Professor of Economics

University of Oxford, Nuffield College, NuCamp, CEPR


I am Professor of Economics at the University of Oxford and a Fellow of Nuffield College. I gained my PhD in economics from the European University Institute, and was previously a Professor at the University of Warwick and Visiting Professor at Keio University, University of British Columbia and Universitat Autònoma de Barcelona. I have been a consultant at Sveriges Riksbank, European Central Bank, Bank of Finland and Bank of England, and am Fellow of the Centre for Economic Policy Research (CEPR). I recently finished a term as a member of the Finnish Economic Policy Council.

My research interests cover many areas of theoretical and applied macroeconomics, with recent papers concentrating on the management of the UK National Debt, the role that leaving the gold standard played in ending the Great Depression, and the economic value of increases in longevity. I have published academic papers in American Economic Review, American Economic Journal: Macroeconomics, Journal of Monetary Economics, Journal of the European Economic Association, Economic Journal, Nature Aging, and other journals.


The Unattractiveness of Indeterminate Dynamic Equilibria (with Julian Ashwin and Paul Beaudry) [PDF]

Preferred Habitat and Monetary Policy Through the Looking-Glass (with Giacomo Carboni) [PDF]

Time-Consistently Undominated Policies (with Charlie Brendon) [PDF]


The Ends of 27 Big Depressions (with Kevin O'Rourke and Sang Seok Lee), American Economic Review, 2024, [PDF] [Slides]

International Gains to Achieving Healthy Longevity (with Andrew Scott, Julian Ashwin and David Sinclair), Cold Spring Harbor Perspectives on Medicine, 2023

A Rational Inattention Unemployment Trap (with Alistair Macaulay), Journal of Economic Dynamics and Control, 2021

Beauty Contests and the Term Structure (with Andreas Tischbirek), Journal of European Economic Association, 2021

The Economic Value of Targeting Aging (with Andrew Scott and David Sinclair), Nature Aging, 2021

The Economic Impact of Recession Announcements (with Andy Eggers and Sang Seok Lee), Journal of Monetary Economics, 2021

Managing the UK National Debt 1694-2018 (with Andrew Scott), American Economic Journal: Macroeconomics, 2020

Funding the Great War and the Beginning of the End for British Hegemony (with Tom Sargent and Andrew Scott), in Dabla-Norris, E. (ed.), Debt and Entanglements between the Wars, International Monetary Fund, 2019

Welfare cost of business cycles in economies with idiosyncratic consumption risk and a preference for robustness (with Tom Sargent), American Economic Journal: Macroeconomics, 2015

Unconventional government debt purchases as a supplement to conventional monetary policy (with Andreas Tischbirek), Journal of Economic Dynamics and Control, 2014

Unemployment and market size (with Godfrey Keller, Kevin Roberts and Margaret Stevens), Economic Journal, 2014

Learning and price volatility in duopoly models of resource depletion (with Andrew Scott), Journal of Monetary Economics, 2013

Learning by disinflating (with Alina Barnett), Journal of Money, Credit and Banking, 2013

Too many Dragons in the Dragons' Den (with Chryssi Giannitsarou), in Sargent, T.J. and J. Vilmunen (eds.) Macroeconomics at the Service of Public Policy, 2013

A defence of the FOMC (with Tom Sargent), International Economic Review, 2012

Saddlepath learning (with Joe Pearlman), Journal of Economic Theory, 2011

Inflation and output volatility under asymmetric incomplete information (with Giacomo Carboni), Journal of Economic Dynamics and Control, 2011

The Great Inflation and the Greenbook (with Giacomo Carboni), Journal of Monetary Economics, 2009

Caution or activism? Monetary policy strategies in an open economy (with Lucio Sarno and Jouko Vilmunen), Macroeconomic Dynamics, 2007

Escaping volatile inflation (with Tony Yates), Journal of Money, Credit and Banking, 2007

Optimal monetary policy when lump-sum taxes are unavailable: A reconsideration of the outcomes under commitment and discretion (with Neil Rankin), Journal of Economic Dynamics and Control, 2007

The learning cost of interest rate reversals, Journal of Monetary Economics, 2006

Strong contagion with weak spillovers (with Liam Graham and Jouko Vilmunen), Review of Economic Dynamics, 2006

A simple approach to identifying the incentives for policy experimentation (with Jouko Vilmunen), Economics Letters, 2005

Regime-dependent impulse response functions in a Markov-switching vector autoregression model (with Michael Ehrmann and Natacha Valla), Economics Letters, 2003

Learning, uncertainty and central bank activism in an economy with strategic interactions (with Natacha Valla), Journal of Monetary Economics, 2001

Sticky prices and volatile output (with Andrew Scott), Journal of Monetary Economics, 2000


Professor Martin Ellison

Department of Economics, Room 254
University of Oxford
Manor Road Building

Nuffield College, Room H15
New Road

Phone: +44 1865 284249
Email: martin.ellison@economics.ox.ac.uk