Paul Levine

Professor Paul Levine

Professor of Economics
+44 (0)1483 689928
15 AD 00



Paul Levine received a first-class BSc and a PhD, both in Mathematics, from the University of Manchester. He then taught and researched in the area of applied mathematics at Liverpool Polytechnic and the Polytechnic of North London before joining South Bank Polytechnic in 1972. His move into economics began at South Bank as the result of collaborative research with Sam Aaronovitch into merger activity and a year studying for an MSc in economics (distinction) at Queen Mary College followed in 1977. In 1984 he became a senior research officer at the Centre for Economic Forecasting, London Business School and was appointed Professor of Economics at the University of Leicester in 1989. In 1994 he moved to the University of Surrey.

Research interests

Professor Levine's general research area is in the construction and estimation of DSGE closed and open economy macro-models. His research has a particular focus on policy rules, international policy coordination and the credibility problem. Other research interests include the behavioural macroeconomics, immigration, and defence economics. He has numerous publications in leading economics journals including the Economic Journal, Economic Letters, the Journal of Money, Credit and Banking, the Journal of Economic Theory, the European Economic Review, the Journal of Economic Dynamics and Control , the Journal of Monetary Economics, Macroeconomic Dynamics  and Oxford Economic Papers. He is co-author with Professor David Currie of a book, Rules Reputation and Macroeconomic Policy Co-ordination (CUP). Other activities include: consultancy for Ofcom, visiting researcher at the IMF and the ECB, and visiting Professor at Autỏnoma University, Barcelona.

Keynote Lectures

“The Relationship between VAR and DSGE Models when Agents have Imperfect Information”. Keynote Lecture given at the 20th Anniversary Conference of the CeNDEF, October 18-19, 2018, University of Amsterdam.

"The Credibility Problem Revisited: Thirty Years on from Kydland and Prescott", 2006, (with J. Pearlman and B. Yang). Keynote Lecture given at the European Economics and Finance Society 2006 Conference in Heraklion, Crete, June 2006

My publications


  1.  Levine, Paul, 2019. “The State of DSGE Modelling”, Forthcoming Chapter in Oxford Research Encyclopedia of  Economics and Finance.
  2. Levine, Paul & Calvert Jump, Robert, 2019. “Behavioural New Keynesian Models”, Forthcoming in Journal of Macroeconomics.
  3. Holden, Tom & Levine, Paul & Swarbrick, Jonathan, 2018. "Reconciling Jaimovich–Rebello preferences, habit in consumption and labor supply," Economics Letters, Elsevier, vol. 168(C), pages 132-137.
  4. Ozge Dilaver & Robert Calvert Jump & Paul Levine, 2018. "Agent‐Based Macroeconomics And Dynamic Stochastic General Equilibrium Models: Where Do We Go From Here?," Journal of Economic Surveys, Wiley Blackwell, vol. 32(4), pages 1134-1159, September.
  5. Holden, Tom & Levine, Paul & Swarbrick, Jonathan, 2017.  Credit Crunches from Occasionally Binding Bank Borrowing Constraints," Staff Working Papers 17-57, Bank of Canada and Forthcoming, Journal of Money, Credit and Banking.
  6. Cantore, Cristiano & Levine, Paul & Melina, Giovanni & Pearlman, Joseph, 2017. Optimal Fiscal and Monetary Policy, Debt Crisis and Management. Forthcoming Macroeconomic Dynamics. Online July 2017
  7. Garcia-Alonso, Maria D.C. & Levine, Paul & Smith, Ron, 2016. "Military aid, direct intervention and counterterrorism," European Journal of Political Economy, Elsevier, vol. 44(C), pages 112-135.
  8. Cantore, Cristiano & Levine, Paul & Pearlman, Joseph & Yang, Bo, 2015. "CES technology and business cycle fluctuations," Journal of Economic Dynamics and Control, Elsevier, vol. 61(C), pages 133-151.
  9. Cristiano Cantore & Paul Levine & Giovanni Melina, 2014. "A Fiscal Stimulus and Jobless Recovery," Scandinavian Journal of Economics, Wiley Blackwell, vol. 116(3), pages 669-701, July
  10. Cantore, Cristiano & Levine, Paul & Melina, Giovanni & Yang, Bo, 2012. "A fiscal stimulus with deep habits and optimal monetary policy," Economics Letters, Elsevier, vol. 117(1), pages 348-353.
  11. Levine, Paul & McAdam, Peter & Pearlman, Joseph, 2012. "Probability models and robust policy rules," European Economic Review, Elsevier, vol. 56(2), pages 246-262.
  12. Alptekin, Aynur & Levine, Paul, 2012. "Military expenditure and economic growth: A meta-analysis," European Journal of Political Economy, Elsevier, vol. 28(4), pages 636-650.
  13. Paul Levine & Joseph Pearlman & George Perendia & Bo Yang, 2012. "Endogenous Persistence in an estimated DSGE Model under Imperfect Information," Economic Journal, Royal Economic Society, vol. 122(565), pages 1287-1312, December.
  14. M. Ali Choudhary & Paul Levine & Peter McAdam & Peter Welz, 2012. "The happiness puzzle: analytical aspects of the Easterlin paradox," Oxford Economic Papers, Oxford University Press, vol. 64(1), pages 27-42, January.
  15. Paul Levine, 2012. "Monetary policy in an uncertain world: probability models and the design of robust monetary rules," Indian Growth and Development Review, Emerald Group Publishing, vol. 5(1), pages 70-88, April.
  16. Cantore, C. & Levine, P., 2012. "Getting normalization right: Dealing with ‘dimensional constants’ in macroeconomics," Journal of Economic Dynamics and Control, Elsevier, vol. 36(12), pages 1931-1949.
  17. Mark Harris & Paul Levine & Christopher Spencer, 2011. "A decade of dissent: explaining the dissent voting behavior of Bank of England MPC members," Public Choice, Springer, vol. 146(3), pages 413-442, March.
  18. Levine, Paul & Pearlman, Joseph, 2010. "Robust monetary rules under unstructured model uncertainty," Journal of Economic Dynamics and Control, Elsevier, vol. 34(3), pages 456-471, March.
  19. Young-Bae Kim & Paul Levine & Emanuela Lotti, 2010. "Migration, Skill Composition and Growth," National Institute Economic Review, National Institute of Economic and Social Research, vol. 213(1), pages 5-19, July.
  20. Paul Levine & Emanuela Lotti & Joseph Pearlman & Richard Pierse, 2010. "Growth and Welfare Effects of World Migration," Scottish Journal of Political Economy, Scottish Economic Society, vol. 57(5), pages 615-643, November.
  21. M. Ali Choudhary & Paul Levine, 2010. "Risk-averse firms and employment dynamics," Oxford Economic Papers, Oxford University Press, vol. 62(3), pages 578-602, July.
  22. Gabriel, Vasco J. & Levine, Paul & Spencer, Christopher, 2009. "How forward-looking is the Fed? Direct estimates from a 'Calvo-type' rule," Economics Letters, Elsevier, vol. 104(2), pages 92-95, August.
  23. Levine, Paul & McAdam, Peter & Pearlman, Joseph, 2008. "Quantifying and sustaining welfare gains from monetary commitment," Journal of Monetary Economics, Elsevier, vol. 55(7), pages 1253-1276, October.

For earlier publications see IDEAS-RePEc