99% of the Department of Economics' research has been rated world-leading (4*) or internationally excellent (3*) overall in the Research Excellence Framework (REF) 2021.

Ranked 2nd in the
Research Excellence Framework.

Discover our Research Impact

99% of the Department of Economics' research has been rated world-leading (4*) or internationally excellent (3*) overall in the Research Excellence Framework (REF) 2021.

The REF results, released on Thursday 12 May 2022, place the Department as 2nd in the UK for overall research quality in the discipline of Economics and Econometrics, according to rankings of institutions by Grade Point Average (GPA)* published by Times Higher Education. Submissions to the REF are made by institutions and assessed by subject-level expert panels in three key areas:

• The quality of research outputs in terms of their originality, significance and rigour (accounting for 60% of the overall outcome)
• The reach and significance of research impact beyond academia (25%)
• The vitality and sustainability of the environment that supports research (15%).

The weighting of these elements forms the overall quality profile. Each area is rated as 4*, 3*, 2*, 1* or unclassified.

Key highlights from REF 2021

Outputs

• The Department ranks 3rd in the UK for quality of research output in Economics and Econometrics, according to Times Higher Education.
• 98% of the Department’s submitted research outputs are rated 4* (world-leading) or 3* (internationally excellent).

Impact

• The Department ranks 2nd for impact in the UK.
• 80% of the Department’s impact is rated 4* (outstanding) and 20% is 3* (very considerable).

The assessment was based on the submission of impact case studies, which describe specific examples of how the Department’s research has made a positive difference to the economy, society and quality of life beyond academia.

Read more and watch short videos about the impact of our work.

Environment

• The Department ranks 3rd for research environment in the UK.
• 87.5% of the Department’s environment submission is rated 4* (conducive to producing research of world-leading quality and enabling outstanding impact).

The assessment considered a wide range of factors including:

• How research is structured in the Department
• Strategies for research, impact, staffing and staff development
• Research income, infrastructure and facilities
• Collaborations and contributions to the research base, economy and society.

Find out more about our research.

Learn more about our comprehensive MRes/PhD programme.

Commenting on the results, Head of Department Professor Jeremy Smith, said: “These results reinforce our position as one of the leading departments in the UK for economics.”

“Our strong performance in the REF reflects the incredibly hard work of staff from across the whole Department in conducting and supporting the production of innovative research that pushes the boundaries of the discipline. That this research is also shaping policy as indicated by the evaluation of the impact case studies is also very gratifying.”

“We are extremely proud of this achievement and look forward to building on our strategy for developing research excellence in the coming years.”

Professor Carlo Perroni, Research Director for the Department, said: “The Department of Economics at the University of Warwick is home to a vibrant and diverse research environment that produces relevant and exciting work across all major sub-fields of economics.”

“We are proud of our researchers and of our PhD students, and we are pleased that the REF result recognises the value of what we do.”

About the REF

The REF is the system for assessing the quality of research in UK higher education institutions. It is led by the four UK higher education funding bodies: Research England, the Scottish Funding Council, the Higher Education Funding Council for Wales, and the Department for the Economy, Northern Ireland.

REF results inform the allocation of public research funding and are used in university league tables and benchmarking. The process ensures accountability for public investment in research and provides evidence of the benefits of this investment.

Notes on rankings

*Grade Point Average (GPA) is a measure of average quality of research. It is calculated by multiplying the percentage of 4* research by four, 3* research by three, 2* research by two and 1* research by one. The totals are added together and divided by 100 to give an average overall star-rating.

We congratulate Selina Shibata, Year 1 Economics student, who has won the Student Volunteer of the Year award at the Warwick Volunteers Award night.

*Selina is the middle person in the above image

Selina volunteers with a local organisation based in Coventry called Guardian Ballers. Founded in 2021, Guardian Ballers works with young students from various backgrounds in the local community. Volunteers engage young children through Basketball to help them achieve a happier and healthier life. They also work with several other organisations to provide mental health services.

Selina started volunteering in January of 2024 and has been helping at their basketball camps, where attendees improve their basketball skills and become more educated on maintaining good mental health. Guardian Ballers also sell branded clothing and Selina has helped to expand their merchandise line.

