Toby Swales


I received my Masters and Undergraduate qualifications in Economics from Leeds University Business School, awarded a Distinction and First respectively, as well as the Excellence in Economics Scholarship for Masters study. 

More recently I have completed a Masters qualification from the School of Sociology and Social Policy in Interdisciplinary Social Research as part of my ESRC WRDTP 1+3 scholarship.

In previous years I have provided research assistance to Dr Gary Slater and Dr Peter Phelps at the Leeds University Business School. 

Research interests

My research interests are in Macroeconomics, in particular the interactions between the financial sector and the real economy with an emphasis on sectoral balance sheets. My research revolves around how balance sheet problems cause financial crises and economic stagnation, inspired by the work of Hyman Minsky and Richard Koo. Monetary and Fiscal policy is then analysed through the perspective of interacting balance sheets, with resulting recommendations for effective policy intervention. Most of my previous research has focused on the Japanese economy but I also have experience analysing data from the United Kingdom, the United States and the European Union. 

Methodologically my previous research has revolved around economic history and policy case studies utilising empirical data. My training in interdisciplinary research through the White Rose DTP means that I often look to utilise insights from other disciplines in economic research. I am also interested in heterodox economic modelling. In particular, my focus on balance sheets is linked with my interest in Stock-Flow Consistent Modelling and System Dynamics. I am also interested in the impact of Agent Based Modelling on the macroeconomic discipline, particularly how dynamic microfoundations can affect macroeconomic complexity. 


  • MSc Economics
  • MA Social Research (Interdisciplinary)
  • BSc Economics