Rebuilding Macroeconomics

Lead Research Organisation: National Institute of Economic & Soc Res
Department Name: National Institute of Economic & Soc Res

Abstract

The need for new ideas in macroeconomics is evident. Most macroeconomists not only failed to recognise the weaknesses in the global economy before the financial crisis, their main macroeconomic model specifically excluded the possibility of financial vulnerability. Assumptions about human behaviour and how markets operate have undermined the effectiveness of macroeconomics as a guide for practical policy making.
The National Institute of Economic and Social Research (NIESR) is the UK's foremost macroeconomics research institute outside of the university sector. As our mission is to understand the economic forces that shape peoples' lives and to influence policy. We are free of political and commercial interests and the constraints that can inhibit university departments.
Our network, Rebuilding Macroeconomics, would start the transformation of macroeconomics back into a useful policy science. We have created a team of 25 world-class social scientists from economics, psychology, anthropology, sociology, neuroscience, economic history, political science, biology and physics all renowned for challenging mainstream ideas to spear-head this effort.
Rebuilding Macroeconomics will challenge the central assumptions and methods of modern macroeconomics and identify the building blocks for a new and genuinely relevant macroeconomics. Our network will create ran opportunity for scholars, policy makers and practitioners to coalesce around a substantive macroeconomic policy question and to explore, learn from and challenge each other's assumptions and ways of thinking and to consider possible new methods of investigation.
The Rebuilding Macroeconomics leadership team of will provide guidance by finding broad research agendas through a process of both guidance and discovery, through dialogue across the UK, that (a) directly address important macroeconomic policy issues, (b) facilitate research that would not be done otherwise, (c) bring new methodologies to bear in macroeconomics, and (d) that can attract enough scholars to launch and sustain an effective future research agenda.
Our leadership team will commission several targeted proof-of-concept 'pilot projects' that are truly innovative, most promising and additional to existing macroeconomic research. The decisions will be taken in an open and transparent manner as befits public funds. An Advisory Group will oversee the disbursements to ensure that the projects meet our requirements listed above.
The RM network will offer value for money. Most Co-Investigators have signalled their willingness to work on a pro bono basis to maximise the amount of research money available for the best ideas. The allocation of funds will be made public through a transparent process.
NIESR will ensure that the Network engages with the public through social and traditional media. We will use podcasts and an App to describe the 'pilot projects' and reconnect with the public through a series of televised or recorded lively debates on key macroeconomic issues that define our research agenda.
The Network will also engage with other networks in the UK and overseas to ensure as wide as possible influence and to achieve synergies with existing ESRC investments. The team will ensure that the Network is sustainable by engaging with student groups and doctoral students and catalysing innovative and interdisciplinary ideas for policy relevant research. We will look to incorporate some the most promising ideas in school and college curriculums.
At the end of the funding period, the leadership team will carry out a comprehensive review and deliver a roadmap for future macroeconomic research. This will include an analysis of the areas of greatest research potential, greatest policy relevance and the bottlenecks to be overcome to realise the full potential. Given the current exceptional economic circumstances, the Network has the opportunity to have a far-reaching and very positive impact on society.