This opportunity has enabled Selina to make friends with students from other universities and increase her network.

Selina says:

“As an international student worried about being unable to integrate into the UK and its culture, the Guardian Ballers community has helped me feel comfortable in a new country and community.”

The Department is extremely proud to see one of our students assist young people on their mental health journey. We are very pleased that this volunteering opportunity has made it easier for Selina to settle here at Warwick after moving from abroad.

Local artists, schoolchildren and their families in Radford, members of Coventry City Council and University of Warwick researchers have teamed up for a unique project to explore what puts people off making their homes more energy efficient.

Dr Lory Barile from the Department of Economics at the University worked with creative partners and experts in Net Zero to develop a series of lessons and practical activities for pupils at St. Augustine’s Catholic Primary School, Radford.

The children carried out science experiments to test out the insulation properties of different materials and built models of houses showing what they could do to make their homes more energy efficient to provide affordable warmth whilst helping to tackle global warming.

Parents and guardians then attended a showcase of their children’s work and their model houses. This provided a relaxed forum to discuss how homes can be better insulated, and what help is available from Coventry council for local residents.

Dr Barile explained: “Coventry has one of the highest levels of fuel poverty in the UK. In some areas of the city half of the households are in fuel poverty – that is, they need to spend at least 10% of their household income on keeping warm.

“If we can find more effective ways of speaking with residents about retrofit measures, we will make a big contribution to the success of Coventry’s net zero agenda.”

The objective of the project was to increase awareness of retrofit measures – such as double-glazing or cavity wall insulation - and to understand barriers to engagement with schemes designed to improve residents’ house energy efficiency.

Dr Barlie explained: “My project uses elements of a method called design thinking, and engages children in creative and interactive activities to help kick-start conversations with Radford’s adult householders.

“By embracing creativity, we hope that this pilot study will be a catalyst for change and inspire other residents in Coventry to increase their take up of government schemes aimed at creating healthy homes, reducing carbon emissions, energy bills, and fuel poverty.

“We also hope that the project will improve the way the council engages with the needs and aspirations of the local community.

“We are now working on creating an online teaching pack that all schools across the City will be able to use to raise the awareness of children and families about domestic energy efficiency.”

Bret Willers, Head of Sustainability & Climate Change at Coventry City Council said: “This pilot project has been very successful in raising people’s awareness as to how to better insulate their homes and how to access free funding to improve energy efficiency.

“We hope that this pilot will contribute to increase the take up of schemes available to households to meet the City’s commitment to tackling climate change and addressing fuel poverty.”

The workshops, facilitated by Warwick researchers, members of the Council, student ambassadors, teachers, and local artists, included an interactive workshop on energy conservation, 3D models of energy efficient homes, and a final celebratory event with adults engaged in discussions on barriers to housing retrofitting, where children’s work and learning was also showcased. Parents turnout was extremely high, highlighting the potential of using similar approaches to work with local communities and address the challenges of climate change.

The information gathered from these workshops has informed the development of a survey that has been distributed to all parents in the school and will guide future iterations of the methodology in areas of Coventry where engagement with retrofit measures is particularly low.

The survey is available here. Coventry residents are invited to fill it in and enter a draw for one of three £50 Love2shop vouchers.

The Department of Economics is pleased to have been chosen as this year’s host of the prestigious event organised by the Review of Economic Studies – the REStud Tour which starts today at Warwick campus.

The REStud Tour is an annual event at which some of the best graduating doctoral students in economics and finance in the world, called the ‘tourists’ are invited to present their research to audiences in leading economics departments across Europe.

Founded in 1933 by a group of Economists from leading UK and US departments, The Review of Economic Studies is one of the core economics journals, consistently ranking among the top five titles, and essential reading for economists. The REStud Tour is aligned to one of the Review’s objectives - to encourage research in theoretical and applied economics, especially by young economists, and to publish the results in the Journal.

The REStud Tour will take place at Warwick over two days (13 and 14 May) and staff and students from the Department of Economics at Warwick, as well as several external guests will be joining the event to welcome the REStud tourists and to watch their presentation.

