Working towards a stable and sustainable growth path - Centre For Macroeconomics ESRC Centres Transition Review

Lead Research Organisation: London School of Economics & Pol Sci
Department Name: Centre for Macro-Economics

Abstract

Ten years after the onset of the financial crisis, the world still faces many macroeconomic challenges, such as increased inequality, low growth rates, low real interest rates, continued deleveraging, and a need for new regulation and policy tools to reduce the chance the world facing another economic crisis.
The CFM brings together a diverse, but interconnected, set of institutions, which range from the policy making (Bank of England) through applied policy research (NIESR) to academia (LSE, University of Cambridge, University College London, and University of Oxford). This set of institutions creates a unique environment for imaginative, policy relevant, and intellectually robust research.

Richer macroeconomic models capturing heterogeneity, inequality and endogenous business cycles.

Recently, models and solution methods have been developed to study the interaction between heterogeneity and macroeconomic developments. A unifying theme in our research is the old Keynesian story of a recession being amplified by a downward spiral in which consumers who are facing uncertain job prospects and limited wealth to buffer negative income shocks prefer to hold on their money (precautionary savings) and firms who are facing uncertain demand for their products prefer not to hire. Recent empirical evidence has made clear that the observation of consumers sharply cutting back on consumption during bad and uncertain times is a much more important phenomenon than previously thought. In particular, it has been shown that there are many consumers who, although quite wealthy, cannot buffer unexpected negative shocks, because their wealth is in an illiquid form, namely houses. That is, there are also rich people who are financially constrained and act as 'hand-to-mouth' consumers. If there are more people who respond to negative developments by sharply reducing consumption increases because of imperfect insurance, then it is more important to incorporate this feature in business cycle models and not to rely on the representative agent paradigm, which relies on the assumption that consumers can perfectly self-insure.

Richer macroeconomics with networks and interactions across sectors.

The idea of network theory is to incorporate into economic models a good description of the actual network through which individuals and firms transact with each other. In such models, buyers (sellers) do not have free access to all sellers (buyers) in the economy, but only to a select number of (nearby) trading partners. The importance of such networks and the crucial role of some firms in such networks is understood in policy circles. For example, in the fall of 2008, the president of Ford Motor Co., Alan Mulally, requested government support for Ford's rivals General Motors and Chrysler. Survival of these competitors was important for Ford because their failures would result in the failures of their suppliers, which were essential for Ford being supplied with its necessary inputs.

New policy tools for a new economic environment based on better macroeconomic models.

The crisis has not only changed the way macroeconomists look at the world: it has also fundamentally changed economic policy. Monetary policies pursued during the financial crisis relied on new activities, such as quantitative easing (large scale interventions in particular financial markets) and forward guidance on future monetary policy decisions. These policies are still being pursued today and may become part of the standard set of monetary policy tools. Financial oversight has changed in terms of setting tougher standards and focusing on additional characteristics such as liquidity provision and leverage. Moreover, financial oversight has been extended to include macroprudential tools that consider the risks to the economy as a whole. At the CFM we use the new frameworks described above to consider policy tools in this new environment.

Planned Impact

In the attached 'pathway-to-impact' document, we discuss in more detail our strategies to accomplish the impact we aim to achieve

- Policy-makers. Understanding macroeconomic developments is very difficult. Nevertheless, policy decisions have to be made and these often have far reaching consequences. This task is complicated further by the fact that the macroeconomic environment is changing over time, at times quite suddenly. It is therefore essential that policy-makers are provided with the best possible support. The CFM can help policy-makers in several ways. First, macroeconomics can help in understanding economic developments: for example, whether a current downturn is mainly cyclical or possibly long-lasting and whether the causes are mainly on the demand or supply side. Second, by building structural models, macroeconomists can evaluate alternative policies. This is especially important in the current environment as macroprudential policies are being considered. Such policies have never been in place so one cannot evaluate them by looking at past performance. Third, policy-makers benefit because of the interaction of their support staff with the centre. This link is, of course, very strong with the Bank of England because it is one of the branches of the CFM. But through visiting positions, conferences and joint research, there is interaction with other policy institutions as well. Finally, a lot of CFM members give direct advice to both politicians and government institutions in charge of economic policy.

