
Home People Research Intranet About Seminars News Computing Prospectus Library
You are in: Home » Faculty Information

Faculty Information

A Brief History of the Department of Applied Economics (DAE)

John Maynard Keynes initially proposed the establishment of a DEPARTMENT OF APPLIED ECONOMICS (DAE) in November 1939, but the war intervened and it did not come into being until 1945. The first Director was Sir Richard Stone, the winner of the 1984 Nobel Prize in Economics. He was followed by Professor W. B. Reddaway, then by Professor W. A. H. Godley, and the current Director is Professor D. M. G. Newbery. It is now one of the country’s largest university-based research institutes for economics.

The DAE is part of the Faculty of Economics & Politics, many of whose teaching staff are closely involved in research projects within the Department. It is the aim of both the Faculty and the Department to achieve and maintain international standards of research excellence. The DAE has a policy of encouraging senior researchers and faculty teaching officers to launch research projects that not only contribute to knowledge, but also provide experience for a pool of young, talented and energetic researchers.

The DAE has special expertise in econometrics at the macro and micro level, in financial econometrics and in stochastic dynamic general equilibrium models. It specialises in policy analysis and evaluation, the development of models (including microsimulation models) of the UK and EU economies and environmental regulation, some of which require the collection and updating of large and specialised statistical data sets and the collection of survey data. It has particular strengths in the regulation of network industries (electricity, gas, telecoms, rail), environmental economics (in collaboration with the Tyndall Centre for Climate Change), labour market studies, development economics and quantitative economic history. It also collaborates with the ESCR-funded interdisciplinary Centre for Business Research, and the interdisciplinary Centre for Communication Systems Research.

The Faculty of Economics and the DAE merge - November 2004

On the 5th of November, 2004, the Department of Applied Economics (DAE) ceased to exist as a separate entity. It is now fully merged into the Faculty of Economics, the renamed Faculty of Economics and Politics.

This is purely an organisational change, as the same work, the same people, with the same spirit, will continue as part of the Faculty.

Information about Research and Publications can now be found on the Faculty Research and Publications pages