Details about Paul Mizen

E-mail:
Homepage:	http://www.nottingham.ac.uk/economics/staff/details/Pdm.htm
Phone:	++44 115 951 5479
Postal address:	School of Economics University of Nottingham University Park Nottingham NG7 2RD United Kingdom
Workplace:	School of Economics, University of Nottingham, (more information at EDIRC) Bank of England, (more information at EDIRC) Centre for Finance, Credit and Macroeconomics (CFCM), School of Economics, University of Nottingham, (more information at EDIRC) Office of National Statistics, Government of the United Kingdom, (more information at EDIRC)

Access statistics for papers by Paul Mizen.

Last updated 2019-03-25. Update your information in the RePEc Author Service.

Short-id: pmi38

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Working Papers

2019

1. Brexit and uncertainty: insights from the Decision Maker Panel
   Bank of England working papers, Bank of England View citations (4)
2. The Impact of Brexit on UK Firms
   NBER Working Papers, National Bureau of Economic Research, Inc

2018

3. A firm-level perspective on micro- and macro-level uncertainty; An analysis of business expectations and uncertainty from the UK Management and Expectations Survey
   Economic Statistics Centre of Excellence (ESCoE) Discussion Papers, Economic Statistics Centre of Excellence (ESCoE)
4. Business investment, cash holding and uncertainty since the Great Financial Crisis
   Bank of England working papers, Bank of England View citations (1)
5. Foreign Currency Borrowing, Exports and Firm Performance: Evidence from a Currency Crisis
   Working Papers, Research and Monetary Policy Department, Central Bank of the Republic of Turkey View citations (1)
   See also Journal Article in The European Journal of Finance (2018)
6. Growing pension deficits and the expenditure decisions of UK companies
   Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM) View citations (4)
   Also in Bank of England working papers, Bank of England (2018) View citations (2)
7. Original sin in corporate finance: New evidence from Asian bond issuers in onshore and offshore markets
   Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM)

2017

8. Structural Factor Analysis of Interest Rate Pass Through In Four Large Euro Area Economies
   Working Papers in Economics, University of Canterbury, Department of Economics and Finance

2015

9. Inventory composition and trade credit
   Post-Print, HAL
   See also Journal Article in International Review of Financial Analysis (2015)
10. On the Information Flow from Credit Derivatives to the Macroeconomy
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM)
11. Why Did Bank Lending Rates Diverge from Policy Rates After the Financial Crisis?
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM) View citations (47)
    Also in BIS Working Papers, Bank for International Settlements (2015) View citations (34)

2013

12. Bond Spreads and Economic Activity in Eight European Economies
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM) View citations (2)
    See also Journal Article in Economic Journal (2016)

2012

13. Bond Spreads as Predictors of Economic Activity in Eight European Economies
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM) View citations (1)
14. How do anticipated changes to short-term market rates influence banks' retail interest rates? Evidence from the four major euro area economies
    Working papers, Banque de France View citations (4)
    See also Journal Article in Journal of Money, Credit and Banking (2013)
15. Investment and Asset Growth of Asian Firms: Evidence for Financial Resilience in the Recent Financial Crisis
    Working Papers, Hong Kong Institute for Monetary Research View citations (1)
16. Lessons from the Asian Crisis: An Open Economy Credit Channel Model where Export Status Matters
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM)
17. No Going Back: How the Production Process Affects Access to Short-term Credit
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM)
18. The response of the external finance premium in Asian corporate bond markets to financial characteristics, financial constraints and two financial crises
    Working Papers, Business School - Economics, University of Glasgow View citations (29)
    See also Journal Article in Journal of Banking & Finance (2012)
19. What Promotes Greater Use of the Corporate Bond Market? A Study of the Issuance Behaviour of Firms in Asia
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM) View citations (5)
    Also in Working Papers, Business School - Economics, University of Glasgow (2012) View citations (3)
    See also Journal Article in Oxford Economic Papers (2014)
20. Why do firms issue abroad? Lessons from onshore and offshore corporate bond finance in Asian emerging markets
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM) View citations (1)
    Also in Working Papers, Business School - Economics, University of Glasgow (2012) View citations (12)
    BIS Working Papers, Bank for International Settlements (2012) View citations (21)