We are excited to welcome this year's REStud Tourists:

• Anna Russo - MIT, 'Additionality and Asymmetric Information in Environmental Markets: Evidence from Conservation Auctions'
• Nina Buchmann - Stanford University, 'Paternalistic Discrimination'
• Roberto Corrao - MIT, 'Mediation Markets: The Case of Soft Information'
• Frank Yang - Stanford Graduate School of Business, 'Nested Bundling'
• Agostina Brinatti - University of Michigan, 'Third-Country Effects of US Immigration Policy'
• Hugo Lhullier - Princeton University, 'Should I Stay or Should I Grow?'
• Benny Kleinman - University of Chicago, 'Wage Inequality and the Spatial Expansion of Firms'

Professor Caroline Elliott, who is an official host of the REStud Tour at Warwick commented:

“We are absolutely delighted to welcome seven REStud tourists to Warwick Economics. This is a hugely prestigious event, and I’m honoured that we’ve been chosen this year to host the UK leg of the REStud Tour. We’re looking forward to meeting some of the most promising young economists and to hearing about their innovative research.”

Related content

• About REStud
• Event page with REStud Tour Programme

Last week, a group of students and staff from the Department of Economics participated in a sensory awareness workshop to gain insights into what it feels like to have a disability.

Dr Juliana Carneiro, the Department’s Disability Coordinator and organiser of the workshop, gave an introduction about the importance of awareness of sensory perception and neurodiversity in our learning and working communities. She said:

“Being aware of how disabled people experience the world gives us a valuable insight into issues related to diversity within our society; it teaches us empathy, encourages inclusivity and helps us build a supportive environment for all members of our community. It is also a soft skill recognised and highly valued by employers in the job market.”

Several speakers were invited to contribute to the topic or tell their story of sensory perception, including:

• Dr Damien Homer, Head of Disability Services who talked about different types of assistance available to Warwick’s students.
• Diana Shore, Assistant Professor, WMG - shared her own experience as a person with a disability which is not always visible to those around her. Diana invited the audience to participate in a role play: Juliana interviewed Diana while fidgeting and making noises, to show the audience the challenges a person with hearing impairment must overcome.
• Nivaria Morales Salas, IT Developer in the Department of Economics, explained in her talk about different categories of visual impairment and shared her own experience as a person with disability.
• Martyn Parker, Community Engagement Officer for Warwickshire Vision came with his guide dog Harper who stole the limelight! Martyn shared his experience of visual impairment and interacted with students walking them through obstacles while they were wearing an eye band.

The participants engaged with a number of other hands-on activities to have a taste of the diversity of sensory perception experienced by people within our community, including the use of a wheelchair.

Nivaria Morales Salas commented about the event:

“It’s great to see events like this being organised on campus. They raise awareness of the reality of living with a disability as well as showing that disabled people make a positive contribution to society despite facing daily challenges.”

Economics student
Kush Majithia
trying one of
the activities

More than 20 students and 6 members of staff benefitted from attending the event, fully engaging in the activities and role play and raising their knowledge and understanding of studying, working, and living with diverse people.

Dr Carneiro wishes to thank her colleagues who supported her in organising the event: Claire Johnson, Student Engagement and Experience Coordinator and Tina MacSkimming, Student Support and Progression Officer from the Department of Economics.

Dr Carneiro is also grateful to the sponsors of the event - Professor Rebecca Freeman, Director of the Dean of Student Office, and Professor Lorenzo Frigerio, Pro-Vice Chancellor (Education) - for their support of the Department's Inclusive Education Action Plan.

Related content

Wellbeing and Student Support at Warwick:

• Information for Disabled Students 
• Staff and Student Wellbeing guidelines
• Self-help Resources

Final year BSc Economics student Khushi Sampat coached Warwick's Quadball Team to triumph in all three competitions that took place this year.

Quadball is a full-contact mixed-gender sport that can be considered a mix of Netball, Dodgeball, and Rugby.

Khushi joined the Quadball Society in March 2022, took over as coach in April 2023, and was invited to join the Team England training squad in November 2023. There are three tournaments in a season that university teams take part in:

• Development Cup

• Southern England League/ Nothern England League

• British Quadball Cup (BQC)

Khushi celebrating a tournament win with a trophy

Khushi was happy to announce that “Warwick won all three tournaments this season and the commentators recognised the quality of coaching and gameplay!”

