Stephen Nickell
{{Short description|British economist}}
{{EngvarB|date=August 2014}}
{{Use dmy dates|date=August 2014}}
{{Infobox economist
| birth_name = Stephen John Nickell
| honorific_prefix = Sir
| name = Stephen Nickell
| honorific_suffix = {{post-nominals|country=GBR|CBE|FBA|size=100%}}
| image = Stephen Nickell.jpg
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| caption = Stephen Nickell in 1983
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| birth_date = {{birth date and age|1944|4|25|df=y}}
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| website = {{URL|https://www.nuffield.ox.ac.uk/people/profiles/stephen-nickell/}}
| institution =
| field =
| school_tradition =
| doctoral_advisor = Frank Hahn
W. M. Gorman
| academic_advisors =
| doctoral_students = Jan Hatzius{{citation needed|date=February 2018}}
Gina Raimondo
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| repec_prefix = e
| repec_id = pni25
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|education=Pembroke College, Cambridge (BA)
London School of Economics (MSc)}}
Sir Stephen John Nickell, {{post-nominals|country=GBR|CBE|FBA}} (born 25 April 1944) is a British economist and former warden of Nuffield College, Oxford, noted for his work in labour economics with Richard Layard and Richard Jackman. Nickell and Layard hypothesised that the tendency for reduced unemployment to lead to inflation resulted from its effect on competitive bargaining in the labour market{{cite web|title=Policonomics|date=29 August 2012 |url=http://www.policonomics.com/layard-nickell-nairu-model/|access-date=28 December 2014}} He is currently a member of the Office for Budget Responsibility's Budget Responsibility Committee.Debrett's People of Today (12th edn, London: Debrett's Peerage, 1999), p. 1444
Education
Nickell was educated at Merchant Taylors' School, Northwood and the University of Cambridge where he was a student of Pembroke College, Cambridge{{citation needed|date=February 2018}} and studied the Mathematical Tripos. From 1965 until 1968 he was a mathematics teacher at Hendon County School.{{citation needed|date=February 2018}} He was a postgraduate student at the London School of Economics, where he was awarded a Master of Science degree{{when|date=February 2018}} and was awarded the Ely Devons Prize.{{citation needed|date=February 2018}}
Career and research
Nickell worked at the London School of Economics from 1970 until 1984, and again from 1998 until 2006, initially as Lecturer (1970–77), Reader (1977–79), and Professor of Economics (1979–84). From 1984 until 1998 he was Professorial Fellow of Nuffield College, Oxford, Professor of Economics in the University of Oxford, and Director of the University of Oxford Institute of Economics and Statistics.{{citation needed|date=February 2018}}
From 1998 until 2006 he returned to the London School of Economics as School Professor of Economics. He was a member of the Bank of England's Monetary Policy Committee (MPC) from June 2000 to May 2006, when he was replaced by David Blanchflower effective in the June 2006 meeting.[http://today.reuters.co.uk/news/newsArticle.aspx?type=businessNews&storyID=2006-03-22T142434Z_01_LAH002158_RTRUKOC_0_UK-BUDGET-BRITAIN-NICKELL.xml Blanchflower to replace Bank's Nickell] {{webarchive|url=https://web.archive.org/web/20050617212952/http://today.reuters.co.uk/news/newsArticle.aspx?type=businessNews |date=17 June 2005 }}. Reuters. 22 March 2006. In his final six meetings on the MPC, Nickell was the only member in favour of a decrease in the repo rate by 25 basis points; all the other members voted to maintain the repo rate at 4.5%[http://www.bankofengland.co.uk/publications/minutes/mpc/pdf/2005/mpc0512.pdf Minutes December 2005] {{Webarchive|url=https://web.archive.org/web/20060820122940/http://www.bankofengland.co.uk/publications/minutes/mpc/pdf/2005/mpc0512.pdf |date=20 August 2006 }}[http://www.bankofengland.co.uk/publications/minutes/mpc/pdf/2006/mpc0601.pdf Minutes January 2006] {{Webarchive|url=https://web.archive.org/web/20060813152946/http://www.bankofengland.co.uk/publications/minutes/mpc/pdf/2006/mpc0601.pdf |date=13 August 2006 }}[https://web.archive.org/web/20060420062846/http://www.bankofengland.co.uk/publications/minutes/mpc/pdf/2006/mpc0602.pdf Minutes February 2006][http://www.bankofengland.co.uk/publications/minutes/mpc/pdf/2006/mpc0603.pdf Minutes March 2006] {{Webarchive|url=https://web.archive.org/web/20060810205247/http://www.bankofengland.co.uk/publications/minutes/mpc/pdf/2006/mpc0603.pdf |date=10 August 2006 }}[http://www.bankofengland.co.uk/publications/minutes/mpc/pdf/2006/mpc0604.pdf Minutes April 2006] {{Webarchive|url=https://web.archive.org/web/20060810205949/http://www.bankofengland.co.uk/publications/minutes/mpc/pdf/2006/mpc0604.pdf |date=10 August 2006 }} with the exception of David Walton who supported an increase by 25 basis points in Nickell's final meeting.[http://www.bankofengland.co.uk/publications/minutes/mpc/pdf/2006/mpc0605.pdf Minutes May 2006] In 2004 he became a Research Fellow of the Institute for the Study of Labor. According to the British Academy Keynes Lecture, delivered in September 2005, he argued "In what follows we shall, among other things, argue that there has not been a spending boom, the non-spending boom was not credit-fuelled and there has probably not been a house price bubble."
