Ray Barrell

Professor of Economics
Economics and Finance

Room: Marie Jahoda Room 258
Brunel University
Uxbridge, UB8 3PH
United Kingdom
Tel: +44 (0)1895 265430
Email: Ray.Barrell@brunel.ac.uk



  • BSc Econ LSE (1971)
  • MSc Econ LSE (1973)

Personal Biography

Professor Ray Barrell, born 25th May 1950, Professor of Economics, Brunel University, from 1st September 2011, Formerly Director of Macroeconomics, Senior Research Fellow at the National Institute of Economic and Social Research since 1990. He was an Economic Advisor at HM Treasury from 1984 to 1987 before arriving at the Institute in 1988. Before that He was a university lecturer in economics teaching at Sussex, Southampton and Stirling and was on the staff of Brunel from 1979 to 1984. He specialised in monetary economics and econometrics. His outside interests include theatre and opera, and he is a patron of the Royal Opera House, the English National Opera and the Salzburg Festival.


Research Overview

Prof. Barrell’s research has been conducted with a view to intervening in the policy debate, with those interventions supported by high quality research output. Since 1990 he has published over a hundred papers in books and academic journals, 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. Current research interests focus around financial regulation and also around factors affecting growth. Specific topics include financial markets, determinants of growth, fiscal and monetary policy, the impact of European integration, accession and expansion, and macro economic modelling.

Member, Brunel Macroeconomics Centre


Current Projects

Financial regulation and growth

Credit ratings and bank behaviour

Age and insider activity by directors of firms


Recently Completed Projects

ESRC/ HM Treasury
An Investigation into the Causes of Banking Crises and Early Warning System Design (Grant Code: R30051)
January 2011 – May 2012
Dilruba Karim (PI) Ray Barrell (CI)


PhD Supervision

Eric Yeboah: Banking competition in West Africa; March 2012 –

Spyridoula Tzima: European business cycles and the role of Greece; January 2012 -

Abdulkader Nahhas: Exchange rate volatility, FDI and macroeconomic policy in the G7; January 2012 -


Undergraduate Programmes

Module convenor

  • Macroeconomics

Module contributor

  • Topics in advanced Economic Theory - Macro

Postgraduate Programmes

Module convenor

  • Financial Regulation


  • Impact Coordinator
  • Research REF coordinator (to August 2012)
  • Head of Department (from September 2012)

External Activity

  • Member, Royal Economic Society



Journal Papers

(2011) Barrell, R., Holland, D. and Liadze, I., Accounting for UK economic performance 1973-2009, European Commission book on the UK economyNIESR DP no 359

(2010) Barrell, R., Davis, EP., Karim, D. and Liadze, I., Bank regulation, property prices and early warning systems for banking crises in OECD countries, Journal of Banking & Finance 34 (9) : 2255- 2264

(2010) Barrell, R., Fitzgerald, J. and Riley, R., EU enlargement and migration: Assessing the macroeconomic impacts, Journal of Common Market Studies March 48 (2) : 373- 395

(2010) Barrell, R. and Weale, M., Fiscal policy, fairness between generations, and national saving, Oxford Review of Economic Policy 26 (1) : 38- 47

(2009) Barrell, R., Holland, D. and Te Velde, DW., A fiscal stimulus to address the effects of the global financial crisis on sub-Saharan Africa, NIESR Discussion PaperPaper No. 331

(2009) Al-Eyd, A., Barrell, R. and Davis, EP., Consumer confidence indices and short-term forecasting of consumption, The Manchester School 77 (1) : 96- 111

(2009) Barrell, R. and Weale, M., The economics of a reduction in VAT, Fiscal Studies 30 (1) : 17- 30

(2008) Fic, T., Barrell, R. and Holland, D., Entry rates and the risks of misalignment in the EU8, Journal of Policy Modeling 30 (5) : 761- 774

(2007) Barrell, R. and Davis, EP., Financial liberalisation, consumption and wealth effects in seven OECD countries, Scottish Journal of Political Economy 54 (2) : 254- 267

(2007) Barrell, R., Guillemineau, C. and Holland, D., Decomposing growth in France, Germany and the United Kingdom using growth accounting and production function approaches, National Institute Economic Review 199 (1) : 99- 113

(2007) Barrell, R., Retirement and saving, National Institute Economic Review 199 (1) : 59- 64

(2006) Barrell, R., Hall, SG. and Hurst, AIH., Evaluating policy feedback rules using the joint density function of a stochastic model, Economics Letters 93 (1) : 1- 5

(2006) Barrell, R., Davis, EP. and Pomerantz, O., Costs of financial instability, household-sector balance sheets and consumption, Journal of Financial Stability 2 (2) : 194- 216

(2005) Al Eyd, A. and Barrell, R., Estimating tax and benefit multipliers in Europe, Economic Modelling 22 (5) : 759- 776

(2005) Barrell, R., Kirby, S., Metz, R. and Weale, M., The labour Government’s economic record and conomic prospects, National Institute Economic Review 192 4- 10

(2005) Barrell, R. and Davis, EP., Policy design and macroeconomic stability in Europe, National Institute Economic Review 194 (1) : 94- 105

(2005) Barrell, R., Choy, A., Holland, D. and Riley, R., The sterling effective exchange rate and other measures of UK competitiveness, National Institute Economic Review 191 (1) : 54- 63

(2004) Barrell, R., Becker, B., Byrne, J., Gottschalk, S., Hurst, AI. and van Welsum, D., Macroeconomic policy in Europe: Experiments with monetary responses and fiscal impulses, Economic Modelling 21 (5) : 877- 931

(2004) Barrell, R. and Gottschalk, S., The volatility of the output gap in the G7, National Institute Economic Review 188 (1) : 100- 107