Outside of the university league, there are international competitions such as the European Games and World Cup which take place over the summer that Khushi hopes to take part in with the England Squad.

The Department would like to congratulate Khushi and the Warwick Quadball Team for this great success and all the hard work they have put in.

The image at the top of the article was taken in Sheffield during the British Quadball Cup on April 28th 2024. Khushi Sampat is third from left in the front row.

Two members of the Department are taking on leadership roles in the University’s Research Spotlight programme, a new programme designed to promote collaborative work on urgent global challenges.

Professor Daniel Sgroi has been appointed Chair of the new interdisciplinary Behaviour Spotlight, and Professor Thijs van Rens is a member of the leadership team for the Health Spotlight.

A total of six interdisciplinary ‘Research Spotlights’ have been created. Each of them identifies a major global challenge: “They are all serious interdisciplinary areas that are going to make a big difference,” Daniel explains. “The University has asked, ‘what are the big issues facing the world?’ and decided to put a spotlight on each of them and bring people from every department together to work on them.

“This is important because most of the world’s big problems are problems that can only really be solved by disciplines working together – for example, how we deal with climate change, how we tackle political polarisation, how we handle pandemics.

“We know from COVID that medics worked with behavioural scientists so that they didn’t just develop vaccines, they developed strategies to ensure people would take them.

“Our Behaviour Spotlight aims to facilitate interdisciplinary collaboration between behavioural researchers that seek to understand and address some of the biggest problems faced by the world today.

“We can provide seed funding for pilot experiments or to kick-start projects, we can create and financially support new seminar series, workshops and conferences, and help fund early-stage research.

“We have a big network already, inherited from the Behaviour, Brain & Society GRP, but we now want to reach across the whole university. We’ll be inviting anyone doing behavioural research at Warwick to join us as part of our mission to build a university-wide network of active researchers.”

A new Health Spotlight has also been created. Professor Thijs van Rens is one of four academics on the leadership team. He said:

"There are many people at University working on research that is relevant to health, at Warwick Medical School, of course, but also in Business, Chemistry, Economics, Engineering, English, History, Mathematics, Physics, Psychology, Statistics and probably other departments as well.

“Our aim is to build the network and infrastructure to bring these people together so that together we can make better progress on the big questions that cannot be addressed from a single discipline.

“Some of the interdisciplinary areas that we will focus on are technologies in health, prevention and public health, mental health and wellbeing, and interdisciplinary methodologies. Warwick has strengths in all of these areas, and we hope that by providing a supportive environment for collaboration, we can further build on these strengths and encourage ‘blue-skies’ research ideas.”

“My own research on healthy and sustainable diets has made me realise how the quality of the research can benefit from an interdisciplinary team, and how much it helps to secure funding for that research."

Professor Ben Lockwood, Head of the Economics Department, said “I am delighted that Daniel and Thijs have been appointed to these leadership roles and will be contributing to the University’s ambitious interdisciplinary research programme.”

The Spotlight programme is intended to run for at least 10 years and is an indication of the University’s long-term commitment to world-changing research.

 FIND OUT MORE

• Behaviour Spotlight : Behaviour | Research at Warwick
• Health Spotlight: Health | Research at Warwick

The Department of Economics wishes to congratulate Kasia Jasiniewska, final year Modern Languages and Economics student, for promoting excellence of student research at Warwick Research CelebrationLink opens in a new window event on 29 April 2024 and for showcasing it at the national Posters in Parliament event earlier this year.

Kasia Jasiniewska was selected to represent ‘Student Research at Warwick’ at the Celebration of Warwick Research event, based on her excellent undergraduate research, which had previously been chosen as one of two Warwick submissions to the national Posters in Parliament event this year. Professor Jane Bryan, one of the organisers of the Warwick Research Celebration event said: "Kasia spoke confidently and knowledgeably about her research at both events. She is a great ambassador for student research at Warwick."

