John Muellbauer

Professor John Muellbauer is a Senior Research Fellow of Nuffield College, Professor of Economics and a Senior Fellow of the Institute for New Economic Thinking at the Oxford Martin School, Oxford University. He is a Fellow of the British Academy, of the Econometric Society, of the European Economic Association and a CEPR Research Fellow. He has been a Consultant to the Bank of England, HM Treasury and the UK Department for Communities and Local Government (DCLG). He has been a Visiting Scholar at the Federal Reserve Board and the IMF and was a Wim Duisenberg Visiting Fellow at the ECB in 2012/13 and a Fellow of the South African Reserve Bank in 2018-2020, advising on financial stability issues. His current research is supported by grants from the Open Society Institute and the Oxford Martin School. In the last decade, his work includes research on sovereign debt spreads in the Eurozone; research with economists from the Bank of Canada, Dallas Fed, Banque de France, Bundesbank, Banca d'Italia and the ECB on interactions between finance, housing and the real economy focused on the household sector; with Janine Aron on inflation forecasting and exchange rate pass-through, and for the UK Ministry of Housing, Communities and Local Government on mortgage delinquencies and foreclosures in the UK; with John Duca and Anthony Murphy, both at the Dallas Federal Reserve, on lessons from the role of housing in the financial crisis, on what drives US house prices, and on the implications of the long-term shift in US credit market architecture. His research, with colleagues, on the impact of credit market liberalization on consumer debt, spending and housing markets in the UK, US, Canada, France, South Africa and Australia and relative non‐liberalisation in Japan and Germany aims to throw new light on monetary transmission, financial stability and monetary policy. His 1980 paper with Angus Deaton, “An Almost Ideal Demand System” in the American Economic Review was selected as one of the top twenty papers published in the first one hundred years of that journal. His 2012 paper with Janine Aron, John V. Duca, Keiko Murata, and Anthony Murphy, "Credit, Housing Collateral, and Consumption: Evidence from Japan, the U.K., and the U.S." received the 2014 Kendrick Prize, awarded for the best macro-paper published in the Review of Income and Wealth in 2012 and 2013. Before coming to Nuffield College in 1981, John was Professor of Economics at Birkbeck College, London, and Lecturer at Warwick University. He obtained his first degree from Cambridge University, England and his Doctorate from the University of California.