Research interests:
Professor Ray Barrell's primary research interests include consumption, trade and monetary and fiscal policies; FDI, R&D education and growth; and money, banking and financial regulation.
Prof. Barrell’s main interests are macroeconomics, economic policy and financial regulation. He has worked on financial markets, determinants of growth, fiscal and monetary policy, the impact of European integration, accession and expansion, and on macro economic modelling. He is currently working on papers on Financial Regulation and Competition, Macroprudential Policy, Financial Crises, Growth in Europe, and European Fiscal Policy. All have been presented at conferences since September 2014 after a research and conference interregnum associated with being Head of Department. He is also writing a monograph on Banking Regulation and Macroprudential Policy.
He has extensive contacts in with policy makers in the UK, where he has worked with the Treasury, the Bank and the FSA, in Europe where he has undertaken numerous projects with the Commission and with Finance Ministries and Central Banks such as the ECB, as well as in Washington, and has regularly visited the IMF.
He has widespread contacts with academics in British and European universities. In the last twenty years he has examined and supervised PhDs at the European University Institute in Florence, Brunel and at Bordeaux University, and examined PhDs at York, Exeter, Brunel, Leicester, Loughborough, Imperial College, Birkbeck College SOAS and the London Business School.
Since 1990 he has published over a hundred papers in books and academic journals, including Review of Economics and Statistics, Economic Journal, European Economic Review and Oxford Review of Economic Policy and has authored or edited a number of books and official reports. He has been awarded and successfully completed a large number of research grants and projects. He has referred for a large number of academic journals in addition to those he has published in.
Papers (selected)
Barrell, R., Costantini, M., and Meco, I., (2015) ‘Housing wealth, Financial wealth, and consumption: new evidence for Italy and the UK’ International Review of Financial Analysis
Barrell, R. (2014) 'Macro-economic policy and the 1981 budget; changing the trend?', in Needham, D. and Hotson, A. (eds.) Expansionary fiscal contraction: the Thatcher government’s 1981 budget in perspective. Cambridge Cambridge University Press
Barrell, R. and Karim, D. (2013) 'What should we do about (macro) pru?'. LSE Financial Markets Group Special Paper.
Karim, D. , Liadze, I. , Barrell, R. and Davis, EP. (2013) 'Off-balance sheet exposures and banking crises in OECD countries'. Journal of Financial Stability, 9 (4). pp. 673 - 681.
Barrell, R. , Holland, D. and Hurst, AI. (2012) 'Fiscal consolidation: Part 2. Fiscal multipliers and fiscal consolidations'. OECD Economics Department Working Papers.
Barrell R., (2011) ‘Long-Term Fiscal Prospects and Aging in the OECD’ In Bank for International Settlements Working Paper 3672
Barrell, R., (2011) ‘Fiscal Consolidation and the Slimmer State’ National Institute Economic Review January 2011 no 215 pages F4-9
Barrell, R., Kirby, S. (2011) ‘Trend Output and the Output Gap’ National Institute Economic Review January 2011 no 215 pp F63-74
Barrell, R., Holland, D., and Liadze, I., (2011) ‘Accounting for UK Economic Performance 1973-2009 in ‘UK Economy: the Crisis in Perspective’ edited by Gabriele Giudice, Robert Kuenzel and Tom Springbett, published Routledge
Barrell, R. , Davis, EP. , Karim, D. and Liadze, I. (2010) 'Bank regulation, property prices and early warning systems for banking crises in OECD countries'. Journal of Banking & Finance, 34 (9). pp. 2255 - 2264.
Barrell, R. , Fitzgerald, J. and Riley, R. (2010) 'EU enlargement and migration: Assessing the macroeconomic impacts'. Journal of Common Market Studies March, 48 (2). pp. 373 - 395.
Barrell, R. and Weale, M. (2010) 'Fiscal policy, fairness between generations, and national saving'. Oxford Review of Economic Policy, 26 (1). pp. 38 - 47.