Kasia’s research looked at “The impact of the 1999 Polish education reform: did the socio-economic disparities in academic achievements narrow?”. This research is of particular importance considering the significance of education for social progress and economic development. Kasia’s findings suggest that the Reform had a substantial positive impact on academic performance in Poland, especially for the top ten percentiles of the socioeconomic spectrum, thereby not effectively narrowing the achievement gap. Additionally, the model shows evidence of temporal dynamics, with the effects being most pronounced six to nine years after the Reform. This delayed response emphasizes the need for long-term evaluations to understand the complex impacts of educational policies on academic achievement across socioeconomic groups.

Kasia presenting her research at the Posters in Parliament event

“Nowadays, most of us have access to data, but the key is how we use it to explain a broader, more complex picture. My studies in the Economics Department, particularly the econometrics course, equipped me with the essential skills to tackle the most intriguing unanswered questions. I am grateful and proud to represent the impactful work of the Warwick undergraduate community, contributing to our understanding of the changing world around us.”

- Kasia Jasiniewska

As a final year student, Kasia is a great advocate for undertaking research as part of an undergraduate course, raising awareness amongst many staff and senior leaders at Warwick and beyond about the importance of encouraging students to undertake research as part of their university education.

BSc in Economics is a typical pathway for anybody wishing to become an economist, but there are other ways to achieve this career goal, even if you don’t have a first degree in economics. We caught up with a former student of the Department of Economics, who had chosen a different route to become an economist and a successful entrepreneur. Meet Aman Bhardwaj whose first degree is in Computer Science, followed by the Warwick Economics Diploma plus the MSc Economics completed in 2016.

Aman is an Investment Manager and Mergers & Acquisitions Advisor with extensive experience of mergers and acquisitions, credit analysis and portfolio management. He is also a successful entrepreneur involved in three companies: Pinksalt PartnersLink opens in a new window, as a Co-Founder and Chief Investment Officer; Future BricksLink opens in a new window, as their CEO; and, Head of dns Corporate AdvisoryLink opens in a new window.

Having completed his first degree in computer science with a first-class honours in 2012, Aman worked as a Systems Engineer for Infosys in India. In 2014 he enrolled on a conversion course to become an economist – the Warwick’s Diploma Plus MSc Economics which he completed in 2016.

Soon after graduating from Warwick Aman worked for dns Accountants as Head of Corporate Advisory Services advising small and medium businesses in the area of mergers and acquisitions. In 2020, Aman co-founded Pinksalt Partners, a private equity venture focusing on investing in accounting businesses in the UK. In 2023 Aman became the CEO of Future Bricks, a tech-driven funding platform for small & medium-sized housebuilders within the UK and backed by corporate and individual investors.

We asked Aman about his career journey to date:

Your first degree was in Computer Science, but in 2014 you enrolled on a conversion course – Diploma in Economics plus MSc. What made you decide on this career path to become an economist?

Growing up in post-1991 India, when the economy was liberalised, I witnessed the economic transformation around me without fully understanding the underlying causes. As I grew older and travelled more, I realised that growth was not distributed equitably across the country, and I asked myself why and how this could be addressed. My curiosity to find answers led me on my journey to study economics. My first exploratory step was a six-week summer school at LSE, where I studied Microeconomics and Macroeconomics, which only made me more intrigued, and I decided to return to the UK for my Master's degree.

The two-year MSc Economics programme at Warwick proved an ideal fit. It enabled a seamless transition from my computer science background to an economics degree, and I found the experience highly rewarding.

What specific modules on the Diploma plus MSc Economics course did you enjoy most and why?

In my first year, I thoroughly enjoyed Development Economics (Macro). This course offered a historical perspective on the divergence of nations' fortunes across the world, highlighting the crucial role of 'institutions' in this context. This course laid the foundation for my MSc dissertation and provided a fundamental understanding of why some countries prosper while others remain poor. In my second year, I loved Public Finance, and Public Policy in Developing Countries. These courses presented contrasting challenges faced by policymakers in developed and developing countries, with the latter's topics being particularly relatable.

How did you find out about our unique Diploma plus MSc Economics course?

