2007, Panama, 2003), Guerre (Marseille, 2004. Tokyo, 2003), Haskel (Tokyo, 2007), Lazarova (Graz 2007); Manacorda (Montevideo, 2005) Veneziani (Hakone, 2006) and Vriend (Marseille, 2004).

 

4f Editorships and participation in editorial boards or conference organisation.

 

Examples of editorial work by members of the department include:

Allouch Guest Editor, Journal of Mathematical Economics, Special Issue on General Equilibrium Conferences (2007)

Baillie member of the editorial board for Journal of Empirical Finance and Journal of Economic Surveys; Associate Editor, International Journal of Forecasting, Journal of International Financial Markets, Institutions and Money, Review of International Economics, Review of Quantitative Finance & Accounting

Fernandes member of the editorial board, Annals of Financial Economics; Guest Editor, Journal of Econometrics, Special Issue on Semiparametric Methods

Guerre Associate Editor, Econometric Journal

Haskel Associate Editor, Economica, Economic Policy (2002-2004), Journal of Industrial Economics (2000-2004

Kapetanios Associate Editor of QUASS, Journal of Applied Econometrics (from January 2008)

Karanassou Economics Editor of Quantitative and Qualitative Analysis in Social Sciences

Manacorda Co-editor, Labour

Vriend Associate Editor, Journal of Economic Dynamics and Control, Macroeconomic Dynamics, Journal of Economic Behavior and Organization; guest editor for Computational Economics (Special issue, 2002), Journal of Economic Dynamics and Control (Special Conference Issue, 2005 and forthcoming Special Issue on Agent-Based Models); member of editorial board of Computational Economics, Journal of Economic Interaction and Coordination, Journal of Evolutionary Modelling and Economic Dynamics) 1999-2005; member of scientific editorial board of New Economic Windows Books Series, Springer. 

 

Conferences organised or co-organised by members of the department include:

Allouch: 16th European Workshop on General Equilibrium, Warwick/QMUL, 2007

Haskel: Network of Industrial Economists Workshop QMUL

Kapetanios: Data Uncertainty and Dynamic Factor Analysis, Bank of England, November 2001 and October 2007, Large Datasets and Dynamic Factor Models, QMUL, 2007

Veneziani: First Analytical Political Economy workshop, QMUL, 2007

Vriend: iNeck, QMUL, 2003 

 

Staff have also served on 62 conference programme committees.

 

4g Prestigious fellowships or visiting appointments

 

In addition to the fellowships outlined in the first paragraph of this section, fellowships and visiting appointments held by members of the Department include

 

Allouch: Research Fellow at Warwick 2001-2002

Cespa: Ramón y Cajal Fellowship, UPF, 2003-2005

Cestone: Ramón y Cajal Fellowship, CSIC, 2002-2005; TMER Postdoctoral Fellowship, CSIC, 2001-2002

Fella: Senior Fellow, Rimini Center for Economic Analysis, visiting fellow at EUI, IIES and Universidad Carlos III

Fernandes: Visiting Professor at Universidade Nova de Lisboa, Getulio Vargas Foundation, and ECARES, Université Libre de Bruxelles

Ferreira: Jean Monnet Fellowship, EUI, 2001-2

Guerre: research associate at CIRPEE (Quebec), CREST (Paris) and LSTA (Paris)

Manacorda: visiting scholar Berkeley (2002, 2003, 2004, 2006), World Bank, 2004, the Pontificia Universidad de Rio de Janeiro, 2004, the Universidad de San Andrés, 2004 and the Universidad de la República Montevideo 2005

Manzini and Mariotti are visiting professors at University of Trento and have been fellows at Universitat Autonoma de Barcelona, 2002

Mariotti was a research fellow at Bocconi, 2004

Qin was visiting research fellow at the Institute of World Economics and Politics, Chinese Academy of Social Sciences (CASS), 2001-2003

Veneziani: Visiting fellow, 2007, Hitotsubashi University

Vriend: Visiting professor at Université de la Méditerranée, Marseille, 2002, 2004

 

 

4h Leadership of consortia or major collaborative projects

 

Haskel is the director of the Centre for Research into Business Activity, CeRiBA, www.ceriba.org.uk, set up in September 2001 with funding from HM Treasury, ESRC and DTI/BERR.  Haskel is Project Co-ordinator of an FP7 project Competitiveness, Innovation and Intangible Investment in Europe (1.4m Euro).

 

4i Prize-winning publications or independent reviews of books or other material included in the submission

 

Cespa won the prize for best paper presented by a young economist at the XIV Tor Vergata International conference on Banking and Finance. 

Cestone was nominated for the 2004 Brattle Prize by the American Finance Association, for paper “Anti-Competitive Financial Contracting” and won First Prize for the EARIE Young Economists’ Essay Competition for “The Strategic Impact of Resource Flexibility in Business Groups” (RAND).