My research interests span theory and policy, especially relating to competition and regulation. In particular, I am working with Mark Armstrong on the economics of competition for imperfect consumers. My main current policy-related interests arise from my work in 2010-11 as chair of the Independent Commission on Banking, which recommended fundamental reform to improve stability and competition in UK banking.
- Drummond Professor of Political Economy, Oxford (from 1991 to 2008)
- Director General/Chairman, Office of Fair Trading (from 2000 to 2005)
- Chief Economist and Executive Director, Bank of England (from 1998 to 2000)
- Member of the Monetary Policy Committee (from 1998 to 2000)
- Roy Harrod Fellow in the Economics of Business and Public Policy, Nuffield College, Oxford (from 1984 to 1990)
- Prize Fellow, All Souls College, Oxford (from 1979 to 1984)
- Undergraduate, Oriel College, Oxford (from 1976 to 1979)
- Economics of competition and regulation
- 'Direct welfare analysis of relative price regulation', Journal of Industrial Economics, 2020, 68, 40-51
- 'Discriminating against captive customers', American Economic Review: Insights, 1, 2019, 257-272 (with Mark Armstrong)
- 'The case for market-based stress tests', Journal of Financial Regulation, 2019, 5, 239-248
- 'Multiproduct pricing made simple', Journal of Political Economy, 2018, 126, 1444-1471 (with Mark Armstrong)
- 'The implications of Brexit for UK competition law and policy', Journal of Competition Law and Economics, 2017, 13, 389-422 (report of the Brexit Competition Law Working Group).
- Chair, Independent Commission on Banking (from June 2010 to September 2011)
- President, Royal Economic Society (from 2007 to 2010)
- Fellow, Econometric Society (from 1998)
- President, European Association for Research in Industrial Economics (from 2018 to 2020)