Studying at Nuffield College
All graduate students at Oxford are assigned a University Supervisor by their department. That person has principal responsibility for the student's studies. The University Supervisor may be a Fellow of Nuffield, but is not necessarily so. The main objective in the selection of the University Supervisor is to provide the student with guidance from the person with the greatest expertise in the particular area of the student's interests. In addition, Nuffield appoints a College Supervisor, who has special responsibility for the welfare of the student and who provides continuing academic support during the student's period in Nuffield.
Students thus benefit from a dual supervisory system that ensures a high level of support throughout their graduate studies.
The Economics Group at Nuffield includes some of the world's most distinguished academic economists. Six of the 11 University chairs are located at Nuffield. Three Nobel Prize winners in Economics are former Fellows: John Hicks, James Mirrlees, and Amartya Sen. Among the current faculty are tenFellows of the Econometric Society and eight Fellows of the British Academy.
Fellows forge close links between academic research and policy-making. A number of Nuffield Fellows act or have acted as advisors and consultants to a diverse range of institutions such as The Bank of England, US Treasury and HM Treasury, UK Competition Commission, US Federal Trade Commission, Consultant to other foreign governments and central banks, European Commission, Ofcom, Office of National Statistics, BBC, UK Department for Business, Innovation and Skills. These external links help to inform and stimulate work at the frontier of economic research.
The MPhil and DPhil Economics programmes at Oxford are internationally recognized for the excellence of the training and scholarship provided. In addition to professors at many leading universities, graduates include: Mark Carney, Governor of the Bank of Canada 2008-13 and Governor of the Bank of England 2013-; Gus O'Donnell, Head of the U.K. Civil Service 2005-11; Martin Feldstein, Chairman of the U.S. President’s Council of Economic Advisers 1982-1984 and President of the National Bureau of Economic Research (NBER) 1978-2008; Jim Poterba, President of the NBER 2008-; Manmohan Singh, Prime Minister of India 2004-; Mark Abhisit Vejjajiva, Prime Minister of Thailand, 2008-2011; Nick Stern, President of the British Academy 2013- and advisor to the UK government on climate change.
Economists at Nuffield work on a wide range of subjects, both applied and theoretical. While the Nuffield faculty has broad interests, it has particular strengths in microeconomic theory (ranging from the theory of games and information economics through to the design of auctions) and in econometrics (ranging from time series macroeconometrics and financial econometrics through to applied microeconometrics).
Most economics students at Nuffield enter by way of the MPhil in Economics, which is the only two-year taught Economics master's course in the UK. The MPhil course is designed to provide training in economics at the graduate level, comparable to the first two years of the PhD programme in the best US universities. In the first year of the MPhil programme, students take the core courses in Microeconomics, Macroeconomics, and Econometrics; in the second year, students write a thesis, in addition to taking optional papers (available in a wide range of subjects). For those who do not wish to progress to a doctorate, either at Oxford or elsewhere, the MPhil provides an excellent foundation in the subject for a career as a professional economist. Students often stay on to complete a doctoral thesis (DPhil), and Oxford has a large and thriving group of doctoral students. Those students who come to Oxford already possessing a master's qualification from a top Economics department may proceed directly to Probationary Research Student status, becoming full DPhil students in due course.
Nuffield College accepts students on the graduate programmes listed below. To discover more about any of these programmes, please see the Programme Specification on the relevant department’s website.
All applications must be made through the Graduate Admissions Office. Post-graduate applicants pass through a two-stage admissions process: first in their respective departments and then, if admitted, in the College.