2011

21. Forecasting US bond default ratings allowing for previous and initial state dependence in an ordered probit model
    Working Papers, Business School - Economics, University of Glasgow View citations (1)
    Also in SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) (2011) View citations (1)
    See also Journal Article in International Journal of Forecasting (2012)
22. No Going Back: The Interactions Between Processed Inventories and Trade Credit
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM) View citations (1)
23. The open economy balance sheet channel and the exporting decisions of firms: Evidence from the Brazilian crisis of 1999
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM)
    See also Journal Article in Oxford Economic Papers (2015)

2010

24. Interest rate Pass-Through in the Major European Economies - The Role of Expectations
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM)
    Also in Discussion Papers, Department of Economics, University of Birmingham (2010) View citations (6)
25. The Response of Retail Interest Rates to Factor Forecasts of Money Market Rates in Major European Economies
    Working Papers, COMISEF View citations (4)
26. What Effect Has Bond Market Development in Emerging Asia Had on the Issuance of Corporate Bonds?
    Working Papers, Hong Kong Institute for Monetary Research View citations (11)

2009

27. How Does Reputation Influence a Firm's Decision to Issue Corporate Bonds? New Evidence From Initial and Seasoned Public Debt Offerings
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM)

2008

28. Corporate trade credit and inventories: New evidence of a tradeoff from accounts payable and receivable
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM) View citations (4)
    See also Journal Article in Journal of Banking & Finance (2009)
29. Evidence on the External Finance Premium from the US and Emerging Asian Corporate Bond Markets
    Working Papers, Hong Kong Institute for Monetary Research View citations (1)
    Also in Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM) (2006)
30. Modelling the Persistence of Credit Ratings When Firms Face Financial Constraints, Recessions and Credit Crunches
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM)
31. What Effect has Bond Market Development in Asia had on the Issue of Corporate Bonds
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM)

2007

32. An Open Economy Model of the Credit Channel Applied to Four Asian Economies
    Working Papers, Hong Kong Institute for Monetary Research
33. Evaluating the Taylor Principle Over the Distribution of the Interest Rate: Evidence from the US, UK and Japan
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM)
    Also in Money Macro and Finance (MMF) Research Group Conference 2006, Money Macro and Finance Research Group (2007)
34. Forecasting Changes in UK Interest Rates
    Discussion Paper Series, Department of Economics, Loughborough University
    Also in Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM) (2007)
    Discussion Papers, University of Nottingham, Granger Centre for Time Series Econometrics (2006)
    See also Journal Article in Journal of Forecasting (2008)
35. Household Credit and Probability Forecasts of Financial Distress in the United Kingdom
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM)
36. The Inventory Channel of Trade Credit: Theory and Evidence
    Working Papers, The University of Sheffield, Department of Economics View citations (1)

2006

37. Monetary Policy, Corporate Financial Composition and Real Activity
    Working Papers, Research and Monetary Policy Department, Central Bank of the Republic of Turkey View citations (1)
    See also Journal Article in CESifo Economic Studies (2006)

2005

38. Corporate Finance Under Low Interest Rates: Evidence from Hong Kong
    Working Papers, Hong Kong Institute for Monetary Research
39. Corporate investment and cash flow sensitivity: what drives the relationship?
    Working Paper Series, European Central Bank View citations (17)
40. Trade Credit, Bank Lending and Monetary Policy Transmission
    Discussion Papers, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM)
    Also in Royal Economic Society Annual Conference 2003, Royal Economic Society (2003) View citations (5)
    Economics Working Papers, European University Institute (2003) View citations (10)
    See also Journal Article in European Economic Review (2006)

2004

41. Access to External Finance: Theory and Evidence on the Impact of Firm-Specific Characteristics
    Working Papers, Research and Monetary Policy Department, Central Bank of the Republic of Turkey View citations (21)
42. The Impact of Firm-Specific Characteristics on the Response to Monetary Policy Actions
    Working Papers, Research and Monetary Policy Department, Central Bank of the Republic of Turkey View citations (1)
    See also Journal Article in Central Bank Review (2004)