- Students within and outside the CFM. By bringing together the researchers from several top UK universities, the Bank of England and NIESR, the CFM creates a unique environment in which students flourish. Students are exposed to a wide variety of skills and approaches. The policy dimension within the CFM makes them aware of the important questions that need answering. The summer courses, mini courses taught by CFM visitors and our teaching material website ensure that students outside the CFM also benefit from CFM activities. It is still the case that too many of our best students leave the UK to do a PhD in the US and often stay there after they graduate. As more students do this, it becomes more attractive to do so. The CFM can be an important force against this brain drain and ensure the presence of a sufficient supply of well-trained macroeconomists.

- Academic community at large. Most researchers build on the work of others. By producing high-quality research, the CFM aids other researchers. They are two reasons why this is especially true for CFM research. First, an important component of our research is the development of tools and making the associated software available. Second, the strong link with policy within the CFM is helpful in promoting policy-relevant research. The CFM also facilitates the direct interaction of academic research through CFM members visiting other institutions, academics visiting the CFM, joint work and conferences.

- Public at large. In democracies the people affect economic policies by voting - typically indirectly through general elections, but at times directly by referenda such as the Brexit referendum. Events such as Brexit but also economic policies such as austerity have important economic consequences and are likely to affect people differently. Thus, it is crucial that the public is well informed. During elections and referenda, people receive a lot of information from politicians and others who have a stake in the outcome. The CFM plays a very useful role in this process by providing balanced unbiased information. It is especially useful to know when the academic community does have reliable evidence on a particular subject and when it does not.
 
Description The CFM is a very active, productive, and successful ESRC-funded centre, whether that is measured by the number of research articles published in the best economics journals, by the academic qualifications and accomplishments of its members, by the close collaboration with policymakers, by the numerous public lectures organised, or by the
engagement of its researchers in public debates and references in the media.

The overall community of macroeconomists in the UK benefit from the CFM. CFM is working to improve the comparative status of economics in the UK to one of great strength.We are raising the quality of academic debates and we are attracting bright young minds to the field. We disseminate research through many formats and obtain feedback
Several CFM members have already written papers on the interaction between the Covid Pandemic and macroeconomics. These papers not only had an impact on the academic community but also lead to CFM members being consulted by the government and these papers have been useful in teaching our students about the consequences of the Covid Pandemic for the behaviour of macroeconomic aggregates and other important outcomes such as inequality. Moreover, these results also make very clear that economic choices by consumers and workers affect key parameters in epidemiology models such as Susceptible-Infectious-Recovered (SIR) models. Here we gives a examples. The first example is the paper written by CFM member Eran Yashiv. The paper is joint with Yinon Bar-On, Tatiana Baron, Ofer Cornfeld, and Ron Milo (a mix of economists and epidemiologists) a paper in which policies can be evaluated taking into account both the health benefits and economic consequences. CFM member Lukasz Rachel has written a paper that allows for consumers and workers take mitigating action to reduce risk themselves and the paper studies the externalities present during pandemics (people not taking into account how their possibly infectious state increases the probability for others to become ill) and how government policies can alleviate this negative externality. CFM Vincent Sterk has written a paper together with Cristiana Benedetti Fasil and Petr Sedlacek on how the Covid Pandemic affects startups (new firms) and unemployment. Finally, CFM member Benjamin Moll has written a paper together with Greg Kaplan and Gianluca Violante in which they present a quite complete model to study the impact of macroeconomic developments on infection probabilities and the impact of the pandemic with and without lockdowns on economic developments.
