Professor Charles Nolan
- Bonar MacFie Chair in Economics (Economics)
telephone:
0141 330 8693
email:
Charles.Nolan@glasgow.ac.uk
Main Building, Adam Smith Business School, Room 307c, Level 3, University Avenue, Glasgow G12 8QQ
Biography
Charles was educated at the University of Strathclyde and Birkbeck College, University of London. He worked for eight years as an economist at the Bank of England, has taught at the University of Reading and was a Reader in Economics at the University of Durham. Prior to joining the University of Glasgow in 2010, he was a Professor of Economics at the University of St Andrews.
Research interests
Charles is a member of the Macroeconomics research cluster.
Areas of Expertise:
- Monetary policy
- Macroeconomics
- Banking and macro
- Fiscal policy
- Macroprudential issues
Publications
2021
Damjanovic, T., Damjanovic, V. and Nolan, C. (2021) Unconditionally optimal Ramsey policy. Journal of Macroeconomics, 69, 103346. (doi: 10.1016/j.jmacro.2021.103346)
Kirsanova, T. , Nolan, C. and Shafiei Deh Abad, M. (2021) Deep recessions. Economic Modelling, 96, pp. 310-323. (doi: 10.1016/j.econmod.2020.03.026)
2020
Damjanovic, T., Damjanovic, V. and Nolan, C. (2020) Default, bailouts and the vertical structure of financial intermediaries. Review of Economic Dynamics, 38, pp. 154-180. (doi: 10.1016/j.red.2020.04.002)
Duncan, A. and Nolan, C. (2020) Reform of the UK Financial Policy Committee. Scottish Journal of Political Economy, 67(1), pp. 1-30. (doi: 10.1111/sjpe.12228)
2019
Kontonikas, A., Nolan, C. , Zekaite, Z. and Lamla, M. (2019) Treasuries variance decomposition and the impact of monetary policy. International Journal of Finance and Economics, 24(48-50), pp. 1506-1519. (doi: 10.1002/ijfe.1744)
Duncan, A. and Nolan, C. (2019) Disputes, debt and equity. Theoretical Economics, 14(3), pp. 887-925. (doi: 10.3982/TE2574)
2018
Duncan, A. and Nolan, C. (2018) Financial frictions in macroeconomic models. In: Hamilton, J. H. (ed.) Oxford Research Encyclopedias: Economics and Finance [online]. Oxford University Press. ISBN 9780190625979 (doi: 10.1093/acrefore/9780190625979.013.168)
2015
Nolan, C. and Trew, A. (2015) Transaction costs and institutions: investments in exchange. B.E. Journal of Theoretical Economics, 15(2), pp. 391-432. (doi: 10.1515/bejte-2013-0090)
Damjanovic, T., Damjanovic, V. and Nolan, C. (2015) Ordering Policy Rules with an Unconditional Welfare Measure. International Journal of Central Banking, 11(1), pp. 103-149.
2012
Damjanovic, V. and Nolan, C. (2012) S,s pricing in a dynamic equilibrium model with heterogeneous sectors. Journal of Economic Dynamics and Control, 36(4), pp. 550-567. (doi: 10.1016/j.jedc.2011.11.009)
2011
Damjanovic, T. and Nolan, C. (2011) Second-order approximation to the Rotemberg model around a distorted steady state. Economics Letters, 110(2), pp. 132-135. (doi: 10.1016/j.econlet.2010.11.010)
2010
Damjanovic, T. and Nolan, C. (2010) Relative price distortions and inflation persistence. Economic Journal, 120(547), pp. 1080-1099. (doi: 10.1111/j.1468-0297.2009.02329.x)
Damjanovic, T. and Nolan, C. (2010) Seigniorage-maximizing inflation under sticky prices. Journal of Money, Credit and Banking, 42(2-3), pp. 503-519. (doi: 10.1111/j.1538-4616.2009.00297.x)
2009
Nolan, C. and Thoenissen, C. (2009) Financial shocks and the US business cycle. Journal of Monetary Economics, 56(4), pp. 596-604. (doi: 10.1016/j.jmoneco.2009.03.007)
2008
Nolan, C. and Thoenissen, C. (2008) Labour markets and firm-specific capital in New Keynesian general equilibrium models. Journal of Macroeconomics, 30(3), pp. 817-843. (doi: 10.1016/j.jmacro.2007.02.002)
Damjanovic, T., Damjanovic, V. and Nolan, C. (2008) Unconditionally optimal monetary policy. Journal of Monetary Economics, 55(3), pp. 491-500. (doi: 10.1016/j.jmoneco.2008.01.003)
2007