Research topics chosen by Economics students at Nuffield vary widely. The following sample of thesis titles from the past five years underlines the diversity of the research carried out in the College:
2015 Nicholas Chesterley, Optimal Policy Design and Behavioural Change with Decision-Making Costs
2015 Abhijeet Singh, Evaluating the effect of three welfare programs on child wellbeing and learning
2015, Simon Wan, The Carry Trade: Effects on Exchange Rate Volatility and Financial Transmission in Highly Leveraged Economies
2013 Kaspar Lund-Jensen, Essays on forecast evaluation and financial econometrics
2012 Andrew Mell, Essays on the Economics of Reputation
2012 Jing Xing, Taxation, Investment and Growth
2011 Diaa Noureldin, Essays on Multivariate Volatility and Dependence Models for Financial Time Series
2011 Daniel Marszalec, Essays on Auctions
2011 Elizabeth Hunt, Political Economy of Local and Participatory Governance
2010 Edoardo Gallo, Essays in the Economics of Networks
2009 Julia Giese, Essays in Applied Cointegration Analysis
2014 Johannes Paul Dolfen, Multidimensional monopoly screening
2014 Roxana Mihet, Endogenous mortgage default in a DSGE model with housing market frictions
2013 Henry Curr, Evaluating truancy disincentives in English schools
2012 Laura Blattner, Justice for sale?: The determinants of corruption in Sierra Leone's criminal justice system
2012 Felix Pretis, Model Selection: An Application to Climate Change and Robustness Analysis
2011 Lena Lepuschuetz, Provider Incentives in Health Care: Evidence from a Field Experiment in Rural China
2011 Matthew Moore, The Design of Inducement Prize Contests for Research and Innovation
2011 Gabriel Kreindler, Networks and Information in Labour Markets
2011 Nupur Gupta, Effect of Capital Reforms on Monetary Policy Autonomy in India
2010 Anthony Harris, Commodity Price Volatility and the Political Economy of Large-Scale Land Deals
How marriage expectations influence women's educations investment
2010 Qianzi Chloe Zeng,
The research interests of the permanent Economics Fellows of the College are listed immediately below.
Steve Bond Company investment and financial behaviour; corporate taxation; econometrics of panel data.
Steve Broadberry Economic history: long run economic growth and development; historical national accounting; macroeconomic history; wars and economic performance
Martin Browning Applied microeconometrics, in particular, economics of the family, demand analysis, consumption and saving, design of social support systems.
Martin Ellison Macroeconomics, Monetary economics, Time series econometrics.
David Hendry Econometrics. Forecasting, methodology, and time series.
Ian Jewitt Microeconomic theory, especially information economics and decision theory.
Michael Keane Labour Economics, Econometrics, Consumer Choice Behaviour, Marketing, Health Economics, Industrial Organization, International Trade.
Paul Klemperer Auctions. Economic policy (especially bank regulation, competition policy, and climate change). Industrial economics.
Margaret Meyer Organizational economics; incentives and contracts; information transmission; industrial organization.
John Muellbauer Applied work on the UK economy; housing markets and the economy; household behaviour; productivity.
Bent Nielsen Econometrics: time series, outlier detection, cohort analysis.
Kevin Roberts Microeconomic theory. Welfare Economics and Social Choice Theory.
Peyton Young Evolutionary game theory, the dynamics of social norms and social institutions, the diffusion of technological and social innovations.
Representative papers of permanent Economics fellows of Nuffield:
Company investment and financial behaviour; corporate taxation; econometrics of panel data.
. Tax by Design: The Mirrlees Review (with Sir James Mirrlees and others), Oxford
University Press, 2011.
. 'Microeconometric models of investment and employment' (with John Van Reenen),
Chapter 65 of J.J. Heckman and E.E. Leamer (eds), Handbook of Econometrics, Vol. 6A,
. 'Uncertainty and investment dynamics’ (with Nick Bloom and John Van Reenen),
Review of Economic Studies, 2007, 74, 391-415.
. 'The stock market and investment in the new economy’ (with Jason Cummins),
Brookings Papers on Economic Activity, 2000:1, 61-125.
. 'Initial conditions and moment restrictions in dynamic panel data models' (with Richard
Blundell), Journal of Econometrics, 1998, 87, 115-143.
. 'Some tests of specification for panel data: Monte Carlo evidence and an application to
employment equations' (with Manuel Arellano), Review of Economic Studies, 1991, 58,
Economic history: long run economic growth and development; historical national
accounting; macroeconomic history; wars and economic performance
. British Economic Growth, 1270-1870, Cambridge: Cambridge University Press (2015),
(with Bruce Campbell, Alexander Klein, Mark Overton and Bas van Leeuwen).