Exploitation Route The CFM is involved in many activities. More information can be found at 1. Our online document with background information available at http://www.centreformacroeconomics.ac.uk/cfmadditionalinformation.pdf 2. The website where we make teaching material available: http://www.centreformacroeconomics.org 3. Our main website: http://www.centreformacroeconomics.ac.uk/Home.aspx Below we discuss some of the ways we have achieved impact on non-academic audiences. CFM Survey One of the more notable findings for this reporting period is the impact of the monthly CFM survey which informs the public about views held by prominent UK-based economists on important macroeconomic and public policy questions. Responses from this survey have been used by media houses to inform the general public, to substantiate policy positions and to provide a platform for discussion of topical economic issues. The results of the CFM monthly survey have been referenced on numerous occasions in The Times, The Independent, Wall Street Journal etc. and have been discussed on social media outlets such as twitter. CFM Teaching Material Many professors develop marvellous teaching material. Often access is limited, because the material is posted on university systems to which outsiders have no access or because the availability and/or content of this material is unknown. The CFM has created a completely new website, http://www.centreformacroeconomics.org, to collect teaching material and software that is useful for students. At this point, the website only provides material for graduate-level courses, but we plan to collect material relevant for undergraduate students in the future. CFM-LSE Summer School The CFM sponsors two one-week Macroeconomics Summer Courses taught at the LSE. The first week course is taught by CFM member professor Wouter Den Haan and Dr. Petr Sedlacek of the University of Bonn. The second week course is taught by CFM members Wouter Den Haan and Dr. Pontus Rendahl. These courses are taken by PhD students from across the world, researchers at policy institutions, and some university academics. Students attend a three-hour lecture in the morning. In the afternoon, they work in groups to complete especially designed computer assignment that use the tools taught in the morning. The lecturers and a group of teaching assistants are available to help them with these assignments. These courses have been a big success and have filled up to full capacity of 60 students per course each year. Student evaluations are very favourable. For example, in 2014, all students gave an overall course ranking of very good or good. In 2015, these numbers were 98% and 97%. Other CFM activities There is a wide range of other activities organized by the CFM and its members that go beyond the standard provision of teaching and supervising. These activities are undertaken to nurture the development of young academics. For example, Shengzing Zhang (LSE) has been organizing a weekly reading group in which PhD discuss new and classic papers. At UCL a similar reading group is held every week for PhD students and young faculty. The LSE branch also organizes informal meetings in which students and faculty discuss current events (such as the Eurozone crisis) and the different ways one can approach economic research questions. These debates have benefitted a lot from the presence of Lord Mervyn King, former governor of the Bank of England, and Sir Charles Bean, former deputy-governor of the Bank of England, who joined the LSE and the CFM when they left the Bank of England. All three universities have organized small scale conferences where we invite stars in the field to attend and ask our young faculty to present. One example is the 2020 CEBRA conference. CFM Public Lecture Series The CFM frequently organizes public lectures given by a variety of speakers, including academic economists, policy makers, popular authors, and journalists. These lectures attract a wide range of attendees, including secondary school students, students from institutions that are part of the CFM as well as students from other universities, journalists, civil servants, and members of the general public. In terms of topics, these public lectures have covered many aspects of macroeconomics, including the financial crisis, poverty and economic development, monetary policy, regulation of financial markets, and the morality of markets

