Sarah Smith is a Professor of Economics at the University of Bristol (since 2010). She previously worked as an Economist at the IFS, as an Economic Adviser at HM Treasury, as Head of Regulatory Economics at the Financial Services Authority and as a Lecturer at the London School of Economics. Her main research interests lie in the applied micro-economic analysis of public policy. Within this field, she has worked on the economics of not-for-profits and welfare reform. Her research has been published in the Economic Journal, the Journal of Public Economics, the American Economic Review and the Journal of Political Economy. She has also recently completed policy reports for, among others, HM Treasury, the Department for Education and Skills and the Charities Aid Foundation.