Paul Mizen
Biographic Data
| ID | 3604706 |
|---|---|
| NAME | Paul Mizen |
| GIVEN NAMES | Paul |
| FAMILY NAME | Mizen |
| SIGNATURE | MIZEN P |
| AFFILIATIONS | University of Nottingham |
| ORCID | 0000-0002-6193-0872 |
| VERIFIED | Yes |
| TOTAL WORKS | 20 |
| TOTAL CITATIONS | 15 |
| AUTHOR COUNT | 20 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1994 |
| LATEST PUBLICATION YEAR | 2025 |
| H-INDEX | 2 |
The Impact of Covid-19 on Productivity
We analyze the impact of Covid-19 on productivity using data from an innovative monthly firm survey that asks for quantitative impacts of Covid-19 on inputs and outputs. We find that total factor productivity (TFP) fell by up to 6% during 2020–2021. The overall impact combined large reductions in ‘within-firm’ productivity, with offsetting positive ‘between-firm’ effects as less productive sectors, and less productive firms within them, contracte…
Do Well Managed Firms Make Better Forecasts
We link new forecast and management data on over 20,000 firms to data on productivity in manufacturing and services. The panel survey was administered in the UK in July 2017 and November 2020, coinciding with two periods of considerable uncertainty from Brexit and Covid. We find that better-managed firms make more accurate forecasts for firm-level turnover and macro-level GDP. Uniquely, we show better-managed firms are also aware that they make m…
Remote working and the new geography of local service spending
Remote working has rapidly become the new norm in many sectors, at least some of the time. Remote working changes where workers spend much of their time and the geographical location of demand, particularly for local personal services (LPS). Our main contribution is to systematically quantify this change for England and Wales using a new nationally representative survey of nearly 35,000 working‐age adults, which captures (pre‐pandemic) LPS spendi…
Economic uncertainty before and during the Covid-19 pandemic
Bond Spreads and Economic Activity in Eight European Economies
We provide new insights into the relationship between financial market tightness and real activity, using a new database of corporate bonds issued in eight European countries. Bond spreads have a significant negative relationship with four real activity variables at horizons 1–8 quarters ahead. The relationship is robust to adding measures of monetary policy tightness and leading indicators, providing strong support for models previously only eva…
Evidence on the Functional Relationship between Relative Price Variability and Inflation with Implications for Monetary Policy
This paper considers the functional relationship between relative price variability (RPV) and inflation using quarterly personal consumer expenditure data in the US over 1967(I)–2003(I), deriving some implications for monetary policy. Non‐parametric regression techniques are used to explore the shape of the RPV function, and this shape is related to the theory outlined by J. J. Rotemberg. The empirical RPV function yields a plausible ‘optimal’ va…
Interest Rate Pass‐Through and Monetary Transmission: Evidence from Individual Financial Institutions' Retail Rates
Official interest rate changes should influence short rates on money market instruments and retail products, such as deposit accounts and mortgages, but complete pass‐through is often taken for granted. This paper provides a theoretical and econometric framework for assessing the evidence for this assumption using seventeen years of monthly data for rates on thirteen deposit and mortgage products offered by individual UK financial institutions. T…
Seigniorage revenue, deficits and self-fulfilling currency crises
Relative Price Variability and Inflation in Europe
The relationship between inflation and the relative variability of prices has been the subject of careful investigation in the United States using data for product groups at the city level. Yet in Europe, where the relationship could have profound effects on the viability of monetary integration, no attempt has been made to study the relationship. This paper fills the gap by examining data disaggregated to the commodity level across 10 EU countri…
Can foreign currency deposits prop up a collapsing exchange-rate regime
Inflation Targeting: What Can the ECB Learn From the Recent Experience of the Bank of England
Journal Article Inflation Targeting: What Can the ECB Learn From the Recent Experience of the Bank of England? Get access Mike Artis, Mike Artis European University Institute and CEPR Search for other works by this author on: Oxford Academic Google Scholar Paul Mizen, Paul Mizen University of Nottingham and CEPR Search for other works by this author on: Oxford Academic Google Scholar Zenon Kontolemis Zenon Kontolemis International Monetary Fund S…
Keynes, Hicks, and the Cambridge School