The research done by the CFM researchers can be used by others in the following ways. 1. Several of the research consisted of developing new methodologies. An important example is the development of computer algorithm to solve modern macroeconomic models. Another example, is the development of new theoretical frameworks such as the network frameworks developed by David Baqaee and Vasco Carvalho. 2. The CFM focuses on policy relevant research. A lot of the research is useful for policy makers and there is a lot of interaction between the university branches of the CFM with its policy branch (the Bank of England) and its policy-analysis branch (NIESR) as well as with policy makers outside the CFM.
Sectors Creative Economy,Education,Financial Services, and Management Consultancy,Government, Democracy and Justice,Manufacturing, including Industrial Biotechology

URL http://www.centreformacroeconomics.ac.uk/cfmadditionalinformation
 
Description Finding used to inform policy makers, to develop economics and to educate students and the general public The CFM is involved in many activities. More information can be found at 1. Our online document with background information available at http://www.centreformacroeconomics.ac.uk/cfmadditionalinformation.pdf 2. The website where we make teaching material available: http://www.centreformacroeconomics.org 3. Our main website: http://www.centreformacroeconomics.ac.uk/Home.aspx Below we discuss some of the ways we have achieved impact on non-academic audiences. CFM Survey One of the more notable findings for this reporting period is the impact of the monthly CFM survey which informs the public about views held by prominent UK-based economists on important macroeconomic and public policy questions. Responses from this survey have been used by media houses to inform the general public, to substantiate policy positions and to provide a platform for discussion of topical economic issues. The results of the CFM monthly survey have been referenced on numerous occasions in The Times, The Independent, Wall Street Journal etc. and have been discussed on social media outlets such as twitter. CFM Teaching Material Many professors develop marvelous teaching material. Often access is limited, because the material is posted on university systems to which outsiders have no access or because the availability and/or content of this material is unknown. The CFM has created a completely new website, http://www.centreformacroeconomics.org, to collect teaching material and software that is useful for students. At this point, the website only provides material for graduate-level courses, but we plan to collect material relevant for undergraduate students in the future. CFM-LSE Summer School The CFM sponsors two one-week Macroeconomics Summer Courses taught at the LSE. The first week course is taught by CFM member professor Wouter Den Haan and Dr. Petr Sedlacek of the University of Bonn. The second week course is taught by CFM members Wouter Den Haan and Dr. Pontus Rendahl. These courses are taken by PhD students from across the world, researchers at policy institutions, and some university academics. Students attend a three-hour lecture in the morning. In the afternoon, they work in groups to complete especially designed computer assignment that use the tools taught in the morning. The lecturers and a group of teaching assistants are available to help them with these assignments. These courses have been a big success and have filled up to full capacity of 60 students per course each year. Student evaluations are very favourable. For example, in 2014, all students gave an overall course ranking of very good or good. In 2015, these numbers were 98% and 97%. Other CFM activities There is a wide range of other activities organized by the CFM and its members that go beyond the standard provision of teaching and supervising. These activities are undertaken to nurture the development of young academics. For example, Shengzing Zhang (LSE) has been organizing a weekly reading group in which PhD discuss new and classic papers. At UCL a similar reading group is held every week for PhD students and young faculty. The LSE branch also organizes informal meetings in which students and faculty discuss current events (such as the Eurozone crisis) and the different ways one can approach economic research questions. These debates have benefitted a lot from the presence of Lord Mervyn King, former governor of the Bank of England, and Sir Charles Bean, former deputy-governor of the Bank of England, who joined the LSE and the CFM when they left the Bank of England. All three universities have organized small scale conferences where we invite stars in the field to attend and ask our young faculty to present. One example is the 2020 CEBRA conference. CFM Public Lecture Series The CFM frequently organizes public lectures given by a variety of speakers, including academic economists, policy makers, popular authors, and journalists. These lectures attract a wide range of attendees, including secondary school students, students from institutions that are part of the CFM as well as students from other universities, journalists, civil servants, and members of the general public. In terms of topics, these public lectures have covered many aspects of macroeconomics, including the financial crisis, poverty and economic development, monetary policy, regulation of financial markets, and the morality of markets
First Year Of Impact 2018
Sector Creative Economy,Education,Financial Services, and Management Consultancy,Government, Democracy and Justice
Impact Types Societal,Economic,Policy & public services

 
Description Fellows of the Econometric Society
Geographic Reach Multiple continents/international 
Policy Influence Type Membership of a guideline committee
URL https://www.econometricsociety.org/content/society-announces-its-2019-fellows
 
Description MARTIN ELLISON HAS BEEN APPOINTED TO SERVE ON THE ECONOMIC POLICY COUNCIL OF FINLAND FROM APRIL 2019 FOR A TWO YEAR TERM
Geographic Reach National 
Policy Influence Type Membership of a guideline committee
Impact Finland's Economic Policy Council was established in 2014 to provide independent evaluation of the objectives of economic policy and the effectiveness of the policy measures chosen. Through its work, the Council aims to improve the quality of economic policy decision-making and preparatory work, and to bring an independent and research-based perspective to the public discussion on economic policy. The members of the Council are appointed based on proposals made by the economics departments of universities and the Academy of Finland. The Council consists of a Chairperson and four other members. The current Chairperson of the Council is Prof. Jouko Vilmunen.
URL https://www.talouspolitiikanarviointineuvosto.fi/en/about-the-council/
 
Description MICHAEL MCMAHON APPOINTED TO THE IRISH FISCAL ADVISORY COUNCIL AND WILL SERVE A FOUR YEAR TERM FROM APRIL 2019
Geographic Reach National 
Policy Influence Type Membership of a guideline committee
Impact Minister for Finance, Mr Paschal Donohoe TD, has appointed Mr Michael McMahon, Professor of Macroeconomics, as a Member of the Irish Fiscal Advisory Council. Mr McMahon is appointed for a term of four years, with immediate effect. He is replacing Dr Íde Kearney whose term of office ended on 11 March 2019.
URL https://www.gov.ie/en/news/fafd22-irish-fiscal-advisory-council-appointment-of-council-member/
 