Planned Impact

The aim of our 'Rebuilding Macroeconomics' network is to start the transformation of macroeconomics back into a useful policy science. The leadership team will challenge the core assumptions and methodologies of the existing paradigm and identify the building blocks for a new and genuinely relevant macroeconomics framework.
NIESR has considerable experience in achieving powerful and widespread impact for its research. The PI has been awarded two high profile ESRC Senior Fellowships with extensive engagement with the public. NIESR's press office will be charged with operating the Network website and social and multimedia. We have considerable convening power and ideal conference facilities in the heart of Westminster. In the run-up to this proposal we held a conference entitled 'Rethinking Macroeconomics' which was almost instantly booked. We had a serving minister, ex MPC member, senior business people and academics as well as policy makers from across the Government Economic Service in the audience.
Given the space available, we describe five beneficiaries of 'Rebuilding Macroeconomics' and how we intend to maximise the impact on each group.
(1) Public: The public will benefit directly and indirectly from the network. We will use podcasts to describe the 'pilot projects': the issue they address, why they matter and the outcomes. We will reconnect with the public through a series of radio programmes on key macroeconomic issues. We will encourage Network members to engage in public discussions through social and traditional media. The public will indirectly benefit from improved policy as a result of greater understanding of the macroeconomy. Given the size of the challenges, this cannot be underestimated.
(2) Policy officials: one of the most important objectives of the Network is to re-connect scholars with policy officials. The leadership team will set the research agenda on the basis of the most important policy priorities as well as methodological issues. Policy officials will be encouraged to participate in the research agendas and offered secondments to work on 'pilot projects' where appropriate.
(3) Scholars: The Network will encourage scholars to undertake creative and inter-disciplinary research beyond the constraints of university departments. 'Pilot project' funding will be targeted at worthwhile research that would not otherwise receive funding. Scholars will have opportunities to work alongside officials and business leaders to understand the context of their research. Academic leaders will host workshops for all interested scholars (inter-disciplinary) specifically designed to address key challenges facing officials and other stakeholders. NIESR's press office will work with scholars to ensure that the research is accessible and reaches the public.
(4) Students: we will engage closely with students at schools and universities to create capacity for a sustainable future research programme. Alvin Birdi, Director of the Economics Network, is committed to building links between schools and the Network. Wendy Carlin, Director of CORE, has agreed to join the Advisory Group and will reflect the findings of the Network on the evolving new economics curriculum. Students be encouraged to join the Network by attending the research workshops. Scholars will be encouraged to suggest future research topics that will be posted on the Network website.
(5) Academic networks and international organisations: Members of the Leadership team are engaged with most of the major economic and other social science societies and networks from around the world including the IMF, World Bank and central banks around the world. The PI is on the management board of the ESRC's Centre for Macroeconomics and well placed to ensure that the ESRC's investments are complementary to achieve the greatest impact.

Publications

10 25 50
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Brighton H (2019) Beyond quantified ignorance: rebuilding rationality without the bias bias in Economics Discussion Papers, No 2019-25, Kiel Institute for the World Economy

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Mauersberger, F (2018) Bounded rationality in Keynesian beauty contests: a lesson for central bankers? in Economy e-journal Special Issue Bio-psycho-social foundations of macroeconomics

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Morelli F (2019) Confidence Collapse in a Multi-Household, Self-Reflexive DSGE Model in SSRN Electronic Journal

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Thompson, E L (2019) Escape from model-land in Economics Discussion Papers, No 2019-23, Kiel Institute for the World

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Yanagisako, S (2019) Family firms as kinship enterprises in Economics Discussion Papers, Kiel Institute for the World Economy

 
Description Key Achievement 1

The period from March 2019 to February 2020 has included the completion of collaboration agreements for all 34 projects that are funded currently by Rebuilding Macroeconomics, along with the commissioning of three Study Groups to address particular issues relating to Data, Method, and the Research Excellence Framework. Most of these projects are proceeding according to schedule; some are now either finished or close to completion, and extensions are now being considered in a limited number of cases. Where problems with projects have been identified, remedial action has been taken, in conjunction with the relevant Hub Leaders. It is expected that all projects funded via Rebuilding Macroeconomics will be finished by 30 November 2020.

Key Achievement 2

Rebuilding Macroeconomics held its second annual conference on 19 and 20 September 2019, at the Bryce Hall, Edinburgh. The event was entitled: "How Can Interdisciplinary Research Enhance the Policy Relevance of Macroeconomics?", and included 14 presentations deriving from projects funded via the grant. Recordings of these presentations, and of the other keynote address and panel sessions, are available at https://www.rebuildingmacroeconomics.ac.uk/2019-annual-conference. Feedback on the event was very positive, and provided constructive suggestions as to how the final "Road Map" report might be shaped.
Exploitation Route We believe that a potential form of synthesis is starting to emerge from the various activities undertaken by Rebuilding Macroeconomics, which will point towards recommendations as to the future of Macroeconomics as a discipline. We will argue that that it is possible to draw in ideas from other disciplines via evolving understandings of Complexity, an approach which will serve to improve the explanatory and predictive capacity of Macroeconomics in relation to policy making.

The improvement of Macroeconomics as a policy-relevant discipline will have consequent implications primarily for policy-makers who have to take complex long-term Macroeconomic decisions under conditions of uncertainty. We continue to receive considerable interest in these developments from the policy-makers who have attended our events, or with whom we have been in contact in other ways.
Sectors Education,Financial Services, and Management Consultancy,Government, Democracy and Justice

URL https://www.rebuildingmacroeconomics.ac.uk/2019-annual-conference
 
Description ESRC 2018 Festival of Social Science
Amount £340 (GBP)
Organisation Economic and Social Research Council 
Sector Public
Country United Kingdom
Start 11/2018 
End 11/2018
 