. 'India and the Great Divergence: An Anglo-Indian Comparison of GDP per capita, 1600-
871', Explorations in Economic History, 56 (2015), 58-75 (with Johann Custodis and
. 'Real Wages and Labour Productivity in Britain and Germany, 1871-1938: A Unified
Approach to the International Comparison of Living Standards', Journal of Economic
History, 70 (2010), 400-427 (with Carsten Burhop).
. 'The Early Modern Great Divergence: Wages, Prices and Economic Development in
Europe and Asia, 1500-1800', Economic History Review, 59 (2006), 2-31, (with
. 'How did the United States and Germany Overtake Britain? A Sectoral Analysis of
Comparative Productivity Levels, 1870-1990', Journal of Economic History, 58 (1998):
. The Productivity Race: British Manufacturing in International Perspective, 1850-1990,
Cambridge: Cambridge University Press (1997).
Applied microeconometrics, in particular, economics of the family, demand analysis, consumption and saving, design of social support systems.
. Family Economics (with Pierre-André Chiappori and Yoram Weiss), Cambridge University Press, forthcoming.
. 'Modelling income dynamics with lots of heterogeneity' (with Javier Alvarez and Mette Ejrnæs), Review of Economic Studies, 77(4), 1353-1381, 2010.
. 'Estimating intertemporal allocation parameters using synthetic residual estimation' (with Sule Alan), Review of Economic Studies, 77(4), 1231-1261, 2010.
. 'Efficient intra-household allocations and distribution factors: implications and identification' (with François Bourguignon and Pierre-André Chiappori), Review of Economic Studies 76, 503-526, 2009.
. 'Best nonparametric bounds on demand responses' (with Richard Blundell and Ian Crawford), 2005-16, Econometrica, 76 (6), 1227-1262, 2008.
. 'Revealed preference analysis of characteristics models' (with Laura Blow and Ian Crawford), Review of Economic Studies, 75(2), 371-389, 2008.
. 'Sharp for SARP' American Economic Journal: Microeconomics, 7(1): 43-60, (2015), (with Richard Blundell, Martin Browning, Laurens Cherchye, Bram De Rock & Frederic Vermeulen)
. 'Testing for Intertemporal Separability' Journal of Mathematical Economics, 52(C), 46-49, (2014), (with Matthew Polisson)
. 'How Many Types are There?', Economic Journal, 123 (2013), 77-95, (with Krishna Pendakur)
. 'How Demanding is the Revealed Preference Approach to Demand?', American Economic Review, 101 (2011), 2782–2795, (with T. Beatty)
. 'Habits Revealed' Review of Economic Studies, (2010) 77(4), pp. 1382-1402
. 'Best Nonparametric Bounds on Demand Responses' Econometrica, (2008) 76(6), pp. 1227–1262 (with R. Blundell and M. Browning)
Macroeconomics, Monetary economics, Time series econometrics.
. 'Welfare cost of business cycles in economies with idiosyncratic consumption risk and a preference for robustness' (with Tom Sargent), American Economic Journal: Macroeconomics, Vol. 7 Issue 2, April 2015.
. 'Unemployment and market size' (with Godfrey Keller, Kevin Roberts and Margaret Stevens), Economic Journal, Vol. 124 Issue 575, March 2014.
. 'Learning and price volatility in duopoly models of resource depletion' (with Andrew Scott), Journal of Monetary Economics, Vol. 60 No. 7, October 2013.
. 'A defence of the FOMC' (with Tom Sargent), International Economic Review Vol. 53 No. 4, November 2012.
. 'Saddlepath learning' (with Joe Pearlman), Journal of Economic Theory Vol. 146 No. 4, July 2011.
. 'The Great Inflation and the Greenbook' (with Giacomo Carboni), Journal of Monetary Economics Vol. 56 No. 6, September 2009
Econometrics. Forecasting, methodology, and time series.
. 'Model Selection when there are Multiple Breaks' (with Jennifer L. Castle and Jurgen A. Doornik), Journal of Econometrics, 169, 2012, 239–246.
