skip to content


1.   "A Two stage approach to spatiotemporal analysis with strong and weak cross-sectional dependence", with Natalia Bailey and M. Hashem Pesaran. Forthcoming Journal of Applied Econometrics. 2015.

2.   "A Note on Money and the Conduct of Monetary Policy", with Luisa Corrado and Jagjit Chadha,   Macroeconomic Dynamics. 2014 .December. Pages 1854-1883.

3.   "Influence, interactions and heterogeneity: taking personalities out of monetary policy decision-making". with Arnab Bhattacharjee. Manchester School. 2014 January. Pages 1-30.

4.   "Understanding Interactions in Social Networks and Committees", with Arnab Bhattacharjee. Spatial Economic Analysis. Vol 8, 1, Pages 23-53, 2013.

5.   "Aggregate Fluctuations and the Cross-sectional Dynamics of Firm Growth", with Ivan Petrella and Emiliano Santoro. Journal of the Royal Statistical Society. Volume 176 (2013), part 2.

6.   "Is there financial integration in the equity markets of the European Union?", with Chris Higson and Ivan Petrella. Economics & Finance Research: An Open Access Journal. Vol 1, 31-41. 2013.

7.   "Factor Demand Linkages, Technology Shocks and the Business Cycle", with Ivan Petrella, Review of Economics and Statistics.  May, Vol. 94 Issue 2,  2012.

8.   "Multiplicative Habit Formation and Consumption: A Note", with Luisa Corrado, Economics Letters. 113, 2, November 2011, Pages 116-119.

9.   "The Spatial and Temporal Diffusion of House Prices in the UK", with M. Hashem Pesaran and Takashi Yamagata (2011), Journal of Urban Economics, 69, 1, 2-23.

10.  "Structural Interactions in Spatial Panels" with A. Bhattacharjee (2011) Empirical Economics, Volume 40, Number 1, Pages 69-94.  Download

11.  "Macroeconomic Models and the Yield Curve: An assessment of the fit", with Jagjit Chadha (2010), Journal of Economic Dynamics and Control. 34, 8, 1343-1358. Download

12.  "Rational Partisan Theory, Uncertainty and Spatial Voting: Evidence from the Bank of England’s MPC" with A. Bhattacharjee (2010), Economics and Politics, 22, 2, July, 151–179. Download

13.  "A Spatio-Temporal Model of House Prices in the US, (with M. Hashem Pesaran and Takashi Yamagata, (2010), Journal of Econometrics. vol 158, 160-173. Download

14.   "Business Failure in UK and US Quoted Firms: Impact of Macro-Economic Instability and the Role of Legal Systems", (with  Bhattacharjee, A., C. Higson, and  P.Kattuman). Review of Law and Economics, 2009.

15.  "Macro Economic Instability and Business Exit: Determinants of Failures and Acquisitions of Large UK Firms" , (with A. Bhattacharjee, C. Higson  and  P. Kattuman), Economica, 2009. Feb, Vol. 76 Issue 301, p108-131.

16.  Stephane Dees, Sean Holly, M. Hashem Pesaran, L. Vanessa Smith (2007). "Long Run Macroeconomic Relations in the Global Economy". Economics - The Open-Access, Open-Assessment E-Journal, 20074.

17.  Corrado, L. and Holly, S. (2006) "The Linearisation and Optimal Control of Large Non-linear Rational Expectations Models by Persistent Excitation", Computational Economics. 28, 2, pp. 139-153.

18.  "The Business Cycle, Macroeconomic Shocks and the Cross Section: The Growth of UK Quoted Companies"  Economica, ( with Chris Higson, Paul Kattuman, and Stylianos Platis), May 2004, vol. 71, Issue 281, pp. 299-318. Paper   Tables    Charts

19.  "Nonlinear Phillips Curves, Mixing Feedback Rules and the Distribution of Inflation and Output", (with Luisa Corrado) Journal of Economic Dynamics and Control, December, 2003, 28,3, 467-92.  DOWNLOAD

20.  "Asymmetric Adjustment and Bias in the Cointegrating Regression", Computational Economics, (with Paul Turner and Melvyn Weeks), June 2003, 21, 3, 195-202.

21.  "Threshold specification for asymmetric error correction models'", Applied Economics Letters (with Steven Cook), 9, 711-713. 2002.

22.  "Non-linearities and Delay in Aggregate Investment: Some Theoretical Analysis and Time Series Evidence", (with Paul Turner and Luisa Corrado), Studies in Nonlinear Dynamics and Econometrics, January 2002, Vol 5, 4, 260-80.

23.  "The Cross Sectional Dynamics of the US Business Cycle: 1950-1999", (with Chris Higson and Paul Kattuman), Journal of Economic Dynamics and Control, 28, 9-10, 2002, 1539-56

24.  "A statistical analysis of regime switching under asymmetric error correction", (with Steven Cook), Applied Economic Letters, 9, 2002, 275-78.