Description "Are there barriers to innovation in Macroeconomics?", Pre-Discovery Meeting, 14 June 2017 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Professional Practitioners
Results and Impact This was a "Pre-Discovery" meeting aimed at establishing the remit and content of the proposed "Rebuilding Macroeconomics" Hub on the subject of the "Sociology of Economic Institutions". The event was addressed by Richard Bronk; Alice Pearson; Paul Gilbert; and Linsey McGoey. Extensive discussions followed these initial presentations, and the general mood of the meeting was that a further such event would be needed before progress could be made with the Hub.
Year(s) Of Engagement Activity 2017
URL https://www.rebuildingmacroeconomics.ac.uk/instability-background-note/
 
Description "Celebrating Women in Macroeconomics", 2019 ESRC Festival of Social Science event, 6 November 2019, Girton College, University of Cambridge 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact This event built upon and expanded the 2018 Festival of Social Science workshop on a similar theme. In 2019, the event was held at Girton College, Cambridge, during the College's celebration of its 150th anniversary, and the programme included a reflection from the Mistress of the College on Joan Robinson and her contribution to Economics. Other presenters focused on various aspects of Macroeconomics and Gender; the event was well attended, and provoked some lively discussions and potential future collaborations. It is hoped to develop this concept further during 2020.
Year(s) Of Engagement Activity 2019
 
Description "Is the financial system fit for purpose?", Rebuilding Macroeconomics Discovery Meeting, NIESR, 23 January 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact This event marked the first stage in the construction of the Rebuilding Macroeconomics "Hub" in Finance, to channel and co-ordinate the Network's research funding in this area. The meeting was attended by 34 people at the NIESR offices in London, with a further four joining in via video-conferencing link from other countries. A series of introductory presentations was followed by some extensive and lively debates, which will be transcribed and analysed in order to help to define and focus the research questions which the Finance Hub will address.
Year(s) Of Engagement Activity 2018
URL https://www.rebuildingmacroeconomics.ac.uk/discovery-meeting-financial-system-fit-purpose/
 
Description "Macroeconomics with Real World Uncertainty", special session, Royal Economic Society 2019 Annual Conference, University of Warwick, 17 April 2019 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Rebuilding Macroeconomics hosted a special session at the 2019 Royal Economic Society Annual Conference, which was held at the University of Warwick. The session was chaired by Angus Armstrong, and presentations were given by John Kay, Erica Thompson, Adam Sanborn, and Jean-Philippe Bouchaud. The session was attended by around 40 people, but was also live-streamed to an external audience of at least one thousand. The presentations prompted intensive discussions, and helped considerably in raising the profile of Rebuilding Macroeconomics.
Year(s) Of Engagement Activity 2019
 
Description "New Approaches for Modelling Expectations in Economics", Bank of England Conference, 2-3 December 2019 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact This two-day conference on "New Approaches for Modelling Expectations in Economics" was held at the Bank of England on 2 and 3 December 2019, and was organised and funded jointly by Rebuilding Macroeconomics and the University of Warwick. The first one and a half days consisted of presentations from senior bankers and researchers on banking, along with questions and discussions. The final afternoon focused specifically on projects funded by Rebuilding Macroeconomics in relation to Modelling Expectations, and provided an opportunity to showcase some of the RM research which is being undertaken. The event was very successful overall, and was particularly effective in promoting Rebuilding Macroeconomics to significant figures in international banking.
Year(s) Of Engagement Activity 2019
 
Description "Rebuilding Macroeconomics" Launch Event, 13 September 2017 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Professional Practitioners
Results and Impact This event was held to mark the launch of the "Rebuilding Macroeconomics" Network, and included presentations from Paul Sanderson of ESRC, Jesse Norman MP from the Department for Transport, and Angus Armstrong as Principal Investigator for the Network. There were also contributions from members of the Network Management Group - Laura Bear, Doyne Farmer, Roger Farmer, and David Tuckett, as well as extensive discussions from audience members. The event was highly successful in terms of the publicity generated, and was also useful in generating ideas and feedback to shape the subsequent development of the Network.
Year(s) Of Engagement Activity 2017
 
Description "The Great Financial Crisis", systemic legitimacy and "rip-off" stories in the Daily Mail", presentation by Tony Curzon Price and Gavin Hassall, Department for Business, Energy and Industrial Strategy, 5 September 2019 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Policymakers/politicians
Results and Impact Gavin Hassall, Research Assistant at Rebuilding Macroeconomics, and Tony Curzon Price, of the Department for Business, Energy and Industrial Strategy (BEIS) presented their research on linkages between economic cycles and questions of trust in business and financial institutions, as indicated by textual analysis of reports in The Daily Mail. Both the results of their work, and the methodology which they employed, were of interest to the group of policy-makers at BEIS to whom the work was presented, and several suggestions were made as to how the research outlined could be developed further in the future.
Year(s) Of Engagement Activity 2019
 