Chadha, J. S. and Nolan, C. (2007) Optimal simple rules for the conduct of monetary and fiscal policy. Journal of Macroeconomics, 29(4), pp. 665-689. (doi: 10.1016/j.jmacro.2005.01.005)
Ghosh, S. and Nolan, C. (2007) The impact of simple fiscal rules in growth models with public goods and congestion. Manchester School, 75(5), pp. 634-651. (doi: 10.1111/j.1467-9957.2007.01034.x)
Chadha, J. S., Macmillan, P. and Nolan, C. (2007) Independence day for the 'old lady': a natural experiment on the implications of central bank independence. Manchester School, 75(3), pp. 311-327. (doi: 10.1111/j.1467-9957.2007.01019.x)
2006
Damjanovic, V. and Nolan, C. (2006) Aggregation and optimization with state-dependent pricing: a comment. Econometrica, 74(2), pp. 565-573. (doi: 10.1111/j.1468-0262.2006.00672.x)
Damjanovic, T. and Nolan, C. (2006) Some welfare implications of optimal stabilisation policy in an economy with capital and sticky prices. Scottish Journal of Political Economy, 53(1), pp. 47-71. (doi: 10.1111/j.1467-9485.2006.00370.x)
Nicolae, A. and Nolan, C. (2006) The impact of imperfect credibility in a transition to price stability. Journal of Money, Credit and Banking, 38(1), pp. 47-66. (doi: 10.1353/mcb.2006.0022)
2004
Chadha, J.S. and Nolan, C. (2004) Interest rate bounds and fiscal policy. Economics Letters, 84(1), pp. 9-15. (doi: 10.1016/j.econlet.2003.12.001)
Chadha, J. S. and Nolan, C. (2004) The interaction of monetary and fiscal policy: solvency and stabilisation issues. In: Minford, P. (ed.) Money Matters: Essays in Honour of Alan Walters. Edward Elgar: Cheltenham, pp. 169-210. ISBN 9781843764434
Chadha, J. S. and Nolan, C. (2004) Output, inflation and the New Keynesian Phillips Curve. International Review of Applied Economics, 18(3), pp. 271-287. (doi: 10.1080/0269217042000227060)
2003
Chadha, J. S., Muscatelli, V. A. and Nolan, C. (2003) 'Policy rules-the next steps'-Scottish Journal of Political Economy Special Issue. Scottish Journal of Political Economy, 50(5), i-iii. (doi: 10.1111/j.0036-9292.2003.05005007.x)
Nolan, C., Chadha, J. and Altug, S. (Eds.) (2003) Dynamic Macroeconomic Analysis: Theory and Policy in General Equilibrium. Cambridge University Press: Cambridge. ISBN 0521534038
2002
Janssen, N., Nolan, C. and Thomas, R. (2002) Money, debt and prices in the United Kingdom, 1705-1996. Economica, 69(275), pp. 461-479. (doi: 10.1111/1468-0335.00294)
Chadha, J. S. and Nolan, C. (2002) Inflation and price level targeting in a New Keynesian model. Manchester School, 70(4), pp. 570-595. (doi: 10.1111/1467-9957.00301)
Nolan, C. (2002) Monetary stabilisation policy in a monetary union: some simple analytics. Scottish Journal of Political Economy, 49(2), pp. 196-215. (doi: 10.1111/1467-9485.00228)
Chadha, J. S. and Nolan, C. (2002) Supply shocks and the 'natural rate of interest': an exploration. In: Mahadeva, L. and Sinclair, P. (eds.) Monetary Transmission in Diverse Economies. Cambridge University Press: Cambridge, pp. 49-67. ISBN 9780521813464
2001
Chadha, J. S., Janssen, N. and Nolan, C. (2001) Productivity and preferences in a small open economy. Manchester School, 69(s1), pp. 57-80. (doi: 10.1111/1467-9957.69.s1.4)
Chadha, J. S. and Nolan, C. (2001) Inflation targeting, transparency and interest rate volatility: ditching "monetary mystique" in the U.K. Journal of Macroeconomics, 23(3), pp. 349-366. (doi: 10.1016/S0164-0704(01)00168-9)
1998
Schaling, E. and Nolan, C. (1998) Monetary policy uncertainty and inflation: the role of central bank accountability. De Economist, 146(4), pp. 585-602. (doi: 10.1023/A:1003494413926)
1997
Canzoneri, M. B., Nolan, C. and Yates, T. (1997) Mechanisms for achieving monetary stability: inflation targeting versus the ERM. Journal of Money, Credit and Banking, 29(1), pp. 46-60. (doi: 10.2307/2953685)
Nolan, C. and Schaling, E. (1997) Monetary Policy Uncertainty and Central Bank Accountability. Working Paper. Bank of England, London.