Barrell, R. and Gottschalk, S. (2010) 'Capital adequacy requirements in emerging markets', in The Basel Capital Accords in Developing Countries. Palgrave, London
Barrell, R. , Holland, D. , Liadze, I. and Pomerantz, O. (2010) 'EMU and its impact on growth and employment', in Buti, M. , Deroose, S. , Gaspar, V. and Nogueira, J. (eds.) EMU at 10.
Al-Eyd, A. , Barrell, R. and Davis, EP. (2009) 'Consumer confidence indices and short-term forecasting of consumption'. The Manchester School, 77 (1). pp. 96 - 111.
Barrell, R. and Weale, M. (2009) 'The economics of a reduction in VAT'. Fiscal Studies, 30 (1). pp. 17 - 30.
Barrell, R., and Davis. E.P., (2008) ‘The Evolution of the Financial Crisis in 2008’ National Institute Economic Review October 2008 no 206 pp 5 -14
Barrell, R., Hurst, A.I., and Kirby, S., (2008) ‘Financial Crises, Regulation and Growth’ National Institute Economic Review October 2008 no 206 pp 56 -65
Barrell, R. and Davis, EP. (2007) 'Financial liberalisation, consumption and wealth effects in seven OECD countries'. Scottish Journal of Political Economy, 54 (2). pp. 254 - 267.
Barrell, R. , Hurst, AI. and Mitchell, J. (2007) 'Uncertainty bounds for cyclically adjusted budget balances', in Larch, M. and Martins, LN. (eds.) Fiscal Indicators. Brussels European Commission pp. 187 - 206.
Barrell, R. , Hall, SG. and Hurst, AIH. (2006) 'Evaluating policy feedback rules using the joint density function of a stochastic model'. Economics Letters, 93 (1). pp. 1 - 5.
Barrell, R. , Davis, EP. and Pomerantz, O. (2006) 'Costs of financial instability, household-sector balance sheets and consumption'. Journal of Financial Stability, 2 (2). pp. 194 - 216.
Al Eyd, A. and Barrell, R. (2005) 'Estimating tax and benefit multipliers in Europe'. Economic Modelling, 22 (5). pp. 759 - 776.
Barrell, R. , Becker, B. , Byrne, J. , Gottschalk, S. , et al. (2004) 'Macroeconomic policy in Europe: Experiments with monetary responses and fiscal impulses'. Economic Modelling, 21 (5). pp. 877 - 931.
Barrell, R. and Pina, A. (2004) 'How important are automatic stabilisers in Europe? A stochastic simulation assessment'. Economic Modelling, 21 (1). pp. 1 - 35.
Barrell, R. , Dury, K. and Hurst, I. (2003) 'International monetary policy coordination: An evaluation using a large econometric model'. Economic Modelling, 20 (3). pp. 507 - 527.
Barrell, R. and Weale, M. (2003) 'Designing and choosing macroeconomic frameworks: The position of the UK after four years of the Euro'. Oxford Review of Economic Policy, 19 (1). pp. 132 - 148
Barrell, R. , Byrne, JP. and Dury, K. (2003) 'The implications of diversity in consumption behaviour for the choice of monetary policy rules in Europe'. Economic Modelling, 20 (2). pp. 275 - 299.
Barrell, R. and te Velde, DW. (2002) 'European integration and manufactures import demand: An empirical investigation of ten European countries'. German Economic Review, 3 (3). pp. 263 - 293.
Barrell, R. and Dury, K. (2000) 'Choosing the regime: Macroeconomic effects of UK entry into EMU'. Journal of Common Market Studies, 38 (4). pp. 625 - 644
Barrell, R. and te Velde, DW. (2000) 'Catching-up of east German labour productivity in the 1990s'. German Economic Review, 1 (3). pp. 291 - 297.
Barrell, R. and Holland, D. (2000) 'Foreign direct investment and enterprise restructuring in Central Europe'. Economics of Transition, 8 (2). pp. 477 - 504.
Barrell, R. and Pain, N. (1999) 'Domestic institutions, agglomerations and foreign direct investment in Europe'. European Economic Review, 43 (4-6). pp. 925 - 934.
Barrell, R. and Pain, N. (1999) 'Trade restraints and Japanese direct investment flows'. European Economic Review, 43 (1). pp. 29 - 45.