Description "Why Rebuild Macroeconomics", 360 Lecture to Warwick University Department of Economics 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Undergraduate students
Results and Impact Angus Armstrong gave an invited lecture to the Department of Economics at Warwick University, outlining the case for "Rebuilding Macroeconomics" and the progress which has been made thus far by the Rebuilding Macroeconomics Network in promoting debate and dialogue, and in identifying research questions. The presentation prompted considerable discussion, some of which was quite critical in nature, but which may be useful in shaping the Network's future approach to these issues.
Year(s) Of Engagement Activity 2018
URL https://warwick.ac.uk/fac/soc/economics/events/2018/4/360_lecture_why_rebuild_macroeconomics
 
Description "Why Rebuild Macroeconomics", presentation to Evershed Sutherland - Commercial, 24 May 2018 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Industry/Business
Results and Impact This presentation represented an attempt to take the Rebuilding Macroeconomics "message" to the heart of the financial services industry, at an event in the "Gherkin", in the City of London. The presentation provoked considerable debate, with differing opinions being aired; but without question this session represented an occasion on which Rebuilding Macroeconomics reached out beyond the academic community.
Year(s) Of Engagement Activity 2018
 
Description "Why are Economies Unstable?", Pre-Discovery Meeting, 5 July 2017 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Professional Practitioners
Results and Impact This "pre-discovery" meeting was aimed at establishing the scope and remit of the "Rebuilding Macroeconomics" Hub in Instability. The session was addressed by Steve Keen, David Tuckett, Alan Taylor, and Roger Farmer, all of whom addressed specific issues which were subsequently opened up to wider discussion. The session was well attended and prompted a range of inputs, which were all useful in defining the job description for the role of Instability Hub Leader.
Year(s) Of Engagement Activity 2017
 
Description Angus Armstrong, interview on BBC Radio 4 PM programme, 20 May 2019 
Form Of Engagement Activity A broadcast e.g. TV/radio/film/podcast (other than news/press)
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Public/other audiences
Results and Impact Dr Angus Armstrong, the Director of Rebuilding Macroeconomics, was interviewed on BBC Radio 4's PM programme on 20 May 2019. This was the first in a series of interviews about changes in modern Economic thinking. The interview was conducted by Evan Davis and lasted for approximately seven minutes, during which the rationale for Rebuilding Macroeconomics was summarised, and some examples were given of the projects funded by the Network.
Year(s) Of Engagement Activity 2019
 
Description Can Globalisation Benefit All? Pre-Discovery meeting, 2 June 2017 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Professional Practitioners
Results and Impact This initial meeting was planned to define the scope and remit of the Globalisation Hub within Rebuilding Macroeconomics (RM). The speakers included Sharun Mukand, from the University of Warwick; Richard Portes, from the London Business School; Alan Taylor, from the University of California at Davis; and Laura Bear, from LSE. A wide-ranging discussion was held over four hours, which attempted to suggest how this wide-ranging topic might be best categorised and structures to fit with the remit of the RM Hub.
Year(s) Of Engagement Activity 2009,2017
URL https://www.rebuildingmacroeconomics.ac.uk/globalisation-summary-note/
 
Description Conference, "Bringing new thinking from Psychology and Social Sciences into Macroeconomics", HM Treasury, London, 1-2 October 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact The conference was held at HM Treasury over two days, 1 and 2 October 2018, and attracted an audience of nearly 200 people. A number of high level speakers participated in the event, including senior academics from the United States. The aim of the event was to promote interaction across disciplines, in ways that would not normally happen in an event focused on a particular discipline, and to suggest new approaches that might be taken towards conceptualising Macroeconomics.

The event was structured around eight panels, which all prompted extensive discussions, and on occasion some sharp exchanges of views. All the presentations were filmed, and the edited video footage will be made available via the Rebuilding Macroeconomics website. The conference will help to influence the selection policy for the pilot studies to be funded subsequently, and may also suggest other areas of enquiry that had not previously been considered.
Year(s) Of Engagement Activity 2018
URL https://www.rebuildingmacroeconomics.ac.uk/2018-conference/
 
Description ESRC Festival of Social Science event, "Women in Economics", held at National Institute of Economic and Social Research (NIESR), 9 November 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Public/other audiences
Results and Impact This was a half-day seminar, aimed at a general audience, to examine the ways in which women contribute to, and are affected by, macroeconomic processes and institutions. The starting point was the first research project funded by Rebuilding Macroeconomics, led by led by Professor Özlem Onaran at the University of Greenwich, which synthesises Gender Studies with Macroeconomics. The Project Leader provided an outline of the study and the results so far. Participants then discussed the project, bringing their own insights and experiences to consider possible extensions.