Research Article| March 01 1998 Keynes, Hicks, and the Cambridge School Paul Mizen; Paul Mizen 1 Search for other works by this author on: This Site Google John R. Presley John R. Presley 2 Search for other works by this author on: This Site Google History of Political Economy (1998) 30 (1): 1–16. https://doi.org/10.1215/00182702-30-1-1 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation Paul Mizen, J…
Credibility and Disinflation in the European Monetary System
Analysis of interest differentials in the European Monetary System has suggested a widespread lack of credibility of the Exchange Rate Mechanism in the sense that in most countries the implicit expected rate of devaluation was significant and not far short of inflation differentials vis‐à‐vis the deutschmark. We present and test a model in which prices reflect expectations of exchange rate behaviour. The results provide mixed evidence that price‐…
Investment, Output and Interest Rate Policy when Capital is Mobile
The determination of long‐run aggregate supply is a feature which short‐run models of macroeconomic policy coordination tend to neglect but which has implications for the setting of interest rates. In this paper we develop an open‐economy model of output maximisation, where investment and capital flows are crucial determinants of output and are in turn influenced by interest rate policy and credible control of inflation. The model represents an e…
Microfoundations for a Stable Demand for Money Function
Scientific revolutions seldom occur when the prevailing theories appear to be performing well: it is only when the accepted theory fails to offer a satisfactory explanation of events that new and more robust theories are proposed. Of these new theories the one which can explain the successful performance of the previous theory and also the events which led to its demise becomes the replacement. So it is in the history of modern monetary economics…
The Papers of Dennis Robertson: The Discovery of Unexpected Riches
Research Article| November 01 1997 The Papers of Dennis Robertson: The Discovery of Unexpected Riches Paul Mizen; Paul Mizen 1 Search for other works by this author on: This Site Google Don Moggridge; Don Moggridge 2 Search for other works by this author on: This Site Google John Presley John Presley 1 3 Search for other works by this author on: This Site Google History of Political Economy (1997) 29 (4): 573–592. https://doi.org/10.1215/00182702…
The Real Balance Effect and Stability Analysis in Classical Monetary Theory
A bstract The paper investigates the use of the real balance effect mechanism by Dennis Robertson in Money (1922), Banking Policy and the Price Level (1926) and subsequently in his Lectures On Economic Principles (1957‐59). The Paper draws on the correspondence between Robertson and Don Patinking during the period 1951‐56. It was Patinkin's opinion that Robertson never used the real balance effect as a mechanism to bring the disequilibriated mone…
Robertson and Persistent Negative Reactions to Keynes's General Theory: Some New Evidence
Research Article| November 01 1995 Robertson and Persistent Negative Reactions to Keynes's General Theory: Some New Evidence Paul Mizen; Paul Mizen Search for other works by this author on: This Site Google John R. Presley John R. Presley 1 Search for other works by this author on: This Site Google History of Political Economy (1995) 27 (4): 639–651. https://doi.org/10.1215/00182702-27-4-639 Cite Icon Cite Share Icon Share Facebook Twitter Linked…
Evaluating the Empirical Evidence for Currency Substitution: A Case Study of the Demand for Sterling in Europe
Journal Article Evaluating the Empirical Evidence for Currency Substitution: A Case Study of the Demand for Sterling in Europe Get access Paul Mizen, Paul Mizen Search for other works by this author on: Oxford Academic Google Scholar Eric J. Pentecost Eric J. Pentecost Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 104, Issue 426, 1 September 1994, Pages 1057–1069, https://doi.org/10.2307/223…
Buffer Stock Ideas in the Monetary Economics of Keynes and Robertson
Research Article| June 01 1994 Buffer Stock Ideas in the Monetary Economics of Keynes and Robertson Paul Mizen; Paul Mizen Search for other works by this author on: This Site Google John R. Presley John R. Presley Search for other works by this author on: This Site Google History of Political Economy (1994) 26 (2): 193–202. https://doi.org/10.1215/00182702-26-2-193 Views Icon Views Article contents Figures & tables Video Audio Supplementary Data …
Buffer Stock Ideas in the Monetary Economics of Keynes and Robertson
Research Article| June 01 1994 Buffer Stock Ideas in the Monetary Economics of Keynes and Robertson Paul Mizen; Paul Mizen Search for other works by this author on: This Site Google John R. Presley John R. Presley Search for other works by this author on: This Site Google History of Political Economy (1994) 26 (2): 193–202. https://doi.org/10.1215/00182702-26-2-193 Views Icon Views Article contents Figures & tables Video Audio Supplementary Data …
