Christoph ThoenissenChristoph Thoenissen

Professor of Economics

Room 408
9 Mappin Street
S1 4DT, UK

Tel: +44 (0)114 222 3320
Fax +44 (0)114 222 3458



Before joining the University of Sheffield as a professor of economics in 2013, Christoph was based at the School of Economics and Finance at Victoria University of Wellington, New Zealand where he was professor of macroeconomics. Prior to that, he was a lecturer in economics at the universities of St Andrews and Reading, as well as an economist at the Bank of England. He holds a DPhil in economics from the University of York.

Christoph is also a programme director at the Centre for Applied Macroeconomic Analysis at ANU as well as an associate editor at the Bulletin of Economic Research.


Christoph teaches macroeconomics and monetary economics to postgraduate students.

Research summary and PhD student supervision

His research interests are in the areas of open economy macroeconomics, monetary economics, business cycle fluctuations and financial crises.

Christoph is happy to supervise PhD students in these areas of macroeconomics.


‘News-driven business cycles in open economies’, Journal of International Economics, vol. 105, pp. 77 - 89, (2017), with Günes Kamber (BIS) and Kostas Theodoridis (Bank of England)

‘Financial frictions and the role of investment specific technology shocks in the business cycle’, Economic Modelling, vol. 51, pp. 571-582, (2015), (with Günes Kamber and Christie Smith)

‘Financial intermediation and the international business cycle’, Journal of Money, Credit and Banking, vol. 45 (SUPPL2), pp. 127-158, (2013), (with Günes Kamber)

'The financial accelerator and monetary policy rules', (with Gunes Kamber), Economics Letters, 2012, vol 115, pp. 309–313

'International business cycles and the relative price of investment goods' (with Parantap Basu), Canadian Journal of Economics, 2011, vol 44, no. 2, pp. 580–606

'Exchange rate dynamics, asset market structure and the role of the trade elasticity', Macroeconomic Dynamics, 2011, vol 15, no. 1, pp. 119–43

'Financial shocks and the US business cycle', Journal of Monetary Economics, 2009, vol 56, pp. 596–604 (with Charles Nolan)

'Consumption and real exchange rates with incomplete financial markets and non-traded goods’, Journal of International Money and Finance, 2008, vol 27, pp. 926–948 (with Gianluca Benigno)

'Labour markets and firm-specific capital in new Keynesian general equilibrium models', Journal of Macroeconomics, 2008, vol 30, pp. 817–43 (with Charles Nolan)

'Money and monetary policy in dynamic stochastic general equilibrium models', The Manchester School, 2007, vol 75, issue S1, pp. 88–122 (with Arnab Bhattacharjee)

Exchange Rates, Capital Flows and Policy, edited by R Driver, P Sinclair and C Thoenissen, 2005, Routledge

'Current account and exchange rate dynamics and the net foreign asset position’, in R Driver et al (eds), 2005, Exchange Rates, Capital Flows and Policy, Routledge

'Equilibrium exchange rates and supply side performance', The Economic Journal, 2003, vol 113, no. 486, pp. 103–24 (with Gianluca Benigno)