The event was then opened up to a broader discussion of women's participation in academic and policy macroeconomic institutions, and the barriers which are encountered. Presenters and discussants were drawn from a wide range of institutions and organisations, including the Women's Budget Group (Economics). The feedback from the event was generally very positive, and the objective of sharing research with a public audience, and drawing on ideas from that audience as to how macroeconomics might better reflect the issues under discussion, was broadly met.
Year(s) Of Engagement Activity 2018
URL https://www.rebuildingmacroeconomics.ac.uk/women-in-economics-event/
 
Description Economic Institutions Hub Workshop, NIESR, 15 March 2019 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact The selection workshop for the Economic Institutions Hub projects was held at NIESR on 15 March 2019. Seven presentations were made and subsequently discussed. The standards of the presentations and debate was generally high, and some interesting avenues of potential enquiry emerged which had not previously been considered. The information and impressions derived from the event will be used to inform the final decisions as to the selection of proposals to be funded under this Hub.
Year(s) Of Engagement Activity 2019
 
Description Finance Hub Directed Call Workshop, NIESR, 30 April 2019 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Public/other audiences
Results and Impact A selection workshop for shortlisted applicants for the Finance Hub Directed Call was held at NIESR on 30 April 2019. Five presentations were given, for which the overall standard was very high. Participants included members of the Bank of England, who provided well-informed feedback and criticism. The workshop should lead to greater clarity and confidence in deciding the selection and composition of the projects to be funded under this Call; and also produced some interesting new contacts for Rebuilding Macroeconomics.
Year(s) Of Engagement Activity 2019
 
Description Finance Hub Workshop - presentations on shortlisted research proposals, NIESR, 12 February 2019 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Five shortlisted applicants under the Finance Hub Research Call were invited to give presentations relating to their proposals at a workshop held at NIESR on 12 February 2019. The proposals varied widely in terms of subject matter and approach; and this face-to-face forum, accompanied by a considerable amount of constructive discussion, was very helpful in shaping the subsequent decision making process, including the question of whether to issue a second Research Call under this Hub.
Year(s) Of Engagement Activity 2019
 
Description Finance Hub Workshop, NIESR, 28 January 2020 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact This workshop was held to bring together the projects funded under the Finance Research Hub, in order to report on progress to date, compare findings, and to identify possible areas of synergy. Presentations were given on behalf of all five projects; and participants also included several members of the public. Productive discussions were held, which included several areas of disagreement, along with suggestions for alternative research directions. It is hoped to hold a final workshop for this Hub later in 2020.
Year(s) Of Engagement Activity 2020
 
Description Finance Hub workshop: "FinTech, RegTech and digital currencies: consequences for regulation and central banking" 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Professional Practitioners
Results and Impact This workshop focused on recent innovations in financial technology, and the accompanying opportunities and threats. The consequences for regulation, central banking and financial architecture were discussed. The event identified a number of significant areas, particularly as regards legal aspects, which have not as yet been addressed by Rebuilding Macroeconomics; and these ideas may lead to alterations in funding decisions for the forthcoming Finance projects.
Year(s) Of Engagement Activity 2019
 
Description Global Solutions Summit, Berlin, 18-19 March 2019 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact Angus Armstrong and Stephen Kinsella represented Rebuilding Macroeconomics on a panel held at the 2019 Global Solutions Summit, which was entitled: "Globalization and Vulnerability". The session was well attended and prompted lively discussion both with the other panel participants and with the audience. The event proved to be a good platform both for promoting Rebuilding Macroeconomics and for gaining awareness of other ideas that might be drawn into the RM programme.
Year(s) Of Engagement Activity 2019
 
Description Globalisation Discovery Meeting, 27 September 2017, Lowry Centre, Salford 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Public/other audiences
Results and Impact This meeting addressed the research question "Can globalisation benefit all?", and aimed to draw on opinions from the general public, at a venue well outside London, in shaping the role of the Rebuilding Macroeconomics Globalisation Hub Leader. The session produced some robust debates, and was followed quite widely by an online audience. Useful lessons were drawn from this event, both in relation to the Globalisation Hub itself, and for the organisation and structure of Hub-related events in the futre.
Year(s) Of Engagement Activity 2017
URL https://www.rebuildingmacroeconomics.ac.uk/can-globalisation-benefit/
 