Inflation Targeting: What Can the ECB Learn From the Recent Experience of the Bank of England
Journal Article Inflation Targeting: What Can the ECB Learn From the Recent Experience of the Bank of England? Get access Mike Artis, Mike Artis European University Institute and CEPR Search for other works by this author on: Oxford Academic Google Scholar Paul Mizen, Paul Mizen University of Nottingham and CEPR Search for other works by this author on: Oxford Academic Google Scholar Zenon Kontolemis Zenon Kontolemis International Monetary Fund S…
The Real Balance Effect and Stability Analysis in Classical Monetary Theory
A bstract The paper investigates the use of the real balance effect mechanism by Dennis Robertson in Money (1922), Banking Policy and the Price Level (1926) and subsequently in his Lectures On Economic Principles (1957‐59). The Paper draws on the correspondence between Robertson and Don Patinking during the period 1951‐56. It was Patinkin's opinion that Robertson never used the real balance effect as a mechanism to bring the disequilibriated mone…
Bond Spreads and Economic Activity in Eight European Economies
We provide new insights into the relationship between financial market tightness and real activity, using a new database of corporate bonds issued in eight European countries. Bond spreads have a significant negative relationship with four real activity variables at horizons 1–8 quarters ahead. The relationship is robust to adding measures of monetary policy tightness and leading indicators, providing strong support for models previously only eva…
Interest Rate Pass‐Through and Monetary Transmission: Evidence from Individual Financial Institutions' Retail Rates
Official interest rate changes should influence short rates on money market instruments and retail products, such as deposit accounts and mortgages, but complete pass‐through is often taken for granted. This paper provides a theoretical and econometric framework for assessing the evidence for this assumption using seventeen years of monthly data for rates on thirteen deposit and mortgage products offered by individual UK financial institutions. T…
Relative Price Variability and Inflation in Europe
The relationship between inflation and the relative variability of prices has been the subject of careful investigation in the United States using data for product groups at the city level. Yet in Europe, where the relationship could have profound effects on the viability of monetary integration, no attempt has been made to study the relationship. This paper fills the gap by examining data disaggregated to the commodity level across 10 EU countri…
Keynes, Hicks, and the Cambridge School
Research Article| March 01 1998 Keynes, Hicks, and the Cambridge School Paul Mizen; Paul Mizen 1 Search for other works by this author on: This Site Google John R. Presley John R. Presley 2 Search for other works by this author on: This Site Google History of Political Economy (1998) 30 (1): 1–16. https://doi.org/10.1215/00182702-30-1-1 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation Paul Mizen, J…
Credibility and Disinflation in the European Monetary System
Analysis of interest differentials in the European Monetary System has suggested a widespread lack of credibility of the Exchange Rate Mechanism in the sense that in most countries the implicit expected rate of devaluation was significant and not far short of inflation differentials vis‐à‐vis the deutschmark. We present and test a model in which prices reflect expectations of exchange rate behaviour. The results provide mixed evidence that price‐…
Microfoundations for a Stable Demand for Money Function
Scientific revolutions seldom occur when the prevailing theories appear to be performing well: it is only when the accepted theory fails to offer a satisfactory explanation of events that new and more robust theories are proposed. Of these new theories the one which can explain the successful performance of the previous theory and also the events which led to its demise becomes the replacement. So it is in the history of modern monetary economics…
The Papers of Dennis Robertson: The Discovery of Unexpected Riches
Research Article| November 01 1997 The Papers of Dennis Robertson: The Discovery of Unexpected Riches Paul Mizen; Paul Mizen 1 Search for other works by this author on: This Site Google Don Moggridge; Don Moggridge 2 Search for other works by this author on: This Site Google John Presley John Presley 1 3 Search for other works by this author on: This Site Google History of Political Economy (1997) 29 (4): 573–592. https://doi.org/10.1215/00182702…
Robertson and Persistent Negative Reactions to Keynes's General Theory: Some New Evidence
