Patrick Minford

Anthony Patrick Leslie Minford CBE (b. 17 May 1943) is a British macroeconomist who is Professor of Applied Economics at Cardiff Business School, Cardiff University, a position he has held since 1997. He was Edward Gonner Professor of Applied Economics at the University of Liverpool from 1976 to 1997.

Minford was educated at Winchester College and Balliol College, Oxford and then at the London School of Economics. He is the elder brother of John Minford, who is a well known academic and translator of Classical Chinese. He worked at the Ministry of Overseas Development and then as an economic adviser to the Ministry of Finance of Malawi. He then took a position as an economic adviser to Her Majesty's Treasury's External Division. He was appointed as Economics fellow at Manchester University in 1974, becoming editor at the National Institute of Economic and Social Research in 1975, where he began to build the so-called Liverpool Model with Kent Matthews.

Minford and his research team at the University of Liverpool created the Liverpool Model, the first operational rational expectations model of any economy. This work was concurrent with the early efforts of Fair and Anderson to simulate large nonlinear rational expectations models; it was the first to apply the extended path algorithm (see Fair and Taylor) to a full macro model estimated under rational expectations; and was at the forefront of what came to be known as the 'rational expectations revolution'. At this time adaptive expectations was the dominant model of expectations formation and Rational Expectations was greeted with incredulity. By the end of the 1980s it had been widely accepted within the economics profession. Other work focused on the exchange rate, carrying out model simulations to evaluate the role of floating versus various fixed rate proposals.

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