1996
Nolan, C. and Schaling, E. (1996) International monetary policy co-ordination: some lessons from the literature. Bank of England Quarterly Bulletin, 36(4), pp. 412-417.
Articles
Damjanovic, T., Damjanovic, V. and Nolan, C. (2021) Unconditionally optimal Ramsey policy. Journal of Macroeconomics, 69, 103346. (doi: 10.1016/j.jmacro.2021.103346)
Kirsanova, T. , Nolan, C. and Shafiei Deh Abad, M. (2021) Deep recessions. Economic Modelling, 96, pp. 310-323. (doi: 10.1016/j.econmod.2020.03.026)
Damjanovic, T., Damjanovic, V. and Nolan, C. (2020) Default, bailouts and the vertical structure of financial intermediaries. Review of Economic Dynamics, 38, pp. 154-180. (doi: 10.1016/j.red.2020.04.002)
Duncan, A. and Nolan, C. (2020) Reform of the UK Financial Policy Committee. Scottish Journal of Political Economy, 67(1), pp. 1-30. (doi: 10.1111/sjpe.12228)
Kontonikas, A., Nolan, C. , Zekaite, Z. and Lamla, M. (2019) Treasuries variance decomposition and the impact of monetary policy. International Journal of Finance and Economics, 24(48-50), pp. 1506-1519. (doi: 10.1002/ijfe.1744)
Duncan, A. and Nolan, C. (2019) Disputes, debt and equity. Theoretical Economics, 14(3), pp. 887-925. (doi: 10.3982/TE2574)
Nolan, C. and Trew, A. (2015) Transaction costs and institutions: investments in exchange. B.E. Journal of Theoretical Economics, 15(2), pp. 391-432. (doi: 10.1515/bejte-2013-0090)
Damjanovic, T., Damjanovic, V. and Nolan, C. (2015) Ordering Policy Rules with an Unconditional Welfare Measure. International Journal of Central Banking, 11(1), pp. 103-149.
Damjanovic, V. and Nolan, C. (2012) S,s pricing in a dynamic equilibrium model with heterogeneous sectors. Journal of Economic Dynamics and Control, 36(4), pp. 550-567. (doi: 10.1016/j.jedc.2011.11.009)
Damjanovic, T. and Nolan, C. (2011) Second-order approximation to the Rotemberg model around a distorted steady state. Economics Letters, 110(2), pp. 132-135. (doi: 10.1016/j.econlet.2010.11.010)
Damjanovic, T. and Nolan, C. (2010) Relative price distortions and inflation persistence. Economic Journal, 120(547), pp. 1080-1099. (doi: 10.1111/j.1468-0297.2009.02329.x)
Damjanovic, T. and Nolan, C. (2010) Seigniorage-maximizing inflation under sticky prices. Journal of Money, Credit and Banking, 42(2-3), pp. 503-519. (doi: 10.1111/j.1538-4616.2009.00297.x)
Nolan, C. and Thoenissen, C. (2009) Financial shocks and the US business cycle. Journal of Monetary Economics, 56(4), pp. 596-604. (doi: 10.1016/j.jmoneco.2009.03.007)
Nolan, C. and Thoenissen, C. (2008) Labour markets and firm-specific capital in New Keynesian general equilibrium models. Journal of Macroeconomics, 30(3), pp. 817-843. (doi: 10.1016/j.jmacro.2007.02.002)
Damjanovic, T., Damjanovic, V. and Nolan, C. (2008) Unconditionally optimal monetary policy. Journal of Monetary Economics, 55(3), pp. 491-500. (doi: 10.1016/j.jmoneco.2008.01.003)
Chadha, J. S. and Nolan, C. (2007) Optimal simple rules for the conduct of monetary and fiscal policy. Journal of Macroeconomics, 29(4), pp. 665-689. (doi: 10.1016/j.jmacro.2005.01.005)
Ghosh, S. and Nolan, C. (2007) The impact of simple fiscal rules in growth models with public goods and congestion. Manchester School, 75(5), pp. 634-651. (doi: 10.1111/j.1467-9957.2007.01034.x)
Chadha, J. S., Macmillan, P. and Nolan, C. (2007) Independence day for the 'old lady': a natural experiment on the implications of central bank independence. Manchester School, 75(3), pp. 311-327. (doi: 10.1111/j.1467-9957.2007.01019.x)
Damjanovic, V. and Nolan, C. (2006) Aggregation and optimization with state-dependent pricing: a comment. Econometrica, 74(2), pp. 565-573. (doi: 10.1111/j.1468-0262.2006.00672.x)
Damjanovic, T. and Nolan, C. (2006) Some welfare implications of optimal stabilisation policy in an economy with capital and sticky prices. Scottish Journal of Political Economy, 53(1), pp. 47-71. (doi: 10.1111/j.1467-9485.2006.00370.x)