Research Article| November 01 1995 Robertson and Persistent Negative Reactions to Keynes's General Theory: Some New Evidence Paul Mizen; Paul Mizen Search for other works by this author on: This Site Google John R. Presley John R. Presley 1 Search for other works by this author on: This Site Google History of Political Economy (1995) 27 (4): 639–651. https://doi.org/10.1215/00182702-27-4-639 Cite Icon Cite Share Icon Share Facebook Twitter Linked…
Evaluating the Empirical Evidence for Currency Substitution: A Case Study of the Demand for Sterling in Europe
Journal Article Evaluating the Empirical Evidence for Currency Substitution: A Case Study of the Demand for Sterling in Europe Get access Paul Mizen, Paul Mizen Search for other works by this author on: Oxford Academic Google Scholar Eric J. Pentecost Eric J. Pentecost Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 104, Issue 426, 1 September 1994, Pages 1057–1069, https://doi.org/10.2307/223…
Buffer Stock Ideas in the Monetary Economics of Keynes and Robertson
Research Article| June 01 1994 Buffer Stock Ideas in the Monetary Economics of Keynes and Robertson Paul Mizen; Paul Mizen Search for other works by this author on: This Site Google John R. Presley John R. Presley Search for other works by this author on: This Site Google History of Political Economy (1994) 26 (2): 193–202. https://doi.org/10.1215/00182702-26-2-193 Views Icon Views Article contents Figures & tables Video Audio Supplementary Data …
Robertson and Persistent Negative Reactions to Keynes's General Theory: Some New Evidence
Research Article| November 01 1995 Robertson and Persistent Negative Reactions to Keynes's General Theory: Some New Evidence Paul Mizen; Paul Mizen Search for other works by this author on: This Site Google John R. Presley John R. Presley 1 Search for other works by this author on: This Site Google History of Political Economy (1995) 27 (4): 639–651. https://doi.org/10.1215/00182702-27-4-639 Cite Icon Cite Share Icon Share Facebook Twitter Linked…
The Real Balance Effect and Stability Analysis in Classical Monetary Theory
A bstract The paper investigates the use of the real balance effect mechanism by Dennis Robertson in Money (1922), Banking Policy and the Price Level (1926) and subsequently in his Lectures On Economic Principles (1957‐59). The Paper draws on the correspondence between Robertson and Don Patinking during the period 1951‐56. It was Patinkin's opinion that Robertson never used the real balance effect as a mechanism to bring the disequilibriated mone…
Credibility and Disinflation in the European Monetary System
Analysis of interest differentials in the European Monetary System has suggested a widespread lack of credibility of the Exchange Rate Mechanism in the sense that in most countries the implicit expected rate of devaluation was significant and not far short of inflation differentials vis‐à‐vis the deutschmark. We present and test a model in which prices reflect expectations of exchange rate behaviour. The results provide mixed evidence that price‐…
Investment, Output and Interest Rate Policy when Capital is Mobile
The determination of long‐run aggregate supply is a feature which short‐run models of macroeconomic policy coordination tend to neglect but which has implications for the setting of interest rates. In this paper we develop an open‐economy model of output maximisation, where investment and capital flows are crucial determinants of output and are in turn influenced by interest rate policy and credible control of inflation. The model represents an e…
Microfoundations for a Stable Demand for Money Function
Scientific revolutions seldom occur when the prevailing theories appear to be performing well: it is only when the accepted theory fails to offer a satisfactory explanation of events that new and more robust theories are proposed. Of these new theories the one which can explain the successful performance of the previous theory and also the events which led to its demise becomes the replacement. So it is in the history of modern monetary economics…
The Papers of Dennis Robertson: The Discovery of Unexpected Riches
Research Article| November 01 1997 The Papers of Dennis Robertson: The Discovery of Unexpected Riches Paul Mizen; Paul Mizen 1 Search for other works by this author on: This Site Google Don Moggridge; Don Moggridge 2 Search for other works by this author on: This Site Google John Presley John Presley 1 3 Search for other works by this author on: This Site Google History of Political Economy (1997) 29 (4): 573–592. https://doi.org/10.1215/00182702…
Inflation Targeting: What Can the ECB Learn From the Recent Experience of the Bank of England