Description DisMALS
Amount € 1,598,433 (EUR)
Organisation European Research Council (ERC) 
Sector Public
Country Belgium
Start 02/2020 
End 01/2024
 
Title CFM Software and course material 
Description Models and databases developed to assist MRes and PhD students 
Type Of Material Computer model/algorithm 
Year Produced 2018 
Provided To Others? Yes  
Impact Particularly helpful for students and researchers. They are able to obtain computer codes to solve macroeconomic models on this site 
URL http://www.centreformacroeconomics.org
 
Title CFM course material, software and databases 
Description On this website, you can find study materials related to wide range of topics in macroeconomics. These include notes, lecture slides as well as computer codes which can be used to solve macroeconomics models on your computer. 
Type Of Material Computer model/algorithm 
Year Produced 2017 
Provided To Others? Yes  
Impact Particularly helpful for students and researchers. They are able to obtain computer codes to solve macroeconomic models on this site 
URL http://www.centreformacroeconomics.org/
 
Description MARTIN ELLISON HAS BEEN APPOINTED TO SERVE ON THE ECONOMIC POLICY COUNCIL OF FINLAND FROM APRIL 2019 FOR A TWO YEAR TERM 
Organisation Economic Policy Council - Finland
Country Finland 
Sector Charity/Non Profit 
PI Contribution Finland's Economic Policy Council was established in 2014 to provide independent evaluation of the objectives of economic policy and the effectiveness of the policy measures chosen. Through its work, the Council aims to improve the quality of economic policy decision-making and preparatory work, and to bring an independent and research-based perspective to the public discussion on economic policy. The Council publishes an annual report evaluating recent economic policy decisions
Collaborator Contribution Better understanding of international policy
Impact Recently started
Start Year 2019
 
Description MICHAEL MCMAHON APPOINTED TO THE IRISH FISCAL ADVISORY COUNCIL 
Organisation Irish Fiscal Advisory Council
Country Ireland 
Sector Public 
PI Contribution The Irish Fiscal Advisory Council is an independent statutory body whose purpose is to provide an independent assessment of official budgetary forecasts and proposed fiscal policy objectives. It comprises five Council members and a Secretariat of seven.
Collaborator Contribution The collaboration has just started
Impact Too early to list outcomes, partnership has just started
Start Year 2019
 
Description 2nd Annual Conference, December 17-18 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 Nuffield College Centre for Applied Macro Policy (NuCAMP)
2nd Annual Conference, December 17-18 2018
St Hugh's College, St Margaret's Road, Oxford OX2 6LE
Year(s) Of Engagement Activity 2018
URL http://users.ox.ac.uk/~exet2581/2nd-NuCamp-Conference-Programme.pdf
 
Description 2nd Annual NuCamp Conference 
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 NuCamp is a new research centre at Nuffield College, Oxford. It offers an environment in which academics and policymakers can freely discuss current macroeconomic, international
macroeconomic and macro-financial policy questions. The Director is Professor Martin Ellison. The workshop attracted policymakers and academics and was open to accepting submissions in all areas of macroeconomics
Year(s) Of Engagement Activity 2018
URL http://users.ox.ac.uk/~exet2581/2nd-NuCamp-Conference-Programme.pdf
 
Description 50th Anniversary MMF Conference 
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 50th Anniversary Conference of the Money, Macro & Finance Research Group was organised by the CFM and MMF and held at the London School of Economics, from 4-6 September 2019.
Year(s) Of Engagement Activity 2019
URL https://sites.google.com/site/mmfconferences/anniversaryconference
 
Description Adam Smith: what he thought, and why it matters 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact At a time when economics and politics are both increasingly polarized between left and right, this book, Adam Smith: What He Thought, and Why it Matters, which Jesse Norman will discuss at this event, returns to intellectual first principles to recreate the lost centre of public debate. It offers a Smithian analysis of contemporary markets, predatory capitalism and the 2008 financial crash; it addresses crucial issues of inequality, human dignity and exploitation; and it provides a compelling explanation of why Smith is central to any attempt to defend and renew the market system.
Year(s) Of Engagement Activity 2018
URL http://www.lse.ac.uk/Events/2018/07/20180709t1830vHKT/adam-smith
 
Description Adam Smith: what he thought, and why it matters - Jesse Norman MP 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Public/other audiences
Results and Impact Jesse Norman will discuss at this event, returns to intellectual first principles to recreate the lost centre of public debate. It offers a Smithian analysis of contemporary markets, predatory capitalism and the 2008 financial crash; it addresses crucial issues of inequality, human dignity and exploitation; and it provides a compelling explanation of why Smith is central to any attempt to defend and renew the market system.