He was warden of Nuffield College, Oxford, from 2006 to 2012, and was the first chair of the National Housing and Planning Advice Unit from June 2007 until November 2009.{{cite web|url=http://planningresource.net/news/968497/Appointment-National-Housing-Planning-Advice-Unit/?DCMP=ILC-SEARCH|title=Appointment at National Housing and Planning Advice Unit|date=23 November 2009|publisher=planningresource.net|access-date=11 May 2012}} In June 2007, when interviewed on the state of the UK housing market he was quoted as saying, "It might settle back a little, or remain relatively flat for a bit, but I don't think there's any fundamental overvaluation. Over the next few years it might keep on edging upwards." In a February 2008 Bloomberg News interview, he said: 'The actual size of the downturn is minute, how big is it going to be? I don't know, but it won't be very big.'{{cite web|last1=Swint|first1=Brian|title=U.K. Housing Market Slump 'Won't Be Very Big,' Nickell Says|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aagEovJHD9KI&refer=realestate|website=Bloomberg|access-date=28 December 2014}} The Bank of England estimated that by Q1 2009, due to declining house prices, 7% of owner-occupied mortgagors were in negative equity, equivalent to around 700,000 households.{{citation needed|date=January 2016}} His former doctoral students include Sonia Bhalotra, Jan Hatzius,{{citation needed|date=February 2018}} and Gina Raimondo.{{cite thesis|degree=DPhil|publisher=University of Oxford|url=http://solo.bodleian.ox.ac.uk/OXVU1:LSCOP_OX:oxfaleph015550334|title=Determinants of single motherhood in the United States|first= Gina|last=Raimondo|date=2002|id={{EThOS|uk.bl.ethos.270468}}|website=bodleian.ox.ac.uk|oclc=52794176}}
=Awards and honours=
Nickell was appointed Commander of the Most Excellent Order of the British Empire (CBE) in the 2007 New Year Honours for services to economics and was knighted in the 2015 Birthday Honours.{{citation needed|date=February 2018}}
He was elected a Fellow of the British Academy (FBA) in 1993, a Fellow of the Econometric Society (1980, a Foreign Honorary Member of the American Economic Association (1997), and a Foreign Honorary Member of the American Academy of Arts and Sciences (2006).{{Cite web|title=Stephen J. Nickell {{!}} IZA - Institute of Labor Economics|url=https://www.iza.org/person/315/stephen-j-nickell|access-date=2020-11-20|website=www.iza.org}} He is a past President of the Royal Economic Society.{{when|date=February 2018}} In July 2008 he was awarded an honorary Doctor of Science degree by the University of Warwick.{{citation needed|date=February 2018}}
=Publications=
A list of publications from 1999 until 2004 is available on the lse website{{cite web|url=http://www.lse.ac.uk/people/0000011903/publications.htm|title=Professor Stephen Nickell|website=lse.ac.uk|publisher=London School of Economics|url-status=dead|archive-url=https://web.archive.org/web/20070818133552/http://www.lse.ac.uk/people/0000011903/publications.htm|archive-date=18 August 2007|df=dmy-all}}
In addition to the publications mentioned above, Nickell's publications from 2009-2010 can be found on the Nuffield College website.{{Cite web|title=Stephen Nickell|url=https://www.nuffield.ox.ac.uk/people/profiles/stephen-nickell/|access-date=2020-11-20|website=Nuffield College Oxford University|language=en}} They include "[https://onlinelibrary.wiley.com/doi/pdf/10.1111/j.1752-5209.2009.00027.x The British Housing Market: What has been happening?]" from July 2009, "[http://www.spatialeconomics.ac.uk/textonly/SERC/publications/download/sercdp0034.pdf The Impact of Immigration on Occupational Wages: Evidence from Britain]" which was a joint paper written with Jumana Saleheen from October 2009, and "[http://cep.lse.ac.uk/pubs/download/dp0918.pdf Does Relative Income Matter? Are the Critics Right?]" which was a joint paper written with Richard Layard and Guy Mayrez from March 2009.
References
{{Reflist|35em}}
External links
- [http://www.iza.org/index_html?lang=en&mainframe=http%3A//www.iza.org/en/webcontent/personnel/photos/index_html%3Fkey%3D315&topSelect=personnel&subSelect=fellows Institute for the Study of Labor]
- [http://www.iza.org/en/webcontent/personnel/vitae/nickell_cv.pdf Stephen John Nickell FBA, CV complete up to 2006 (11 pages)]
- [https://web.archive.org/web/20070611132925/http://www.hm-treasury.gov.uk/newsroom_and_speeches/press/2003/press_28_03.cfm HM Treasury]
{{Monetary Policy Committee (United Kingdom)}}
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Category:Fellows of the British Academy
Category:Fellows of the Econometric Society
Category:Schoolteachers from London
Category:Statutory Professors of the University of Oxford
Category:People educated at Merchant Taylors' School, Northwood
Category:Academics of the London School of Economics
Category:Alumni of Pembroke College, Cambridge
Category:Alumni of the London School of Economics
Category:Commanders of the Order of the British Empire
Category:Wardens of Nuffield College, Oxford
Category:Fellows of Nuffield College, Oxford
Category:Fellows of the American Academy of Arts and Sciences