Journal Article Inflation Targeting: What Can the ECB Learn From the Recent Experience of the Bank of England? Get access Mike Artis, Mike Artis European University Institute and CEPR Search for other works by this author on: Oxford Academic Google Scholar Paul Mizen, Paul Mizen University of Nottingham and CEPR Search for other works by this author on: Oxford Academic Google Scholar Zenon Kontolemis Zenon Kontolemis International Monetary Fund S…
Keynes, Hicks, and the Cambridge School
Research Article| March 01 1998 Keynes, Hicks, and the Cambridge School Paul Mizen; Paul Mizen 1 Search for other works by this author on: This Site Google John R. Presley John R. Presley 2 Search for other works by this author on: This Site Google History of Political Economy (1998) 30 (1): 1–16. https://doi.org/10.1215/00182702-30-1-1 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation Paul Mizen, J…
Can foreign currency deposits prop up a collapsing exchange-rate regime
Relative Price Variability and Inflation in Europe
The relationship between inflation and the relative variability of prices has been the subject of careful investigation in the United States using data for product groups at the city level. Yet in Europe, where the relationship could have profound effects on the viability of monetary integration, no attempt has been made to study the relationship. This paper fills the gap by examining data disaggregated to the commodity level across 10 EU countri…
Seigniorage revenue, deficits and self-fulfilling currency crises
Interest Rate Pass‐Through and Monetary Transmission: Evidence from Individual Financial Institutions' Retail Rates
Official interest rate changes should influence short rates on money market instruments and retail products, such as deposit accounts and mortgages, but complete pass‐through is often taken for granted. This paper provides a theoretical and econometric framework for assessing the evidence for this assumption using seventeen years of monthly data for rates on thirteen deposit and mortgage products offered by individual UK financial institutions. T…
Evidence on the Functional Relationship between Relative Price Variability and Inflation with Implications for Monetary Policy
This paper considers the functional relationship between relative price variability (RPV) and inflation using quarterly personal consumer expenditure data in the US over 1967(I)–2003(I), deriving some implications for monetary policy. Non‐parametric regression techniques are used to explore the shape of the RPV function, and this shape is related to the theory outlined by J. J. Rotemberg. The empirical RPV function yields a plausible ‘optimal’ va…
Bond Spreads and Economic Activity in Eight European Economies
We provide new insights into the relationship between financial market tightness and real activity, using a new database of corporate bonds issued in eight European countries. Bond spreads have a significant negative relationship with four real activity variables at horizons 1–8 quarters ahead. The relationship is robust to adding measures of monetary policy tightness and leading indicators, providing strong support for models previously only eva…
Economic uncertainty before and during the Covid-19 pandemic
The Impact of Covid-19 on Productivity
We analyze the impact of Covid-19 on productivity using data from an innovative monthly firm survey that asks for quantitative impacts of Covid-19 on inputs and outputs. We find that total factor productivity (TFP) fell by up to 6% during 2020–2021. The overall impact combined large reductions in ‘within-firm’ productivity, with offsetting positive ‘between-firm’ effects as less productive sectors, and less productive firms within them, contracte…
Do Well Managed Firms Make Better Forecasts
We link new forecast and management data on over 20,000 firms to data on productivity in manufacturing and services. The panel survey was administered in the UK in July 2017 and November 2020, coinciding with two periods of considerable uncertainty from Brexit and Covid. We find that better-managed firms make more accurate forecasts for firm-level turnover and macro-level GDP. Uniquely, we show better-managed firms are also aware that they make m…
Remote working and the new geography of local service spending
Remote working has rapidly become the new norm in many sectors, at least some of the time. Remote working changes where workers spend much of their time and the geographical location of demand, particularly for local personal services (LPS). Our main contribution is to systematically quantify this change for England and Wales using a new nationally representative survey of nearly 35,000 working‐age adults, which captures (pre‐pandemic) LPS spendi…
Economics (15 works) · Monetary economics (13 works) · Monetary Policy and Economic Impact (11 works) · Economic Theory and Policy (8 works) · Macroeconomics (6 works) · Monetary policy (6 works) · Economic theories and models (5 works) · Economic Theory and Institutions (5 works) · Econometrics (4 works) · Keynesian economics (4 works)