Jesse Norman MP (@Jesse_Norman?) studied at Oxford, before completing a Masters and PhD in Philosophy at University College London. Before entering politics, he ran an educational project in Communist Eastern Europe and was a Director at Barclays. He has also been an Honorary Fellow at UCL, a Governor of the National Institute for Economic and Social Research, and a Visiting Fellow at All Souls College, Oxford. His previous books include a celebrated study of Edmund Burke. He currently serves as Parliamentary Under Secretary of State for the Department for Transport.
Year(s) Of Engagement Activity 2018
URL http://www.lse.ac.uk/Events/2018/07/20180709t1830vHKT/adam-smith
 
Description Bretton Woods at 75-Rethinking International Cooperation 
Form Of Engagement Activity A broadcast e.g. TV/radio/film/podcast (other than news/press)
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact CFM's Keyu Jin and Ricardo Reis took part in a discussion panel at IMF's event commemorating 75 years of cooperation following Bretton Woods. The seminar featured four of the best young academics in the world to discussing how they see the future of international cooperation-and how to further improve international cooperation to strengthen macroeconomic stability and prosperity. Further details and video is available at the IMF webpage.
https://www.imfconnect.org/content/imf/en/annual-meetings/calendar/open/2019/04/10/bretton_woods_at75rethinkinginternationalcooperation_138052.html?display=none
Year(s) Of Engagement Activity 2019
URL https://www.imfconnect.org/content/imf/en/annual-meetings/calendar/open/2019/04/10/bretton_woods_at7...
 
Description CEBRA 2020 Conference 
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 CEBRA 2020 meeting was held from 01-03 September 2020

The meeting commenced on Tuesday, 01 Sept, 13.30-18.30 (London time) with welcome remarks from Minouche Shafik (LSE). There was then a high-level policy discussion on Digital Currencies, Payments Systems, and the Future of the International Money and Financial System. Speakers include: Gita Gopinath (IMF), Philip Lane (ECB), Ricardo Reis (LSE), Hélène Rey (LBS), Hyun-Song Shin (BIS), and Andrès Velasco (LSE).

On Wednesday & Thursday 02-03 Sept, from 11.00-19.15 (London time), the main conference took place, featuring 36 contributed sessions and a poster session on a wide variety of policy-relevant topics, assembled from over 700 high-quality submission. The scientific committee was chaired by Charlie Bean (LSE), Michael Kumhof (BoE), and Ricardo Reis (LSE).

On the afternoon of Wednesday September 2nd, Ben Broadbent (BoE) delivered a keynote talk, and the Bank of England organised a high level policy panel chaired by Andrew Haldane (BoE).
Year(s) Of Engagement Activity 2020
URL https://cebra.org/2020/02/cfp-2020-annual-meeting-of-the-central-bank-research-association-london-sc...
 
Description CFM Macro Money Seminar - Carolin Pflueger 
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 CFM/LSE Money-Macro Workshop Series invites internationally recognized scholars to give lectures at this LSE
Year(s) Of Engagement Activity 2020
URL http://www.centreformacroeconomics.ac.uk/Seminars/LSE-Seminar-Schedule.aspx
 
Description CFM Macro Money Seminar - Chad Jones 
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 CFM/LSE Money-Macro Workshop Series invites internationally recognized scholars to give lectures at this LSE
Year(s) Of Engagement Activity 2020
URL http://www.centreformacroeconomics.ac.uk/Seminars/LSE-Seminar-Schedule.aspx
 
Description CFM Macro Money Seminar - Corina Boar 
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 CFM/LSE Money-Macro Workshop Series invites internationally recognized scholars to give lectures at this LSE
Year(s) Of Engagement Activity 2020
URL http://www.centreformacroeconomics.ac.uk/Seminars/LSE-Seminar-Schedule.aspx
 
Description CFM Macro Money Seminar - Jessie Schreger 
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 CFM/LSE Money-Macro Workshop Series invites internationally recognized scholars to give lectures at this LSE
Year(s) Of Engagement Activity 2021
URL http://www.centreformacroeconomics.ac.uk/Seminars/LSE-Seminar-Schedule.aspx
 
