I joined Brunel University Department of Economics and Finance in January 2023 as Professor of Macroeconomics and Finance. Prior to this I was an Associate Professor of Financial Economics at the University of Bath, Department of Economics, the leader of the Applied Econometrics research group and the Finance stream leader of the Macroeconomics and Finance research group. I was also employed as an Assistant Professor of Economics at the University of Stirling, Economics Division; as a temporary Assistant Professor of Economics at the University of Nottingham, School of Economics; and as an external consultant and researcher at the European Central Bank. My research has been published in highly ranked academic journals, i.e. Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Review of Economic Dynamics, Journal of International Money and Finance, Journal of Financial Stability, Journal of Economic Dynamics and Control, Canadian Journal of Economics, Scandinavian Journal of Economics, European Journal of Finance, Economics Letters etc.; and it is mainly focused in the area of Financial Economics (corporate finance, sustainable/green finance, capital structure and payout poicy) and applied Macroeconomics (DSGE modelling, business cycles, optimal fiscal/monetary policy, cryptocurrencies).
Central banks have moved far beyond interest-rate decisions as their primary tool of influence: forward guidance, press conferences, speeches, and published risk assessments now shape expectations and real economic outcomes in ways that are only beginning to be systematically measured. This PhD project investigates how the tone, uncertainty content, and informational novelty of central bank communications affect corporate investment, financing decisions, and capital allocation.
The project exploits state-of-the-art natural language processing (NLP) and large language model (LLM) techniques applied to large corpora of central bank texts (press conferences, Governing Council accounts, Financial Stability Reviews) to construct high-frequency measures of monetary policy risk tone, communication uncertainty, and sentiment. These measures are then linked to firm-level corporate finance outcomes using panel data from listed and unlisted firms.
Key research questions include:
- Does Central Bank risk tone, distinct from rate decision, independently affect corporate financial decision making?
- Do firms in sectors more exposed to interest-rate risk respond more strongly to communication shocks?
- How does central bank communication interact with policy uncertainty to amplify or dampen these responses?
- Can machine learning classification of texts predict turning points in the business cycle or corporate credit conditions?
The ideal candidate will have quantitative skills in econometrics and/or machine learning, an interest in monetary economics and corporate finance, and familiarity with large datasets. Prior exposure to Python and Stata is desirable.
How to apply
If you are interested in applying for the above PhD topic please follow the steps below:
- Contact the supervisor by email or phone to discuss your interest and find out if you would be suitable. Supervisor details can be found on this topic page. The supervisor will guide you in developing the topic-specific research proposal, which will form part of your application.
- Click on the "Apply here" button on this page and you will be taken to the relevant PhD course page, where you can apply using an online application.
- Complete the online application indicating your selected supervisor and include the research proposal for the topic you have selected.
Good luck!
This is a self-funded topic
Brunel offers a number of funding options to research students that help cover the cost of their tuition fees, contribute to living expenses or both. The UK Government is also offering Doctoral Student Loans for eligible students, and there is some funding available through the Research Councils. Many of our international students benefit from funding provided by their governments or employers. Brunel alumni enjoy tuition fee discounts of 15%.