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 204d, Level 2, University Avenue, Glasgow G12 8QQ

Import to contacts

ORCID iDhttps://orcid.org/0000-0002-7260-7472

Biography

Charles was educated at the University of Strathclyde and Birkbeck College, University of London. He worked for eight years at the Bank of England, first as a banking supervisor and then as an economist in the Monetary Assessment and Strategy Division. He lectured at the University of Reading and was Reader in Economics at the University of Durham. Prior to joining the University of Glasgow in 2010, he was Professor of Economics at the University of St Andrews, co-founding The Centre for Dynamic Macroeconomic Analysis with Jagjit Chadha.

He is an Associate Editor of the European Economic Review, and sits on the International Advisory Board of the Scottish Journal of Political Economy. He is a Fellow of the Royal Society of Edinburgh (Elected 2015) and was President of the Scottish Economic Society between 2020 and 2023. He has served as a Commissioner of the Scottish Fiscal Commission (2016-2017).

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

List by: Type | Date

Jump to: 2024 | 2023 | 2021 | 2020 | 2019 | 2018 | 2015 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2004 | 2003 | 2002 | 2001 | 1998 | 1997 | 1996
Number of items: 39.

2024

Ewald, C. O. and Nolan, C. (2024) On the adaptation of the Lagrange formalism to continuous time stochastic optimal control: a Lagrange-chow redux. Journal of Economic Dynamics and Control, 162, 104855. (doi: 10.1016/j.jedc.2024.104855)

2023

Duncan, A. and Nolan, C. (2023) Adam Smith and the bankers: retrospect and prospect. National Institute Economic Review, 265(1), pp. 70-104. (doi: 10.1017/nie.2023.24)

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, Jonathan 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, Patrick (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, Lavan and Sinclair, Peter (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. [Research Reports or Papers]

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.

This list was generated on Wed Apr 23 18:00:00 2025 BST.
Jump to: Articles | Book Sections | Edited Books | Research Reports or Papers
Number of items: 39.

Articles

Ewald, C. O. and Nolan, C. (2024) On the adaptation of the Lagrange formalism to continuous time stochastic optimal control: a Lagrange-chow redux. Journal of Economic Dynamics and Control, 162, 104855. (doi: 10.1016/j.jedc.2024.104855)

Duncan, A. and Nolan, C. (2023) Adam Smith and the bankers: retrospect and prospect. National Institute Economic Review, 265(1), pp. 70-104. (doi: 10.1017/nie.2023.24)

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, Jonathan 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, Patrick (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, Lavan and Sinclair, Peter (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. [Research Reports or Papers]

This list was generated on Wed Apr 23 18:00:00 2025 BST.

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

Completed students

Andres Azqueta Gavaldon
Text-mining in macroeconomics: the wealth of words

Teaching

Graduate courses:

  • Public Finance;
  • International Macroeconomics and Policy.

Additional information

Work in progress

  • Banking in macroeconomic models
  • Heterogeneous agent macro models
  • Endogenous Exchange Costs

Charles Nolan