Description CFM Macro Money Seminar - Mark Bils 
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 CFM/LSE Money-Macro Workshop Series invites internationally recognized scholars to give lectures at this LSE
Year(s) Of Engagement Activity 2020
URL http://www.centreformacroeconomics.ac.uk/Seminars/LSE-Seminar-Schedule.aspx
 
Description CFM Macro Money Seminar - Mike Elsby 
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 CFM/LSE Money-Macro Workshop Series invites internationally recognized scholars to give lectures at this LSE
Year(s) Of Engagement Activity 2021
URL http://www.centreformacroeconomics.ac.uk/Seminars/LSE-Seminar-Schedule.aspx
 
Description CFM Macro Money Seminar - Silvia Miranda-Aggrippino 
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 CFM/LSE Money-Macro Workshop Series invites internationally recognized scholars to give lectures at this LSE
Year(s) Of Engagement Activity 2021
URL http://www.centreformacroeconomics.ac.uk/Seminars/LSE-Seminar-Schedule.aspx
 
Description CFM Macro Money Seminar - Vincent Sterk 
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 CFM/LSE Money-Macro Workshop Series invites internationally recognized scholars to give lectures at this LSE
Year(s) Of Engagement Activity 2021
URL http://www.centreformacroeconomics.ac.uk/Seminars/LSE-Seminar-Schedule.aspx
 
Description CFM Macro Money Seminar - Yongseok Shin 
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 CFM/LSE Money-Macro Workshop Series invites internationally recognized scholars to give lectures at this LSE
Year(s) Of Engagement Activity 2020
URL http://www.centreformacroeconomics.ac.uk/Seminars/LSE-Seminar-Schedule.aspx
 
Description Collusion: how central bankers rigged the world 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact In her new book, which she spoke of at this event, former Wall Street insider Nomi Prins showed how the 2007-2008 financial crisis turbo-boosted the influence of central bankers and triggered a massive shift in the world order. Central banks and international institutions like the IMF have overstepped their traditional mandates by directing the flow of epic sums of fabricated money without any checks or balances. Meanwhile, the open door between private and central banking has ensured endless opportunities for market manipulation and asset bubbles-with government support.
Year(s) Of Engagement Activity 2018
URL http://www.lse.ac.uk/Events/2018/05/20180514t1830vSZT/Collusion-how-central-bankers-rigged-the-world
 
Description Collusion: how central bankers rigged the world - Nomi Prins 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Public/other audiences
Results and Impact In her new book, which she will talk about at this event, former Wall Street insider Nomi Prins shows how the 2007-2008 financial crisis turbo-boosted the influence of central bankers and triggered a massive shift in the world order. Central banks and international institutions like the IMF have overstepped their traditional mandates by directing the flow of epic sums of fabricated money without any checks or balances. Meanwhile, the open door between private and central banking has ensured endless opportunities for market manipulation and asset bubbles-with government support.

Journalist and former global investment bank executive Nomi Prins (@nomiprins?) is the author of six previous books. This event marks the publication of her latest book, Collusion: How Central Bankers Rigged the World?.
Year(s) Of Engagement Activity 2018
URL http://www.lse.ac.uk/Events/2018/05/20180514t1830vSZT/Collusion-how-central-bankers-rigged-the-world
 
Description Exchange rates and monetary policy frameworks in EMEs: Where do we stand? 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Public/other audiences
Results and Impact A decade after the crisis, central banks are seeking to bring monetary policy back to more normal settings but often lack a compass to navigate the new post-crisis terrain. Emerging market economies (EMEs) face the added challenge of volatile exchange rates and capricious capital flows. The increasing role of financial factors in the transmission of exchange rate fluctuations creates difficult trade-offs for EME central banks. What is the nature of these trade-offs and how should policymakers calibrate and sequence the use of multiple policy instruments?

At this talk, Agustín Carstens, the General Manager of the Bank for International Settlements (BIS), joined the School of Public Policy's Dean, Professor Andres Velasco, to deliver a lecture on "Exchange rates and monetary policy frameworks in EMEs: Where do we stand?" This was followed by a discussion, moderated by Professor Velasco.

