Overview
This project aims to assess the interrelationship between monetary policy, inflation, and inequality. Specifically, it will explore: i) the effects of monetary policy on the distribution of consumption, income, and wealth, and ii) the nexus between inflation and inequality.
There is renewed interest in both theoretical and empirical research on the links between monetary policy, inflation, and inequality. However, open research questions remain regarding the macroeconomic effects of monetary policy and inflation on inequality, the heterogeneity of the microeconomic effects of monetary policy on consumption, income and wealth distribution, the transmission channels of these effects, and how this interaction influences central bank decisions.
This project will combine theoretical and empirical approaches to address these questions. The first step will involve empirically examining the macroeconomic effects of monetary policy and inflation on inequality. The second step will investigate the microeconomic transmission of monetary policy on the distribution of consumption, income, and wealth. Finally, the project will develop a Heterogeneous Agent New Keynesian (HANK) model to analyse the heterogeneous effects of monetary policy, inflation propagation, and to address several policy-relevant questions.
Nottingham Business School is triple crown accredited with EQUIS, AACSB and AMBA – the highest international benchmarks for business education. It has also been ranked by the Financial Times for its Executive Education programmes in 2023 and 2024. NBS is one of only 47 global business schools recognised as a PRME Champion, and held up as an exemplar by the United Nations of Principles of Responsible Management Education (PRME).
Its purpose is to provide research and education that combines academic excellence with positive impact on people, business and society. As a world leader in experiential learning and personalisation, joining NBS as a researcher is an opportunity to achieve your potential.
Applications for October 2025 intake closes on 1st July 2025 and applications for Jan 2026 intake closes on 1st October 2025.
Indicative Literature
*Acharya, S., Challe, E., & Dogra, K. (2023). Optimal monetary policy according to HANK. American Economic Review, 113(7), 1741-1782.
*Colciago, A., Samarina, A., & de Haan, J. (2019). Central bank policies and income and wealth inequality: A survey. Journal of Economic Surveys, 33(4), 1199-1231.
*Doepke, M., & Schneider, M. (2006). Inflation and the redistribution of nominal wealth. Journal of Political Economy, 114(6), 1069-1097.
*McKay, A., & Wolf, C. K. (2023). Monetary policy and inequality. Journal of Economic Perspectives, 37(1), 121-144.
*Kaplan, G., Moll, B., & Violante, G. L. (2018). Monetary policy according to HANK. American Economic Review, 108(3), 697-743.
Contact
For informal enquiries about this project, please contact: Dr Dimitrios Bakas (dimitrios.bakas@ntu.ac.uk) and Dr Alper Cenesiz (alper.cenesiz@ntu.ac.uk).
Staff profiles
Entry qualifications
Entrants must have an undergraduate degree in economics or related studies and/or, preferably, a postgraduate degree in economics or finance, with very good knowledge of econometrics, mathematical modelling and experience in macroeconomic analysis using econometrics software.
UK: Successful applicants for the PhD in Nottingham Business School normally hold a first or upper second-class honours degree from a UK university or an equivalent qualification. Candidates with a lower second-class degree may apply if they hold a Master’s degree at Merit level or higher.
International: Successful applicants for the PhD in Nottingham Business School normally hold a first or upper second-class honours degree from a UK university or an equivalent qualification. Candidates with a lower second-class degree may apply if they hold a Master’s degree at Merit level or higher.
International students will also need to meet the English language requirements - IELTS 6.5 (with minimum sub-scores of 6.0). Applicants who have taken a higher degree at a UK university are normally exempt from the English language requirements. Applicants who do not meet the English language proficiency requirement will normally be asked to complete an English Language course
How to apply
Applications for October 2025 intake closes on 1st July 2025 and applications for Jan 2026 intake closes on 1st October 2025.
Please visit our how to apply page for a step-by-step guide and make an application.
Fees and funding
This is a self-funded PhD project for UK and International applicants.
Guidance and support
For more information about the NBS PhD Programme, including entry requirements and application process, please visit: https://www.ntu.ac.uk/course/nottingham-business-school/res/this-year/research-degrees-in-business
Nottingham Business School is triple crown accredited with EQUIS, AACSB and AMBA – the highest international benchmarks for business education. It has also been ranked by the Financial Times for its Executive Education programmes in 2023 and 2024. NBS is one of only 47 global business schools recognised as a PRME Champion, and held up as an exemplar by the United Nations of Principles of Responsible Management Education (PRME).
Its purpose is to provide research and education that combines academic excellence with positive impact on people, business and society. As a world leader in experiential learning and personalisation, joining NBS as a researcher is an opportunity to achieve your potential.