When I decided to pursue a Master's degree in economics, I realised I needed a bridge to cross over from my computer science background. That's when I discovered Warwick's Diploma plus MSc Economics programme - it was the perfect fit! I didn't just rely on university rankings (although Warwick's Department of Economics consistently tops the charts!). I also reached out to students who had walked the same path before me. And when I had questions during the application process, the admissions team was super responsive and helpful.

What economics research did you undertake for your MSc dissertation?

My research curiosity for my dissertation was shaped in the first year's Development Economics module. I explored how a country’s population's education level attainment influences its economic prospects, both directly and by improving the quality of ‘institutions’. I found that 'Institutions Matter, So Does Human Capital', which became the title of my dissertation. Professor Sascha Becker was very helpful as my dissertation supervisor.

You are a Co-Founder and Chief Investment Officer at Pinksalt Partners, a private equity venture. When did you become interested in private equity and what’s your current involvement with this company?

In the early days, I was involved in structuring smaller deals with a limited number of private investors - I truly liked it. And when these investments yielded promising returns for investors within a few years, the feeling was not only rewarding but also empowering.

As CIO at Pinksalt Partners, where we invest in accounting businesses across the UK, my responsibilities include deal origination, negotiations, fundraising, investor relations, and selecting the right leaders for our portfolio businesses. What sets us apart from other private equity firms is our people-centric approach to decision-making, prioritising the needs of clients, teams, and vendors alike. This means we retain the existing teams and vendors, and further invest in upskilling them, which I find particularly rewarding.

How did you become the CEO of Future Bricks? What’s the most interesting aspect of this job?

I recently became CEO of FutureBricks following our acquisition. The UK is still grappling with a significant housing shortage, which is partly down to small and medium-sized property developers struggling to secure development finance. FutureBricks is tackling this challenge by streamlining the funding process, making it more efficient and rapid. Additionally, we're democratising development funding by enabling individuals and small business owners to invest directly in projects. It's thrilling to lead a team that's making a meaningful impact on this critical national issue.

What economics skills do you value most and why?

In my opinion, the most valuable economics skills are those that enhance critical thinking, strategic decision-making, and effective negotiation. The distinction between co-relation and causation has shaped my thinking in everyday life.

In recent years, I am more involved in deal making where game theory and behavioural economics lessons do come very handy. I always found concept of loss-aversion quite fascinating, and awareness of this concept helps during negotiations.

My MSc programme had a strong focus on macroeconomics, and I selected Public Finance and Monetary Economics as my optional modules, in addition to Advanced Macroeconomics. This training enables me to make informed decisions about future interest rate movements, which is critical to my investment decisions.

What advice would you give to someone considering choosing your path to becoming an economist?

I believe economics training primarily focuses on teaching you how to think about the practical aspects of life. Once you're equipped with this mindset, you can apply it across various fields. A degree in economics offers a broader range of career options compared to any other field of study. So go for it.

Two years at Warwick had a profound impact on my life. It shaped my thinking, taught me concepts of economics, and brought the most incredible people in my life and introduced me to other cultures. Living on campus in my first year and cycling to and from Kenilworth in my second year was enjoyable. I highly recommend Warwick to anyone considering studying economics - it's an exceptional institution.

Related content

If you’re interested in our Diploma + MSc EconomicsLink opens in a new window, please visit the programme’s webpage and get in touch with us via email - economics dot pgoffice at warwick dot ac dot uk

We are very pleased to announce that Warwick's Department of Economics has been ranked 23rd in the QS World Ranking for Economics and Econometrics.

The QS University Rankings by Subjects are compiled annually using research citations and the results of major global surveys of employers and academics to rank universities across the world in 55 different academic disciplines.

The Department has been placed in the top 5 in the UK, closely behind the LSE, Oxford, Cambridge and UCL.

Head of Department, Professor Ben Lockwood said:

“I’m delighted to hear that we’ve retained our place in the world’s top 25 departments of economics this year, as we have done in the last few years.

We have been consistently achieving high rankings in various subject league tables and this recognises the collective effort of our staff and students to achieve excellence in their work and study. I’d like to thank them all for their hard work and dedication.”

Related links:

QS World University Rankings by Subject 2024: Economics and EconometricsLink opens in a new window

Warwick ranked in global top 50 for 10 subjectsLink opens in a new window