2003

43. A Re-interpretation of the Linear-Quadratic Model When Inventories and Sales are Polynomially Cointegrated
    Economics Working Papers, European University Institute View citations (1)
    See also Journal Article in Journal of Applied Econometrics (2006)
44. Corporate Credit and Monetary Policy: The Impact of Firm-Specific Characteristics on Financial Structure
    Economics Working Papers, European University Institute
45. Predicting Changes in the Interest Rate: The Performance of Taylor Rules Versus Alternatives for the United Kingdom
    Royal Economic Society Annual Conference 2003, Royal Economic Society
46. Trade Credit and Bank Lending: An Investigation into the Determinants of UK Manufacturing Firms' Access to Trade Credit
    Economics Working Papers, European University Institute View citations (1)

2002

47. Base rate pass-through: evidence from banks' and building societies' retail rates
    Bank of England working papers, Bank of England View citations (11)
48. The Long-Run Relationship among Relative Price Variability, Inflation and the Markup
    Economics Working Papers, European University Institute View citations (3)

2001

49. Consumption, money and lending: a joint model for the UK household sector
    Bank of England working papers, Bank of England View citations (11)
50. Other financial corporations: Cinderella or ugly sister of empirical monetary economics?
    Bank of England working papers, Bank of England View citations (1)
    See also Journal Article in International Journal of Finance & Economics (2005)
51. The Relationship between Price Dispersion and Inflation: A Reassessment
    Economics Working Papers, European University Institute View citations (5)

1999

52. Money, credit and investment in UK corporate sector
    Bank of England working papers, Bank of England View citations (13)

1998

53. Inflation Targeting: What can the ECB Learn from the Recent Experience of the Bank of England
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (8)
    See also Journal Article in Economic Journal (1998)

1997

54. Currency and Banking Crises with Endogenous Government Behavior
    Discussion Papers, University of Nottingham, School of Economics View citations (1)
55. Disinflation and Central Bank Independence in Australia, Canada and New Zealand: Evidence from Smooth Transition Analysis
    Discussion Papers, University of Nottingham, School of Economics View citations (4)

1995

56. Credibility and Disinflation in the European Monetary System
    Discussion Papers, University of Nottingham, School of Economics View citations (1)
    See also Journal Article in Economic Journal (1997)
57. Proposals to Ensure a Smooth Transition to European Monetary Union
    Discussion Papers, University of Nottingham, School of Economics

Journal Articles

2019

1. The divergence of bank lending rates from policy rates after the financial crisis: The role of bank funding costs
   Journal of International Money and Finance, 2019, 93, (C), 117-141

2018

2. Foreign currency borrowing, exports and firm performance: evidence from a currency crisis
   The European Journal of Finance, 2018, 24, (17), 1649-1671 View citations (1)
   See also Working Paper (2018)

2017

3. Tracking the views of British businesses: evidence form the Decision Maker Panel
   Bank of England Quarterly Bulletin, 2017, 57, (2), 110-120 View citations (2)

2016

4. Bond Spreads and Economic Activity in Eight European Economies
   Economic Journal, 2016, 126, (598), 2257-2291 View citations (2)
   See also Working Paper (2013)

2015

5. Inventory composition and trade credit
   International Review of Financial Analysis, 2015, 42, (C), 434-446 View citations (4)
   See also Working Paper (2015)
6. The open economy balance sheet channel and the exporting decisions of firms: evidence from the Brazilian crisis of 1999
   Oxford Economic Papers, 2015, 67, (4), 1096-1122
   See also Working Paper (2011)

2014

7. What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia
   Oxford Economic Papers, 2014, 66, (1), 227-253 View citations (9)
   See also Working Paper (2012)

2013

8. How Do Anticipated Changes to Short‐Term Market Rates Influence Banks' Retail Interest Rates? Evidence from the Four Major Euro Area Economies
   Journal of Money, Credit and Banking, 2013, 45, (7), 1375-1414 View citations (20)
   See also Working Paper (2012)

