I began my academic career as a macroeconomist at Liverpool University teaching macroeconomics and monetary economics. Having spent three years as a macroeconomic forecaster at the NIESR, I became part of the Liverpool Macroeconomic Research Group and helped to develop the first rational expectations model of the UK economy while working for my PhD. I was its Principal Forecaster for for 10 years before moving to Cardiff Business School in 1989. I returned to Liverpool to Liverpool John Moores University as Professor of Banking & Finance, sharing my time with Lombard Street Research in the City as its UK Economist. I returned to Cardiff in 1996 as the Sir Julian Hodge Professor of Banking & Finance and also Head of Economics for 9 years and Associate Dean for Engagement & International Relations (3 years).
I have had a long scholarly association at the Katholieke Universiteit Leuven and continue to collaborate with Leuven economics faculty. I have held visiting scholar positions at the Bank of England (under Charles Goodhart), the University of Western Ontario, Clemson University, Humbolt University, Hong Kong Monetary Authority, and Fudan University. I am a founder member of the IEA Shadow Monetary Policy Committee and continue to serve as its Secretary.