UCL Institute for Innovation and Public Purpose


Josh Ryan-Collins

Josh is Head of Research at IIPP, working on the economics of innovation, inclusive growth, economic rent in modern economies and measuring public value.

Josh Ryan-Collins
Before joining IIPP, Josh was Senior Economist at the New Economics Foundation (NEF), one of the UK’s leading think tanks. There he led a research programme focused on money, credit, banking and the macroeconomics of land and housing.

Josh has written two co-authored books: 'Where Does Money Come From?' (2011, NEF), a best-selling guide to the UK monetary system which is used as a textbook to teach economics in the UK and US; and ‘Rethinking the Economics of Land and Housing’ (2017, Zed books) which featured in the Financial Times’s economics editor Martin Wolf’s top summer reads of 2017.

Josh has published in internationally recognized journals, including the British Journal of Sociology and the International Journal of Finance, Money, Institutions and Markets.  He has a PhD in economics and finance from the University of Southampton Business school where he is currently a Visiting Fellow in the Centre for Banking, Finance and Sustainable Development. He is also a visiting research Fellow at City University London’s Political Economy Research Centre (CITYPERC).

Josh was also one of the founders of the Brixton Pound local currency used in south London to support independent small businesses.

Research Summary

Josh has a particular interest in the role of money and credit in the macroeconomy and how the state – via monetary and fiscal policy - can steer credit and finance towards supporting mission driven investment and innovation. His second main interest is the economics of land and housing and economic rent in modern economies. His research takes a cross-disciplinary approach, combining economics, economic history, sociology and political economy.

At IIPP he will be working on three main projects: an EU Horizon 2020 funded project on innovation, sustainability and inclusive growth in Europe (ISIGrowth), a project funded by Innovate UK on evaluating mission-orientated innovation and a project on the role of central banks in shifting finance towards supporting a low carbon economy in collaboration with the New Economics Foundation and the Council on Economic Policies.

Recent publications

To view all publications, visit Josh Ryan-Collins' UCL profile.


Ryan-Collins, J., Lloyd, T. and Macfarlane, L., (2017) Rethinking the economics of land and housing, Zed books

Ryan-Collins, J., Greenham, T, Werner, R. and Jackson, D., (2011) Where does money come from?  A guide to the UK Monetary and Banking system, NEF: London

Journal articles (peer reviewed)

Ryan-Collins, J., (2017) “Monetary financing in historical perspective: the case of Canada”, 1930-1970, British Journal of Sociology, forthcoming.

Ryan-Collins, J., Werner, R.A., and Castle, J. (2016) "A half-century diversion of monetary policy? An empirical horse-race to identify the UK variable most likely to deliver the desired nominal GDP growth rate." Journal of International Financial Markets, Institutions and Money, vol. 43, July 2016, pp158-176

Ryan-Collins, J. and Greenham, T., (2013) “Rethinking the Role of the Economy and Financial Markets”, Journal of Civil Society, 16 May.

Working papers

Bjerg, Ole and McCann, Duncan and Macfarlane, Laurie and Nielsen, Rasmus Hougaard (2017) ‘Seigniorage in the 21st Century: A Study of the Profits from Money Creation in the United Kingdom and Denmark’, Copenhagen Business School Working Paper, vol. January 2017

(2015), 'Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935–75', Levy Institute Working Paper, No. 84

Bernardo and Werner, R (2013) "UK QE reconsidered: the real economy effects of monetary policy in the UK, 1990-2012–an empirical analysis." Centre for Banking, Finance and Sustainable Development, Discussion Paper Series, CBFSD 1-13

Abdallah, S., Gough, I., Johnson, V, & Smith, C. (2011). The distribution of total greenhouse gas emissions by households in the UK, and some implications for social policy, (No. 152). Centre for Analysis of Social Exclusion, LSE, Discussion Paper

Selected think tank publications (selected, all co-authored)

(2017) Making money from making money: seigniorage in the modern economy, NEF: London (KR Foundation)

(2015) ScotPound: digital money for the common good - a new socially inclusive payment system for Scotland, NEF: London

(2015) Financial System Resilience Index, NEF: London (Friends Provident)

(2014) Financial system impact of disruptive innovation, Report to the United Nations Environment Program (UNEP), NEF: London

(2013) Strategic Quantitative Easing: Stimulating Investment to rebuild the economy, NEF: London (Hadley Trust)