2012

9. Forecasting US bond default ratings allowing for previous and initial state dependence in an ordered probit model
   International Journal of Forecasting, 2012, 28, (1), 273-287 View citations (8)
   See also Working Paper (2011)
10. Monetary information and monetary policy decisions: Evidence from the euroarea and the UK
    Journal of Macroeconomics, 2012, 34, (2), 326-341
11. The response of the external finance premium in Asian corporate bond markets to financial characteristics, financial constraints and two financial crises
    Journal of Banking & Finance, 2012, 36, (11), 3048-3059 View citations (23)
    See also Working Paper (2012)

2010

12. Estimating monetary reaction functions at near zero interest rates
    Economics Letters, 2010, 106, (1), 57-60 View citations (5)

2009

13. Corporate trade credit and inventories: New evidence of a trade-off from accounts payable and receivable
    Journal of Banking & Finance, 2009, 33, (2), 300-307 View citations (54)
    See also Working Paper (2008)
14. The Taylor Principle and Monetary Policy Approaching a Zero Bound on Nominal Rates: Quantile Regression Results for the United States and Japan
    Journal of Money, Credit and Banking, 2009, 41, (8), 1705-1723 View citations (36)
15. What can we learn from central bankers' words? Some nonparametric tests for the ECB
    Economics Letters, 2009, 103, (1), 29-32 View citations (3)

2008

16. Evidence on the Functional Relationship between Relative Price Variability and Inflation with Implications for Monetary Policy
    Economica, 2008, 75, (300), 683-699 View citations (22)
17. Forecasting changes in UK interest rates
    Journal of Forecasting, 2008, 27, (1), 53-74 View citations (13)
    See also Working Paper (2007)
18. The credit crunch of 2007-2008: a discussion of the background, market reactions, and policy responses
    Review, 2008, (Sep), 531-568 View citations (27)

2007

19. Inflation, relative price variability and the markup: Evidence from the United States and the United Kingdom
    Economic Modelling, 2007, 24, (1), 82-100 View citations (4)

2006

20. A re-interpretation of the linear quadratic model when inventories and sales are polynomially cointegrated
    Journal of Applied Econometrics, 2006, 21, (8), 1249-1264 View citations (4)
    See also Working Paper (2003)
21. Access to external finance: Theory and evidence on the impact of monetary policy and firm-specific characteristics
    Journal of Banking & Finance, 2006, 30, (1), 199-227 View citations (63)
22. Monetary Policy, Corporate Financial Composition and Real Activity
    CESifo Economic Studies, 2006, 52, (1), 177-213 View citations (1)
    See also Working Paper (2006)
23. Trade credit, bank lending and monetary policy transmission
    European Economic Review, 2006, 50, (3), 603-629 View citations (46)
    See also Working Paper (2005)

2005

24. A Dynamic Model of Money, Credit, and Consumption: A Joint Model for the UK Household Sector
    Journal of Money, Credit and Banking, 2005, 37, (1), 119-43 View citations (10)
25. Other financial corporations: Cinderella or ugly sister of empirical monetary economics?
    International Journal of Finance & Economics, 2005, 10, (1), 63-80 View citations (5)
    See also Working Paper (2001)

2004

26. Interactions between Money, Lending and Investment in the UK Private Non-Financial Corporate Sector
    Manchester School, 2004, 72, (1), 72-99 View citations (2)
27. The Impact of Firm-Specific Characteristics on the Response to Monetary Policy Actions
    Central Bank Review, 2004, 4, (1), 1-30 View citations (1)
    See also Working Paper (2004)

2003

28. The empirical relationship between UK net corporate borrowing and stockbuilding
    Oxford Economic Papers, 2003, 55, (2), 287-313

2002

29. Modelling credit in the transmission mechanism of the United Kingdom
    Journal of Banking & Finance, 2002, 26, (11), 2131-2154 View citations (9)

2001

30. Seigniorage revenue, deficits and self-fulfilling currency crises
    Journal of Development Economics, 2001, 65, (1), 81-93 View citations (3)

