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Bill Martin

Senior Research Associate


An Examination of the Input Output Structure & International Competitiveness of the Business Service Sector (part of the UK~IRC project on Services Innovation & Performance at the Sector Level)

The Development of a Stock-flow Consistent UK Macroeconomic Model for Policy Analysis

An Evaluation of the Bias Created in UK Balance of Payments Data Due to the Asymmetric Treatment of Direct & Portfolio Investment (with Robert Rowthorn)

Personal background

Bill Martin’s early career was spent in the Government Economic Service, where he advised on macroeconomic and industrial policies. In 1981, he became a Special Adviser in the Central Policy Review Staff, better known as Whitehall's Cabinet Office "Think Tank". Between 1983 and 1998, he held various senior roles, including that of Chief UK Economist, at the investment-banking arm of the Swiss bank UBS (formerly Phillips & Drew). Between 1986 and 1997, he also acted as a Specialist Adviser to the House of Commons Treasury Committee. He was appointed Chief Economist of the fund management arm of UBS in 1998 and held the position of Visiting Professor of London Guildhall University until 2003. Since leaving UBS in 2004, he has worked on a variety of projects, including academic papers on macroeconomic theory and official statistics. He continues to advise the Economic Policy Committee of the Engineering Employers' Federation and became a member of the FSA Consumer Panel in October 2009. 

Selected publications

Martin, Bill, 2019, Resurrecting the UK sector national accounts after 1945, CBR Working Paper No. 514, Centre for Business Research, University of Cambridge, Cambridge.

Martin, Bill, 2018, A Comment on Oulton, "The UK Productivity Puzzle: Does Arthur Lewis Hold the Key?', CBR Working Paper No. 498, Centre for Business Research, University of Cambridge, Cambridge.

Martin, Bill and Rowthorn, Robert, 2013, Can Intangible Investment Explain the UK Productivity Puzzle? A Response and Comment, July.

Martin, Bill and Rowthorn, Robert, 2012, Is the British economy supply constrained II? A renewed critique of productivity pessimism, Centre for Business Research and UK~IRC, May.

Martin, Bill, 2011, "A new Look at New Cambridge: will the UK private expenditure function stand up?", in Contributions to Stock-Flow Modelling: Essays in Honour of Wynne Godley, edited by D. Papadimitriou and G. Zezza, Palgrave Macmillan, December.

Martin, Bill, 2011, Is the British economy supply constrained? A critique of productivity pessimism, Centre for Business Research and UK~IRC, July.

Martin, Bill, 2010, Rebalancing in the Dark. A slightly amended version of a presentation given to HM Treasury economists under the "Chatham House" rule on 27th July 2010. Subheadings refer to PowerPoint slides available online.

Martin, Bill, 2010, Rebalancing the British Economy: A strategic assessment, Centre for Business Research and UK~IRC, Cambridge and London, April.

Martin, Bill, 2009, 'Resurrecting the U.K. Historic Sector National Accounts', Review of Income and Wealth, Series 55, No. 3, 737-751, September (DOI: 10.1111/j.1475-4991.2009.00342.x)
Download the related dataset

Martin, Bill, 2009 'We're between a rock and a hard place, and need a soft pound', article for The Observer newspaper, Sunday 23 August.

Martin, Bill, 2009 'An Augmented UK Private Expenditure Function', CBR Working Paper No. 384, Centre for Business Research, University of Cambridge, Cambridge.

Martin, Bill, 2008, 'Fiscal policy in a stock-flow consistent model: a comment', Journal of Post Keynesian Economics, Vol. 30, No. 4, Summer: 649-667 (DOI: 10.2753/PKE0160-3477300408)

Martin, Bill, 2007, Resurrecting the UK Historic Sector National Accounts, CBR Working Paper No. 356, Centre for Business Research, University of Cambridge, Cambridge.

The Statistics Commission's Response with covering letter to Bill Martin dated 20 June 2007. See also

Martin, Bill, 12 March 2007, UK Historic Sector National Accounts, Memorandum to The Statistics Commission.

Martin, Bill, 23 February 2007, 'The puzzle behind Britain's lamentable statistics', The Financial Times.

Martin, W.E. and Rowthorn, R., 2005, 'Accounting for Stability', CESifo Economic Studies, Vol. 51, No. 4: 649-696 (DOI: 10.1093/cesifo/51.4.649)

Pre-2005 publications

Submissions to the House of Common Treasury Committee, 1986-1997.

Martin, W.E. (editor), 1981, 'The Economics of the Profits Crisis', HMSO, London.

Lund, P.J. & Martin, W.E. and Bennett, A.G.G. 1980, 'Price Expectations and their Role in the Analysis of the UK Department of Industry's Investment Intentions Inquiries', The Journal of Industrial Economics, March.

Numerous articles for UBS on economies and financial markets.

Contact details

Bill Martin
Centre for Business Research
Cambridge Judge Business School
University of Cambridge
Trumpington Street
Cambridge CB2 1AG