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Members of the School of Economic Studies at the University of Manchester have established track records in research related to the themes of the ESRC Evolving Macroeconomy Research Programme. In particular, the understanding of economic growth and fluctuations is the central objective of much theoretical and empirical research undertaken in our newly formed Centre for Growth and Business Cycle Research. Through the Programme we hope to broaden and deepen our research in this area, while also embarking on empirical analysis relating to the design and practice of monetary policy. The proposed research will focus on modelling the interactions between monetary policy, growth and the business cycle in the UK and internationally. Specifically, our aims and objectives are as follows: 1. To develop non-linear systems of equations which capture interactions between monetary policy, inflation and growth over the business cycle. 2. To investigate, both theoretically and empirically, the interrelationship between business cycles, growth and volatility. 3. To develop theoretical models of growth and business cycles based on market imperfections, inefficiencies and inflexibility. 4. To investigate whether monetary policy changes over the phases of the business cycle.

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