(2004) Barrell, R. and Pina, A., How important are automatic stabilisers in Europe?, Economic Modelling 21 (1) : 1- 35

(2003) Barrell, R., Kirby, S., Riley, R. and van Welsum, D., Measuring the macroeconomic effects of reducing benefit dependency, National Institute Economic Review 186 (1) : 85- 97

(2003) Barrell, R. and Hurst, I., Benchmarks and targets under the SGP: Evaluating safe deficit targets using Nigem, National Institute Economic Review 185 (1) : 54- 63

(2003) Barrell, R., Dury, K. and Hurst, I., International monetary policy coordination: An evaluation using a large econometric model, Economic Modelling 20 (3) : 507- 527

(2003) Barrell, R. and Weale, M., Designing and choosing macroeconomic frameworks: The position of the UK after four years of the Euro, Oxford Review of Economic Policy 19 (1) : 132- 148

(2003) Barrell, R., Byrne, JP. and Dury, K., The implications of diversity in consumption behaviour for the choice of monetary policy rules in Europe, Economic Modelling 20 (2) : 275- 299

(2003) Barrell, R. and Dury, K., Asymmetric labour markets in a converging Europe: Do differences matter?, National Institute Economic Review 183 (1) : 56- 65

(2002) Barrell, R., The UK and EMU: Choosing the regime, National Institute Economic Review 180 (1) : 54- 71

(2002) Barrell, R. and te Velde, DW., European integration and manufactures import demand: An empirical investigation of ten european countries, German Economic Review 3 (3) : 263- 293

(2000) Barrell, R. and Dury, K., Choosing the regime: Macroeconomic effects of UK entry into EMU, Journal of Common Market Studies 38 (4) : 625- 644

(2000) Barrell, R. and Dury, K., An evaluation of monetary targeting regimes, National Institute Economic Review 174 (1) : 105- 113

(2000) Barrell, R. and Pain, N., Monetary and fiscal policy in Europe: An overview, National Institute Economic Review 174 (1) : 63- 67

(2000) Barrell, R. and te Velde, DW., Catching-up of east German labour productivity in the 1990s, German Economic Review 1 (3) : 291- 297

(2000) Barrell, R. and Holland, D., Foreign direct investment and enterprise restructuring in Central Europe, Economics of Transition 8 (2) : 477- 504

(1999) Barrell, R. and Genre, V., Employment strategies for Europe: Lessons from Denmark and the Netherlands, National Institute Economic Review 168 (1) : 82- 98

(1999) Barrell, R. and Pain, N., European growth and integration: Domestic institutions, agglomerations and foreign direct investment in Europe, European Economic Review 43 (4-6) : 925- 934

(1999) Barrell, R. and Pain, N., Trade restraints and Japanese direct investment flows, European Economic Review 43 (1) : 29- 45

(1998) Barrell, R., Dury, K., Holland, D., Pain, N. and te Velde, D., Financial market contagion and the effects of the crises in East Asia, Russia and Latin America, National Institute Economic Review 166 (1) : 57- 73

(1998) Barrell, R. and Pain, N., Real exchange rate, agglomerations, and irreversibilities: Macroeconomic policy and FDI in EMU, Oxford Review of Economic Policy 14 (3) : 152- 167

(1997) Barrell, R. and Pain, N., Foreign direct investment, technological change, and economic growth within Europe, Economic Journal 107 (445) : 1770- 1786

(1997) Barrell, R., Caporale, GM., Hall, S. and Garratt, A., Learning about monetary union: An analysis of bounded rational learning in European labor markets, Journal of Policy Modeling 19 (5) : 469- 489

(1997) Barrell, R. and Pain, N., European integration and foreign direct investment: The UK experience, National Institute Economic Review 160 (1)

(1996) Barrell, R., Pain, N. and Hurst, I., German Monetary Union: An historical counterfactual analysis, Economic Modelling 13 (4) : 499- 518

(1996) Barrell, R. and Pain, N., An econometric analysis of U.S. foreign direct investment, Review of Economics and Statistics 78 (2) : 200- 207

(1995) Barrell, R. and Sefton, J., Output gaps: Some evidence from the UK, France and Germany, National Institute Economic Review 151 (1) : 65- 73

Conference Papers

(2011) Barrell, R., Macroprudential regulation, Norges Bank conference

(2011) Barrell, R., Evaluating crisis prediction methods, CB conference on macroprudential regulation

(2011) Barrell, R., The impact of financial regulation on output in Europe, Kiel Institute Conference

(2011) Barrell, R., Longer term fiscal issues, 10th Annual Bank for International Settlements

(2011) Barrell, R., The banking sector and recovery in the EU, ServiceGap Conference at CEPS

Book Chapters

(2010) Barrell, R. and Gottschalk, S., Capital adequacy requirements in emerging markets. In: The Basel Capital Accords in Developing Countries. Palgrave, London

(2010) Barrell, R., Holland, D., Liadze, I. and Pomerantz, O., EMU and its impact on growth and employment. In: Buti, M., Deroose, S., Gaspar, V. and Nogueira, J. eds. EMU at 10.

(2007) Barrell, R., Gottschalk, S. and Hall, S., Foreign direct investment and exchange rate uncertainty in imperfectly competitive industries. In: Regionalisation, Growth and Economic Integration. London : Springer Verlag 77- 98

(2007) Barrell, R., Hurst, AI. and Mitchell, J., Uncertainty bounds for cyclically adjusted budget balances. In: Larch, M. and Martins, LN. eds. Fiscal Indicators. Brussels : European Commission 187- 206

Page last updated: Monday 14 October 2013