Barrell, R. and Pain, N. (1998) 'Real exchange rates, agglomerations, and irreversibilities: Macroeconomic policy and FDI in EMU'. Oxford Review of Economic Policy, 14 (3). pp. 152 - 167.
Barrell, R. and Pain, N. (1997) 'Foreign direct investment, technological change, and economic growth within Europe'. Economic Journal, 107 (445). pp. 1770 - 1786.
Barrell, R. , Pain, N. and Hurst, I. (1996) 'German Monetary Union: An historical counterfactual analysis'. Economic Modelling, 13 (4). pp. 499 - 518.
Barrell, R. and Pain, N. (1996) 'An econometric analysis of US foreign direct investment'. Review of Economics and Statistics, 78 (2). pp. 200 - 207.
Recent Conference papers include
Barrell, R., (2015) ‘Fiscal Policy and Financial Regulation in Monetary Union: The Prisoners Dilemma when not all players are Ordoliberals’. AIECE Conference, European Commission , Smith Square. London May 2015
Barrell, R. and Karim, D., (2015) 'The design of macro-prudential policies' , London Financial Regulation Seminar. London School of Economics. - 19 January. [unpublished].
Barrell, R. and Karim, D. (2014) 'European banking union and growth in Europe' , Kiel University Conference. Berlin. September. [unpublished].
Barrell, R. (2014) 'Forecasting cycles and crises' , ESRI Dublin. Dublin. October. [unpublished].
Barrell, R. (2014) 'What is all the stress about? The macroeconomic implications of ECB stress tests' , MMF Queen Mary University of London Workshop. London. November. [unpublished].
Recent Published Reports
Barrell, R. , Kirby, S. and Orazgani, A. (2011) The macroeconomic impact from extending working lives. Place of publication: Department of Work and Pensions
Barrell, R. , Holland, D. , Davis, EP. , Fic, T. , et al. (2009) Optimal regulation of bank capital and liquidity: how to calibrate new international standards. FSA Occasional Paper no. 38,. Commissioning body: Financial Services Authority, London
Education:
B.Sc (Econ), 1971, M.Sc. in Economics (Distinction), 1973 LSE
Employment:
October 1973 - September 1975 Research Student at LSE with Denis Sargan
October 1975 - September 1976 Teaching Assistant LSE, teaching MSc statistics
October 1976 - July 1977 Tutorial Fellow in Economics Sussex University
August 1977 – July 1979 Lecturer (tenured) in Economics Stirling University
August 1979 – December 1984 Lecturer (tenured) in Economics Brunel University
October 1983 – September 1984 Visiting Lecturer Southampton University
October 1984 – December 1987 Economic Advisor (Established) HM Treasury
January 1988 – March 1990 Research Fellow, NIESR London
April 1990 – August 2011 Senior Research Fellow, NIESR London
November 1998 – July 1999 Professor of Economics, EUI, Florence
July 2010 – January 2011 Acting Director NIESR
September 2011 - June 2015 Professor of Economics Brunel University
September 2012 – July 2014 Head of Department of Economics and Finance, Brunel University
Professor Ray Barrell, born 25th May 1950, Currently Emeritus Professor of Economics and Finance, Brunel University, and at VA Research. Formerly Professor of Economics, Brunel University, from 1st September 2011 to 30th June 2015. Head of the Department of Economics and Finance, Brunel, September 2012 to July 2014. Formerly Acting Director (2010-11), Director of Macroeconomics (2002-2011), Senior Research Fellow (from 1990) at the National Institute of Economic and Social Research, London. He was a university lecturer in economics from 1976 to 1984, teaching at Sussex, Southampton, Stirling and Brunel and specialising in monetary economics and econometrics. He then moved to be an Economic Advisor at HM Treasury from 1984 to 1987 before moving to NIESR in 1988. He had a part-time chair at the European University Institute, Florence during 1998-1999. He was a visiting professor at Brunel University from 2006, and at Imperial College, London from 1996 to 2004. Outside interests include theatre and opera, and he is a patron of the Royal Opera House, the English National Opera and the Royal Court Theatre.