Description Globalisation Hub workshop, 21 May 2018, NIESR 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact This workshop was intended to pave the way for the subsequent Call for Research projects to be issued by the Rebuilding Macroeconomics Globalisation Hub, led by Dr Stephen Kinsella. The event consisted of a series of presentations by experts in various areas related to Globalisation, and some periods of extensive discussion. A number of new and interesting ideas for potential research options were identified, and the writing of the Globalisation call was expected to be improved considerably as a result.
Year(s) Of Engagement Activity 2018
 
Description Globalisation Hub workshop, NIESR, 15 November 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Study participants or study members
Results and Impact Six applications had been shortlisted for funding under the Rebuilding Macroeconomics "Globalisation Hub". The applicants were invited to give presentations explaining their proposals further. Representatives from all six projects attended this event, along with several other people interested in the work of the Hub. The session was extremely valuable in clarifying aspects of the proposals, and in better understanding the work which could be funded; the subsequent award of grant funding was thus made on the basis of a considerable amount of information being available to the Hub Leader and the Principal Investigator.
Year(s) Of Engagement Activity 2018
 
Description Globalisation Research Hub, Directed Call Workshop, 17 January 2019 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Professional Practitioners
Results and Impact The Globalisation Hub, led by Dr Stephen Kinsella, issued a second research call in December 2018, which was directed specifically to the subject of "The Economics of Belonging". Three credible applications were received, and the applicants were invited to make presentations at NIESR on 17 January 2019, with the session being open to anyone else who wanted to attend. The three presentations were all extremely strong, in their different ways, and prompted a constructive discussion. Decisions on funding one or more of these proposed projects were to be made subsequently, based partially on the information derived from this workshop.
Year(s) Of Engagement Activity 2019
 
Description Instability Hub workshop, 8 March 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Professional Practitioners
Results and Impact This was a discussion led by the newly appointed leaders of the Rebuilding Macroeconomics Instability Research Hub, Professor Roger Farmer and Professor Jean-Philippe Bouchaud, which was intended to frame the research agenda for the Hub, and to shape the call for research project applications. The event was attended by 23 people, and included presentations and discussions related to the themes to be addressed by the Instability Hub. The event provided a foundation for the subsequent Instability Hub call, which was rewritten to take into account the points that had been made on 8 March; the call was eventually issued in early June 2018.
Year(s) Of Engagement Activity 2018
 
Description Instability Research Hub - Discussion from the First Research Call, 24 October 2018, NIESR 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact The Rebuilding Macroeconomics Network Instability Hub hosted a workshop on 24 October 2018, to discuss some of the research proposals received from the recent research call. Presentations were given on some of these proposed projects, in order to open up a general discussion and encourage a cross-fertilization of ideas from members of the Network. It was thus possible to envisage how the projects might be developed further with collaborative objectives in mind.
Year(s) Of Engagement Activity 2018
 
Description New Approaches to Economics Challenges conference, 15-16 April 2019, OECD Paris 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact This event, entitled "New Analytical Tools and Techniques for Economic Policymaking" was run in Paris by New Approaches to Economic Challenges (NAEC), part of the Organisation for Economic Cooperation and Development. Doyne Farmer and Jean-Philippe Bouchaud both gave presentations; and Angus Armstrong moderated a session on "Complexity and Social Science". The event provided a forum for highlighting the ideas being developed by Rebuilding Macroeconomics; and also offered a useful series of contacts for additional work which might be undertaken, particularly in the area of Complexity.
Year(s) Of Engagement Activity 2019
URL http://www.oecd.org/naec/new-economic-policymaking/
 
Description One-day conference, "What can Complexity add to Macroeconomic Policy Making?", 30 January 2020, NIESR 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact This conference aimed to examine the contribution that could be made by Complexity Science to Macroeconomic policy making. The main target audience was the Government Economic Service, and representatives from a range of Departments attended the event. The presentations sparked wide-ranging discussions, with several suggestions being made for integrating the ideas discussed at the event with the wider Rebuilding Macroeconomics programme. The event also marked the launch of the "Complexity in Macroeconomics" essay prize, aimed at young researchers.
Year(s) Of Engagement Activity 2020
 