. 'Evaluating Automatic Model Selection' (with Jennifer L. Castle and Jurgen A. Doornik), Journal of Time Series Econometrics, 3 (1), 2012, DOI: 10.2202/1941-1928.1097.
. 'Forecasting Breaks and During Breaks', 315–353 in Oxford Handbook of Economic Forecasting (with Jennifer L. Castle and Nicholas Fawcett), M.P. Clements and D.F. Hendry (eds), Oxford University Press, 2011.
. 'Combining Disaggregate Forecasts or Combining Disaggregate Information to Forecast an Aggregate' (with K. Hubrich), Journal of Business and Economic Statistics, 29, 2011, 216–227.
. 'Climate Change: Lessons for our Future from the Distant Past', 19–43 in The Political Economy of the Environment, Dietz, S., Michie, J. and Oughton, C. (eds.) Routledge, 2011.
. 'Forecasting with Equilibrium-correction Models during Structural Breaks”, Journal of Econometrics (with Jennifer L. Castle and Nicholas Fawcett), 158, 2010 , 25–38.
Microeconomic theory, especially information economics and decision theory.
· 'Ordering Ambiguous Acts', with Sujoy Mukerji, Economics Series Working Papers 553, 2012, University of Oxford, Department of Economics
· 'Moral Hazard with Bounded Payments', with Ohad Kadan and Jeroen Swinkels, Journal of Economic Theory, Volume 143, Issue 1, November 2008, Pages 59-82.
· 'Governance Reform in Legal Service Markets', with Paul Grout and Silvia Sonderegger, Economic Journal, 2007, vol. 117, 519, pp C93-C113.
· 'The Economics of Career Concerns, Part I: Comparison of Information Structures”, with Mathias Dewatripont and Jean Tirole, Review of Economic Studies, Jan 1999, 66, 183-198.
· 'The Economics of Career Concerns, Part I: Comparison of Information Structures', (with Mathias Dewatripont and Jean Tirole), Review of Economic Studies, Jan 1999, 66, 183-198.
· 'Justifying the First-Order Approach to Principal-Agent Problems', Econometrica, 56, 1117-1190, 1988.
Labour Economics, Econometrics, Consumer Choice Behaviour, Marketing, Health Economics, Industrial Organization, International Trade.
· 'Child Care Choices and Children’s Cognitive Achievement: The Case of Single Mothers' (with R. Bernal), Journal of Labor Economics, 29:3, 2011, 459-512.
· 'Sources of Advantageous Selection: Evidence from the Medigap Insurance Market' (with H. Fang and D. Silverman), Journal of Political Economy, 116:2, 2008, 303-350.
. 'Accounting for the Growth of MNC-Based Trade using a Structural Model of US MNCs' (with S. Feinberg), American Economic Review, 96:5, 2006, 1515-58.
. 'Intertemporal Labor Supply and Human Capital Accumulation' (with S. Imai), International Economic Review, 45:2, 2004, 601-642
. 'A Structural Model of Multiple Welfare Program Participation and Labor Supply' (with R. Moffitt), International Economic Review, 39:3, 1998, 553-589.
. 'The Career Decisions of Young Men' (with K. Wolpin), Journal of Political Economy, 105:3, 1997, 473-522.
Auctions. Economic policy (especially bank regulation, competition policy, and climate change). Industrial economics.
. 'Regulated Prices, Rent Seeking, and Consumer Surplus' (with Bulow), Journal of Political Economy 2012, 120, 160-186
. 'The Product-Mix Auction: a New Auction Design for Differentiated Goods', Journal of the European Economic Association 2010, 8, 526-36.
. 'A New Payment Rule for Core-Selecting Package Auctions' (with Erdil), Journal of the European Economic Association 2010, 8, 537-47.
. 'Why do Sellers (Usually) Prefer Auctions?' (with Bulow), American Economic Review 2009, 99, 1544-75.
. 'Competition when Consumers have Switching Costs” Review of Economic Studies 1995, 62, 515-39.
. 'Multimarket Oligopoly: Strategic Substitutes and Complements” (with Bulow and Geanakoplos), Journal of Political Economy 1985, 93, 488-511.