25.  "Production Smoothing, Inventory Investment And Asymmetric Adjustment.(with Paul Turner), International Journal of Production Economics. (72)3, August 2001,. 251-260

26.  "Asymmetric Adjustment Costs, Asymmetric Pricing And Employment: Evidence From The UK ", (with Paul Turner), Scottish Journal of Political Economy, 48, 1, February 2001.

27.  "Statistical properties of UK house prices: an analysis of disaggregated vintages", Urban Studies, 37, 11, 2000, 2045-55. (with S. Cook)

28.  "The power of tests for non-linearity: the Escribano-Pfann model', , (with Cook, S. and Turner), Computational Economics, Volume 15, Issue 3, June 2000

29.  The Asymmetric Effects of Monetary Policy: Some Results from a Macroeconometric Model" (with Richard Arden, Steven Cook and Paul Turner), Manchester School, Vol 68, No. 4, pp.419-441, 2000.

30.  "The Conduct of Monetary Policy when the Business Cycle is Non-Linear", (with Steven Cook and Paul Turner) in Macroeconomic Modelling and Economic Policy (edited by Sean Holly and Martin Weale), 2000.

31.  "A currency crisis model with misaligned central parity: a stochastic analysis", Economic Letters, 67, 61-68, 2000, (with L. Carrado)

32.  "Instrument Rules, Inflation Forecast Rules and Optimal Control Rules when Expectations are Rational",(with Paul Turner) in Analyses In Macroeconomic Modelling (edited by Andrew Hughes Hallett and Peter McAdam), 1999.Kluwer Academic Press ,

33.  "Responding to Large and Small Shocks when Business Cycles are Non-Linear" (with Steven Cook and Paul Turner) in Issues in Computational Economics and Finance (edited by Sean Holly ), Elsevier, 2000.

34.  "The DHSY Model Revisited: An exercise in Asymmetries", (with Steven Cook and Paul Turner) Applied Economics, Vol. 31, pp.775-778.1999.

35.  ."Testing for Non-Linearity: The Case of Granger-Lee" (with Steven Cook and Paul Turner), Economics Letters., February 1999.

36.  Relative Price Dispersion and the Rate of Inflation: The Evidence from Japan ", Journal of Economic Integration, 12, 2, June 1997, pp.206-226.

37.  "House Prices Since the 1940s: Cointegration, Demography and Asymmetries", (with Natasha Jones), Economic Modelling, 1997.

38.  "Are There Asymmetries in UK Consumption? A Time Series Analysis.", with Mike Stannett, Applied Economics, 27,1995, pp. 767-772..

39.  "Exchange Rate Uncertainty and Export Performance: Supply and Demand Effects", Scottish Journal of Political Economy, 1995.

40.  "Composite Forecasts, Non-stationarity and the Role of Survey Information" Journal of Forecasting, 1993, 12, pp 291-300 (with S.G. Tebbutt)

41.  "Why do Economic Forecasters get it Wrong", in Markets, Information and Policy: Topics in Economics, Sheffield University Press, 1993

42.  "The Transition Towards Currency Union: The Case of Italy and Greece" Proceedings of the 5th Symposium on Money, Banking and Finance, University of Karlsruhe, published by Verlag Vessicheringswirtshaft, Vol. 2, pp. 877-912, 1992 (with E. Adamopoulou)

43.  "The Determinants of West German Exports of Manufactures - An Integrated Demand and Supply Approach" Welwirtschaftliches Archiv, 1992, 128, pp. 498-512.

44.  "Modelling the World Economy: The European Perspective", Journal of Forecasting, Vol. 11, No. 5, 1992 (with M. Artis)

45.  "Solving Dynamic Models Under Consistent Expectations with Market Clearing Conditions", in the Proceedings of the 13th IMACS World Congress on Computation and Applied Mathematics, 1991.

46.  "Trade, prices and supply in the UK economy", (with E Dinenis) Economic Modelling, April, 1991.

47.  "Effort, productivity and market valuation", (with D Currie) European Economic Review, Vol 34, 2/3, pp 375-84, 1990.

48.  "Macro-econometric model building in the United Kingdom", (with R. J. Ball) in A History of Macro-Econometric Modelling, edited by R. G. Bodkin, L.R. Klein and K. Marwah, Gower Publishing, Aldershott, 1990.

49.  " UK Exports of Manufactures: the role of supply factors in the 1980s", (with K Wade) Scottish Journal of Political Economy, December, 1990.

50.  "Macroeconometric and Microeconometric Modelling: Some Issues.," in Disaggregation in Econometric Modelling, edited by T. Barker and M. H. Pesaran, Routledge, London 1990.

51.  "The London Business School Econometric Model: some recent developments", (with E. Dinenis, P. Levine and P. Smith), Economic Modelling, 3, vol 6, July 1989.