Description Pre-Call Workshop for Finance Research Hug, 13 September 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact In this meeting, economists, sociologists and legal scholars identified the open questions to be picked up by the Finance Hub Research Call. The overall topic was "Financial Resilience". Presentations were made by Dirk Bezemer (Gronigen); Isabel Schanbel (Bonn); and Kern Alexander (Zurich), with responses being made by other academic specialists. The material derived from the event will be used to shape the subsequent Research Funding Call to be issued by the Finance Hub, which is led by Ekaterina Svetlova.
Year(s) Of Engagement Activity 2018
 
Description Pre-Discovery Meeting, "How can we achieve a sustainable economy?", NIESR, 28 November 2017 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact This event was intended to clarify the role of Sustainability Hub Leader for the Rebuilding Macroeconomics Network. The meeting was addressed by Michael Kumhof, from the Bank of England; Doyne Farmer, from the University of Oxford; Dennis Snower, from the University of Kiel; and Dan Nixon, from Perspectiva. A well-informed audience contributed to a wide-ranging discussion, with diverse viewpoints being represented. The overall conclusion was that, whilst this is a potentially rich and relevant area for research topics relating to Rebuilding Macroeconomics, some degree of focusing and restriction may be necessary in order to produce a viable and coherent Hub.
Year(s) Of Engagement Activity 2017
URL https://www.rebuildingmacroeconomics.ac.uk/can-achieve-sustainable-economy-summary-note/
 
Description Pre-Discovery Meeting, "The Sociology of Economic Institutions", NIESR, 17 November 2017 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact This event was an expanded follow-up to the earlier session held on 14 June 2017. This November meeting was addressed by Kevin Hoover (via video link from Duke University, North Carolina); Sheila Dow, from the University of Stirling; Beatrice Cherrier, from the University of Cergy; and Richard Bronk, from the European Institute at LSE. The session was well-attended, with a wide range of institutions being represented, and the discussions were helpful in framing the scope and content of the role of Economic Institutions Research Hub Leader, which was advertised the following month.
Year(s) Of Engagement Activity 2017
URL https://www.rebuildingmacroeconomics.ac.uk/summary-note-confidence-economic-institutions/
 
Description Radio 4 programme "Decision Time: the next financial meltdown", broadcast 26 September 2018 
Form Of Engagement Activity A broadcast e.g. TV/radio/film/podcast (other than news/press)
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Public/other audiences
Results and Impact Angus Armstrong participated in a Radio 4 programme entitled: "Decision Time: the next financial meltdown", chaired by Nick Robinson. The other discussants included Ken Clarke, Stephanie Flanders, and Dame DeAnne Julian. The debate focused on the issue of whether we are now in a better position to withstand a financial crash, with Angus making contributions based both on his current role as Director of "Rebuilding Macroeconomics", and on his previous experience with the Treasury.
Year(s) Of Engagement Activity 2018
 
Description Second Annual Conference, Rebuilding Macroeconomics, "How can interdisciplinary research enhance the policy relevance of Macroeconomics?", 19-20 September 2019, Bryce Hall, Edinburgh 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact The second RM conference focused on selected projects funded via the six research hubs. A keynote address was given by Professor Deirdre McCloskey, of the University of Illinois at Chicago, who also participated in a panel discussion on the second day. The presentations provoked considerable discussion and debate, with some widely differing viewpoints being expressed. Feedback from the event will be used in managing RM activities and projects during the remainder of the Network's period of funding.
Year(s) Of Engagement Activity 2019
URL https://www.rebuildingmacroeconomics.ac.uk/event-details/rebuilding-macroeconomics-second-annual-con...
 
Description Second round of workshops for Social Cooperation Hub, Oxford and London, 15 and 16 January 2019 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Professional Practitioners
Results and Impact This second set of workshops, held on successive days in Oxford and London, sought to develop the thinking of the Social Cooperation Hub under the heading of "Accounting for Macroeconomics Failure". The events were linked to the Hub's call for research applications, which was live at this point, but also sought to promote discussion about how social and political issues can be incorporated into macroeconomic theory. The sessions produced some relevant and interesting discussions which will indeed help to promote the future activities of the Hub, and also helped to extend the Hub's growing network.
Year(s) Of Engagement Activity 2019
 
Description Seminar, "Debt Cancellation: towards new central bank policies", LSE, 17 October 2019 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact This workshop was led by Professor Laura Bear, a member of the Rebuilding Macroeconomics Management Group, and a co-Leader of the Macroeconomic Institutions Research Hub. It focused on hhow cross-disciplinary debates might inform policy interventions by the Bank of England. The attendees included representatives from the Jubilee Debt Campaign and the United Nations Conference on Trade and Development, as well as various disciplinary specialists. The presentations prompted extensive discussions of the practical and moral issues relating to debt, and identified areas where further research might well be productive.
Year(s) Of Engagement Activity 2019
 