2000

31. A Cross-Country Panel Analysis of Currency Substitution and Trade
    Economic Inquiry, 2000, 38, (2), 206-17 View citations (3)

1999

32. Can foreign currency deposits prop up a collapsing exchange-rate regime?
    Journal of Development Economics, 1999, 58, (2), 553-562 View citations (3)
33. Mean Reversion of Real Exchange Rates in High-Inflation Countries
    Southern Economic Journal, 1999, 65, (4), 839-854 View citations (16)
34. Understanding the disinflations in Australia, Canada and New Zealand using evidence from smooth transition analysis
    Journal of International Money and Finance, 1999, 18, (5), 799-816 View citations (19)

1998

35. Inflation Targeting: What Can the ECB Learn from the Recent Experience of the Bank of England?
    Economic Journal, 1998, 108, (451), 1810-25 View citations (8)
    See also Working Paper (1998)

1997

36. Credibility and Disinflation in the European Monetary System
    Economic Journal, 1997, 107, (445), 1751-67 View citations (4)
    See also Working Paper (1995)
37. Investment, Output and Interest Rate Policy When Capital Is Mobile
    Economic Journal, 1997, 107, (441), 431-40
38. Microfoundations for a Stable Demand for Money Function
    Economic Journal, 1997, 107, (443), 1202-12 View citations (10)

1996

39. Modeling the demand for money in the industrial and commercial companies sector in the United Kingdom
    Journal of Policy Modeling, 1996, 18, (4), 445-467 View citations (4)
40. Nonlinearities in Exchange-Rate Dynamics: Evidence from Five Currencies, 1973-94
    The Economic Record, 1996, 72, (216), 36-45 View citations (8)
41. Proposals to Ensure a Smooth Transition to European Monetary Union by 1999
    The World Economy, 1996, 19, (4), 407-423
42. The Real Balance Effect and Stability Analysis in Classical Monetary Theory
    Scottish Journal of Political Economy, 1996, 43, (1), 32-47
43. The behavior of foreign currency holdings during currency crises: Causes and consequences
    Open Economies Review, 1996, 7, (1), 651-673 View citations (1)
44. The impact of infra-European trade on sterling currency substitution
    Review of World Economics (Weltwirtschaftliches Archiv), 1996, 132, (1), 160-171

1995

45. Empirical Tests of Mean Reversion in Real Exchange Rates: A Survey
    Bulletin of Economic Research, 1995, 47, (3), 171-95 View citations (8)

1994

46. A Buffer Stock Model of the Demand for Money by the Personal Sector
    Bulletin of Economic Research, 1994, 46, (4), 315-30 View citations (4)
47. Evaluating the Empirical Evidence for Currency Substitution: A Case Study of the Demand for Sterling in Europe
    Economic Journal, 1994, 104, (426), 1057-69 View citations (19)

1992

48. Should Buffer Stock Theorists Be Broad- or Narrow-Minded? Some Answers from Aggregate U.K. Data: 1966-1989
    The Manchester School of Economic & Social Studies, 1992, 60, (4), 403-18

Books

2000

1. Monetary Economics
   OUP Catalogue, Oxford University Press View citations (26)

Edited books

2018

1. Macroprudential Policy and Practice
   Cambridge Books, Cambridge University Press View citations (1)

2009

2. Recent Developments in Monetary Policy, vol Two volume set
   Books, Edward Elgar Publishing

2003

3. Central Banking, Monetary Theory and Practice
   Books, Edward Elgar Publishing View citations (2)
4. Monetary History, Exchange Rates and Financial Markets
   Books, Edward Elgar Publishing View citations (4)

1996

5. The Macroeconomics of International Currencies
   Books, Edward Elgar Publishing View citations (2)

Chapters

2016

1. Comments on "Financial globalisation and monetary independence"
   A chapter in Expanding the boundaries of monetary policy in Asia and the Pacific, 2016, vol. 88, pp 227-230

2014

2. Capital structure and the issuance of corporate bonds in emerging Asia
   Chapter 13 in Global Shock, Risks, and Asian Financial Reform, 2014, pp 510-540