Nicolae, A. and Nolan, C. (2006) The impact of imperfect credibility in a transition to price stability. Journal of Money, Credit and Banking, 38(1), pp. 47-66. (doi: 10.1353/mcb.2006.0022)
Chadha, J.S. and Nolan, C. (2004) Interest rate bounds and fiscal policy. Economics Letters, 84(1), pp. 9-15. (doi: 10.1016/j.econlet.2003.12.001)
Chadha, J. S. and Nolan, C. (2004) Output, inflation and the New Keynesian Phillips Curve. International Review of Applied Economics, 18(3), pp. 271-287. (doi: 10.1080/0269217042000227060)
Chadha, J. S., Muscatelli, V. A. and Nolan, C. (2003) 'Policy rules-the next steps'-Scottish Journal of Political Economy Special Issue. Scottish Journal of Political Economy, 50(5), i-iii. (doi: 10.1111/j.0036-9292.2003.05005007.x)
Janssen, N., Nolan, C. and Thomas, R. (2002) Money, debt and prices in the United Kingdom, 1705-1996. Economica, 69(275), pp. 461-479. (doi: 10.1111/1468-0335.00294)
Chadha, J. S. and Nolan, C. (2002) Inflation and price level targeting in a New Keynesian model. Manchester School, 70(4), pp. 570-595. (doi: 10.1111/1467-9957.00301)
Nolan, C. (2002) Monetary stabilisation policy in a monetary union: some simple analytics. Scottish Journal of Political Economy, 49(2), pp. 196-215. (doi: 10.1111/1467-9485.00228)
Chadha, J. S., Janssen, N. and Nolan, C. (2001) Productivity and preferences in a small open economy. Manchester School, 69(s1), pp. 57-80. (doi: 10.1111/1467-9957.69.s1.4)
Chadha, J. S. and Nolan, C. (2001) Inflation targeting, transparency and interest rate volatility: ditching "monetary mystique" in the U.K. Journal of Macroeconomics, 23(3), pp. 349-366. (doi: 10.1016/S0164-0704(01)00168-9)
Schaling, E. and Nolan, C. (1998) Monetary policy uncertainty and inflation: the role of central bank accountability. De Economist, 146(4), pp. 585-602. (doi: 10.1023/A:1003494413926)
Canzoneri, M. B., Nolan, C. and Yates, T. (1997) Mechanisms for achieving monetary stability: inflation targeting versus the ERM. Journal of Money, Credit and Banking, 29(1), pp. 46-60. (doi: 10.2307/2953685)
Nolan, C. and Schaling, E. (1996) International monetary policy co-ordination: some lessons from the literature. Bank of England Quarterly Bulletin, 36(4), pp. 412-417.
Book Sections
Duncan, A. and Nolan, C. (2018) Financial frictions in macroeconomic models. In: Hamilton, J. H. (ed.) Oxford Research Encyclopedias: Economics and Finance [online]. Oxford University Press. ISBN 9780190625979 (doi: 10.1093/acrefore/9780190625979.013.168)
Chadha, J. S. and Nolan, C. (2004) The interaction of monetary and fiscal policy: solvency and stabilisation issues. In: Minford, P. (ed.) Money Matters: Essays in Honour of Alan Walters. Edward Elgar: Cheltenham, pp. 169-210. ISBN 9781843764434
Chadha, J. S. and Nolan, C. (2002) Supply shocks and the 'natural rate of interest': an exploration. In: Mahadeva, L. and Sinclair, P. (eds.) Monetary Transmission in Diverse Economies. Cambridge University Press: Cambridge, pp. 49-67. ISBN 9780521813464
Edited Books
Nolan, C., Chadha, J. and Altug, S. (Eds.) (2003) Dynamic Macroeconomic Analysis: Theory and Policy in General Equilibrium. Cambridge University Press: Cambridge. ISBN 0521534038
Research Reports or Papers
Nolan, C. and Schaling, E. (1997) Monetary Policy Uncertainty and Central Bank Accountability. Working Paper. Bank of England, London.
Grants
- Leverhulme Trust, to conduct a pilot study entitled, “Economic growth and open economy business cycle fluctuations – A long view of the UK”. 2001-2002, Award: £14,908
- Shell Foundation for a project entitled “Private sector finance and the support of infrastructure as a source of economic growth”, 2006-2007, Award: £171,458
Supervision
- Masst, Oyvind
Housing Markets and the Macro Economy
Completed students
Andres Azqueta Gavaldon
Text-mining in macroeconomics: the wealth of words
Teaching
Graduate courses:
- Public Finance;
- International Macroeconomics and Policy.