Stephen Wright

Professor of Economics

Research interests

• Macroeconomics
• Finance

Selected Publications (most recent first)

• Estimating the cost of capital for implementation of price controls by UK Regulators (with Philip Burns (Frontier Economics), Robin Mason (University of Birmingham) and Derry Pickford (Aon Hewitt). Report to UK Regulator's Research Network, March 2018 (http://www.ukrn.org.uk)
• R2 bounds for predictive models: what univariate
  properties tell us about multivariate predictability (with James Mitchell (Warwick) and Donald Robertson (Cambridge) November 2017, Journal of Business and Economic Statistics (forthcoming)
• Labour's Record on Financial Regulation (with Arup Daripa and Sandeep Kapur), Oxford Review of Economic Policy, (2013) 29 (1): pp 71-94 (also available as working paper )
• Why were some Indian states so slow to participate in the turnaround? (with Chetan Ghate, Indian Statistical Institute, Delhi), Economic and Political Weekly, XLVIII (118),13 March 30, 2013
• The "V-Factor": Distribution, Timing and Correlates of the Great Indian Turnaround (with Chetan Ghate, Indian Statistical Institute, Delhi), Journal of Development Economics, vol. 99
• (2012) pp 58–67, (Web Appendix), (Supplementary Note on Robustness)
• Invertible and non-invertible information sets in linear rational expectations models (with Liam Graham, UCL and Brad Baxter, Birkbeck), Journal of Economic Dynamics and Control, vol. 35(3) (2011) pages 295-311, (Matlab toolkit)
• Information, Heterogeneity and Market Incompleteness (with Liam Graham, UCL) Journal of Monetary Economics, March 2010
• Nominal debt dynamics, credit constraints and monetary policy" (with Liam Graham), Berkeley Papers in Macroeconomics (Contributions to Macroeconomics) January 2007.
• "Dividends, Total Cashflows to Shareholders and Predictive Return Regressions" (with Donald Robertson) Review of Economics and Statistics February 2006
• "Permanent vs Transitory Components and Economic Fundamentals" (with Tony Garratt and Donald Robertson) Journal of Applied Econometrics May/June 2006 (Eviews code)
• “An Indicator of Monthly GDP and an Early Estimate of Quarterly GDP Growth”. With J. Mitchell, R. Smith, E. Salazar and M.R Weale Economic Journal. Vol. 115.No 501 2005
• "Measures of Stock Market Value and Returns for the US Nonfinancial Corporate Sector, 1900-2002" Review of Income and Wealth, 50 (4) pp 561-584 December 2004 (Extended Version) (Dataset)
• "Monetary Stabilisation with Nominal Asymmetries" Economic Journal, January 2004
• "A Study into Certain Aspects of the Cost of Capital for Regulated Utilities in the U.K" (with Robin Mason and David Miles) Report to the UK Regulators and the Office for Fair Trading, 2003
• Valuing Wall Street (with Andrew Smithers) McGraw-Hill, May 2000 ISBN 0-07-135461-1

Working Papers

• Residential Land Supply in 27 EU Countries: Pigovian
  Controls or Nimbyism? (with Lasse De La Porte Simonsen, Birkbeck and Macrosynergy, Ltd), November 2016
• Searching for evidence of hidden information in estimated DSGE models (with Stefano Soccorsi, Sapienza University of Rome, February 2015)
• Some puzzling discrepancies between Fed and CRSP data for the US Corporate Sector (December 2014)
• (Possibly) Hidden Shocks and the Driving Process for Inflation (December 2013)
• The Predictive Space: If x predicts y what does y tell us about x? (with Donald Robertson, University of Cambridge, October 2012)
• Non-Uniqueness of Deep Parameters and Shocks in Estimated DSGE Models: a Health Warning (September 2012)
• "Stambaugh Correlations, Monkey Econometricians and Redundant Predictors" (with Donald Robertson, University of Cambridge), August 2011)
• The Limits to Stock Return Predictability (with Donald Robertson, University of Cambridge, September 2009)
• "Tobin's q and Intangible Assets "
  March 2006
• Dataset
• "Tobin's Q, Asymmetric Information and Aggregate Stock Market Valuations" February 2005 (with Donald Robertson)

Teaching

• Introduction to Economics (BSc Economics & joint honours, Year 1)
• Macroeconomics (GDE, BSc, Spring Term)