Description Seminar: "The Political Economy of Anger", Eric Lonergan and Mark Blyth, NIESR, 5 February 2019 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Eric Lonergan (the Chair of the Rebuilding Macroeconomics Advisory Group) and Mark Blyth used this occasion to test out ideas to be presented in their forthcoming book on "The Political Economy of Anger", in an event led by the Globalisation Hub. The session was very well attended and prompted lively and sometimes passionate debate. Eric and Mark will use the feedback thus generated for the final version of their publication, and the ideas discussed here will also be fed back into the work of the Globalisation Hub.
Year(s) Of Engagement Activity 2019
 
Description Social Cooperation Hub Selection Workshop, Blavatnik School of Government, University of Oxford, 27 March 2019 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact The Social Cooperation Hub Selection workshop was held at the Blavatnik School of Government, University of Oxford, with the intention of identifying preferred proposals for funding under the Hub. Nine proposals were represented at the session, with a further three to be considered separately. A range of issues relating to the connections between social cooperation and macroeconomic performance were discussed, and all of the proposals were understood subsequently with greater clarity, a process which is anticipated to lead to more informed decision-making for the final selection of projects.
Year(s) Of Engagement Activity 2019
 
Description Social Cooperation Hub, Launch Event Part 1, NIESR, London, 10 October 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact The launch of the Rebuilding Macroeconomics Social Cooperation Research Hub took place at the National Institute of Economic and Social Research (NIESR) on 10 October 2018. The focus of the discussions was on "Social Trust and the British Productivity Puzzle". The aim of the event was to frame the terms for the Hub's research call, and progress was made towards this goal. A similar session was planned to be held at the Blavatnik School of Government, in Oxford, on 11 October 2018.
Year(s) Of Engagement Activity 2018
 
Description Sustainable Growth Hub - Research Call planning meeting, 24 September 2018, University of Cambridge 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Industry/Business
Results and Impact A meeting of the Sustainable Hub Advisory Group was held in the David Attenborough Building, New Museums Site, University of Cambridge, on 24 September 2018. The objective was to discuss and define the terms of the Research Call which the Hub would subsequently make, along with the objectives to be prioritised for funding. Three panel sessions were held, during which the 21 participants made extensive contributions to the discussions. The call for research applications is expected to be developed and approved as soon as possible.
Year(s) Of Engagement Activity 2018
 
Description Sustainable Growth Hub Project Selection Workshop, NIESR, 14 March 2019 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact The final selection workshop for projects to be funded via the Sustainable Growth Hub was held at NIESR on 14 March 2019. Six presentations were made on the day; two others had been made previously via video link. The presentations and the subsequent discussions were both informative in their own right, and were very useful in shaping the subsequent decisions on funding to be made via this Hub, given that only a limited number of projects can be supported. The workshop allowed for the final selection of bids to be funded to be made with a greater degree of confidence.
Year(s) Of Engagement Activity 2019
 
Description Workshop, "Cultures of Expertise: Economic Policy and Academic Networks in UK Institutions", LSE, 17 September 2018 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact This research meeting was part of the Rebuilding Macroeconomics Research Hub entitled: "Are Our Economic Institutions Fit for Purpose?", led by Professors Laura Bear and Gary Dymski, which explores the UK's macroeconomic policy institutions, and ways in which they might potentially be changed. The event was intended help to shape the Hub's research grant call for innovative project proposals, to be issued later in the autumn of 2018. The session was well attended and prompted extensive and detailed discussions, which were recorded and which were subsequently fed back in to the process of defining the Hub Research Call.
Year(s) Of Engagement Activity 2018
 
Description Workshop, "Understanding the macroeconomic effects of income, wealth and gender inequalities and policies", University of Greenwich, 14 October 2019 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Professional Practitioners
Results and Impact This event marked the first occasion in which a project funded by Rebuilding Macroeconomics was reaching its end and presenting its findings to a wider audience. The presenters included the project leader, Dr ?zlem Onaran, as well as members of the project team, and the Rebuilding Macroeconomics Director, Dr Angus Armstrong. The presentations provoked considerable and lively debate, with various suggestions being made as to how the research question could be revised and refocused. The event could serve as a template to be used by other projects funded by Rebuilding Macroeconomics.
Year(s) Of Engagement Activity 2019