52.  "The Exchange Rate and External Trade: A comment", in Policy Making with Macroeconomic Models, edited by A. Brittan, 1989, Gower, Aldershot.

53.  "Stabilisation policy in Britain", (with A. Budd, N. Christodoulakis, and P. Levine), in Policy Making with Macroeconomic Models, edited by A. Brittan, 1989, Gower, Aldershot.

54.  "Interrelated factor demands for manufacturing: a dynamic translog cost function approach", European Economic Review, (with P. Smith), 33, 1989, pp 111-126.

55.  "Compositional Effects and Unemployment in the United States and Europe" (with P Smith) in Macro and Micro Policies for more Growth and Employment, edited by H, Giersch, 1988, J C B Mohr, Tubingen.

56.  "A model of company acquisitions and investment using Tobin's Q" Journal of Economics and Business, (with A. Longbottom), .40(2), May 1988, pages 103-15.

57.  "Non-cooperative Games with Rational Observers", Journal of Economic Dynamics and Control (Supplement), 1987.

58.  "A two-sector analysis of the UK Labour Market", Oxford Bulletin of Economics and Statistics, (with P. Smith), 1987.

59.  "Efficient solution Techniques for Dynamic non-linear Rational Expectations Models.", Journal of Economic Dynamics and Control, vol 3, (with P. Fisher and A. Hughes-Hallett), 1986.

60.  "Games, expectations and optimal policy for open economies", Journal of Economic Dynamics and Control, vol 3, 1986.

61.  "Uncertainty and Forecast Precision" International Journal of Forecasting, vol 2, 1986 (with R. Corker and R. Ellis)

62.  "Optimal feedback and feedforward stabilisation", in Applied Decision Analysis, A. J. Hughes-Hallett (ed), Klywer and Nijhoff, 1985, (with R. Cocker)

63.  "The role of time series analysis in the estimation and evaluation of econometric models", Journal of Forecasting, vol. 4, 1985, (with A Longbottom)

64.  "The London Business School Econometric Model of the UK ", Economic Modelling, October 1984. (with A. Budd, G. Dicks, G Keating and P Robinson)

65.  "Short Term Models and Long Term Problems", in Demand, Equilibrium and Trade edited by A. Ingham and A.M. Ulph, Macmillans, 1984. (with A. Budd)

66.  "Does Monetarism fit the UK facts?, in Monetarism in the UK, edited by G. B. Griffiths and G. E. Wood, Macmillan, London, 1984. (with A Budd, A Longbottom and D Smith)

67.  "Rational expectations and the scope for an optimal fiscal policy in a simple model of an open economy", in the Proceedings of the 3rd IFAC/IFORS Conference on Dynamic Modelling and Control of National Economies edited by J. Janssen, L, Pau and A. Straszak, Pergamon Press, 1982.

68.  "On Optimality and time consistency when expectations are rational", European Economic Review, 1983 (with M. B. Zarrop).

69.  "Optimal stabilisation policies in West Germany and the Netherlands ", on Controlling Industrial Economies edited by S. F. Frowen, 1983 (with P Arestis and E. Karakitsos).

70.  "The empirical relationship between the money stock and the price level in the United Kingdom : a test of causality", Bulletin of Economic Research, 1982 (with J. A. Longbottom).

71.  "The role of economic policy after the new classical macroeconomics, a comment" in Macroeconomic Analysis, edited by D. Currie, R. Nobay and D. Peel, Croom Helm, London 1981.

72.  "The design of economic stablisation policies with large non-linear econometric models: two possible approaches" in Economic Modelling, edited by P. Ormerod, Heineman, London 1979. (with B Rustem, J. H. Westcott, M. B. Zarrop)

73.  "The construction and optimal control of econometric models of national economies for forecasting and policy analysis", in Global and Large Scale System Models, edited by A. V. Balakrishnan and M. Thomas, Springer Verlag 1979.

74.  "Control of the LBS Econometric model via a Control Model", in Optimal Control for Econometric Models, op.cit., (with B. Rustem, J. H. Westcott, M. B. Zarrop and M. O'Connell), 1979.

75.  "Iterative Respecification of the Quadratic Objective function", in Optimal Control for Econometric Models, op.cit., (with B. Rustem J. H. Westcott, M. B. Zarrop and R. Becker), 1979.

76.  "Control exercises with a small linear model of the UK economy" in Optimal Control for Econometric Models, op.cit., (with B. Rustem, J. H. Westcott, M. B. Zarrop and R. Becker), 1979.

77.  "A Control theory framework for policy analysis" in Optimal Control for Econometric Models, op.cit (with J. H. Westcott, M. B. Zarrop, B. Rustem and R Becker), 1979.

Professor Sean Holly

Professor of Economics,
Faculty of Economics
Life Fellow, Fitzwilliam College
Honorary Professor, Edinburgh Business School
Governor and Fellow, NIESR

Research Group:

Contact Details
Room: 77
College: Professorial Fellow, Fitzwilliam College