Organizational economics; incentives and contracts; information transmission; industrial organization.
. 'Gaming and Strategic Ambiguity in Incentive Provision' (with Florian Ederer and Richard Holden), Working Paper 640, Dept. of Economics, Oxford, 2013.
. 'Increasing Interdependence in Multivariate Distributions' (with Bruno Strulovici), J of Economic Theory, July 2012.
· 'Performance Comparisons and Dynamic Incentives' (with John Vickers), J. of Political Economy, June 1997.
· 'Organizational Prospects, Influence Costs, and Ownership Changes' (with Paul Milgrom and John Roberts), J. of Economics and Management Strategy, Spring 1992.
· 'Learning from Coarse Information: Biased Contests and Career Profiles', Review of Economic Studies, Jan. 1991.
· 'Supply Function Equilibria in Oligopoly under Uncertainty' (with Paul Klemperer), Econometrica, Nov. 1989.
Applied work on the UK economy; housing markets and the economy; household behaviour; productivity.
. 'House Prices and Credit Constraints: Making Sense of the U.S. Experience', with John Duca and Anthony Murphy, Economic Journal, 121(552), 533-551, May 2011.
. 'Housing, Credit and Consumer Expenditure' in Housing, Housing Finance, and Monetary Policy, A Symposium Sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, 30 August 30- September 1, 2007, pages 267-334. Annual series: Federal Reserve Bank of Kansas City.
Bent NielsenEconometrics: time series, outlier detection, cohort analysis.
· 'Testing for rational bubbles in a coexplosive vector autoregression' (with Tom Engsted), Econometrics Journal 2011, 15, 226-254.
· 'Analysis of co-explosive processes'. Econometric Theory 2010 26, 882-915.
· An analysis of the indicator saturation estimator as a robust regression estimator. Castle, J.L. and Shephard, N. The Methodology and Practice of Econometrics: A Festschrift in Honour of David F. Hendry (with Johansen, S.) Oxford: Oxford University Press, 2009, 1-36.
· 'Identification of the age-period-cohort model and the extended chain ladder model', (with Di Kuang, Jens Nielsen), Biometrika 2008, 95, 979-986.
. 'Cointegration analysis in the presence of structural breaks in the deterministic trend' (with S Johansen, R Mosconi) Econometrics Journal 2000, 3, 216-249.
Microeconomic theory. Welfare Economics and Social Choice Theory.
. 'Unemployment and Market Size' (with M. Ellison, G. Keller, M. Stevens), Economic Journal (forthcoming).
· 'The Fundamental Theorems of General Equilibrium' (with E. Maskin), Economic Theory, 2008.
. 'Condorcet Cycles? A Theory of Dynamic Voting’, Social Choice and Welfare, 2007.
. 'Interpersonal Comparability and Social Choice Theory', Review of Economic Studies, 1980.
. 'The Characterization of Implementable Choice Rules' in (ed.J.J. Laffont),
Aggregation and Revelation of Preferences, (North-Holland, 1979)
. 'Voting Over Income Tax Schedules', Journal of Public Economics, 1977
Evolutionary game theory, the dynamics of social norms and social institutions, the diffusion of technological and social innovations.
. 'Learning Efficient Nash Equilibria in Distributed Systems' (with Bary S. R. Pradelski), Games and Economic Behavior, 75 (2012), 882-897.
. 'The Dynamics of Social Innovation', Proceedings of the National Academy of Sciences, 108, no.4 (2011), 21285-21291.
. 'Gaming Performance Fees by Portfolio Managers', (with Dean P. Foster), Quarterly Journal of Economics, 125 (2010), 1435-1458.
. 'Innovation Diffusion in Heterogeneous Populations: Contagion, Social Influence, and Social Learning', American Economic Review, 99 (2009), 1899-1924.
. 'Social Dynamics' (with Steven N. Durlauf), Cambridge, Mass: MIT Press, 2001.
. 'Individual Strategy and Social Structure: An Evolutionary Theory of Institutions', Princeton, NJ: Princeton University Press, 1998.