LSE's School of Public Policy is co-hosted this event with LSE's Financial Markets Group, LSE's Systemic Risk Centre and the Centre For Macroeconomics.
Year(s) Of Engagement Activity 2019
URL https://www.eventbrite.co.uk/e/exchange-rates-and-monetary-policy-frameworks-in-emes-where-do-we-sta...
 
Description Getting Rules into Policymakers' Hands: A Review of Rules-Based Macro Policy 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Policymakers/politicians
Results and Impact This lecture first compares the reasons and risks behind choosing one or another policy approach, exemplifying with the cases of monetary and fiscal policy frameworks. A special focus is given to disentangle the reasons on why monetary policy rules are more complied with than fiscal rules. The lecture deconstructs macro policy rules first to then interrogate the evidence and distil lessons from practice in emerging economies, focusing on Chile in particular.
Year(s) Of Engagement Activity 2018
URL http://www.lse.ac.uk/fmg/events/2018/getting-rules-into-policymakers-hands
 
Description Income Distribution, Wealth Distribution and Central Bank Policies Conference 
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 Bank of England and the Department of Economics at the LSE organised a conference bringing together policy makers, professional practitioners and researchers studying the two-way relationship between central bank policies and heterogeneity in agents' incomes and wealth.
Year(s) Of Engagement Activity 2020
URL http://www.centreformacroeconomics.ac.uk/pdf/Events/Slides/Programme-28.02.2019.pdf
 
Description Labour Markets and Monetary Policy - CFM Survey 
Form Of Engagement Activity Engagement focused website, blog or social media channel
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact The CFM surveys informs the public about the views held by prominent economists based in Europe on important macroeconomic and public policy questions. Some surveys focus specifically on the UK economy (as the CFM is a UK research centre), but surveys can in principle focus on any macroeconomic question for any region. The surveys shed light on the extent to which there is agreement or disagreement among these experts. An important motivation for the survey is to give a more comprehensive overview of the beliefs held by economists and in particular to include the views of those economists whose opinions are not frequently heard in public debates.

Questions mainly focus on macroeconomic and public policy topics. Although there are some questions that focus specifically on the UK economy, the setup of the survey is much broader and considers questions related to other countries/regions and also considers questions not tied to a specific economy.


Labour Markets and Monetary Policy
Question 1: Do you agree that a strong labour market is a good indicator of building inflationary pressure?
Question 2: Do you agree that, in a period of great uncertainty and after a prolonged period of weak real wage growth, monetary policy makers can afford to wait for greater certainty about real wage developments and building inflationary pressure before raising interest rates?
Year(s) Of Engagement Activity 2018
URL http://cfmsurvey.org/surveys/labour-markets-and-monetary-policy
 
Description Lecture by Mariana Mazzucato - The Value of Everything: making and taking in the global economy 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Public/other audiences
Results and Impact In her new book, The Value of Everything?, which she will discuss in this lecture, Mariana Mazzucato, argues that if we are to reform capitalism, we urgently need to rethink where wealth comes from. Which activities are creating it, which are extracting it, and which are destroying it? Answers to these questions are key if we want to replace the current parasitic system with a type of capitalism that is more sustainable, more symbiotic: that works for us all.


Mariana Mazzucato (@MazzucatoM?) is Professor in the Economics of Innovation and Public Value at University College London (UCL) where she is also Founder and Director of the Institute for Innovation and Public Purpose. She is author of the highly-acclaimed book The Entrepreneurial State: Debunking Public vs. Private Sector Myths, and winner of the 2014 New Statesman SPERI Prize in Political Economy, the 2015 Hans-Matthöfer-Preis and the 2018 Leontief Prize for Advancing the Frontiers of Economic Thought. She advises policymakers around the world on how to deliver 'smart', inclusive and sustainable growth. She was named as one of the '3 most important thinkers about innovation' in the New Republic
Year(s) Of Engagement Activity 2018
URL http://www.lse.ac.uk/Events/2018/04/20180423t1830vOT/the-value-of-everything
 
Description Love, Money and Parenting 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact Matthias Doepke investigates how economic forces and growing inequality shape how parents raise their children.

Parents everywhere want their children to be happy and do well. Yet how parents seek to achieve this ambition varies enormously. For instance, American and Chinese parents are increasingly authoritative and authoritarian, whereas Scandinavian parents tend to be more permissive. Why? Matthias Doepke investigates how economic forces and growing inequality shape how parents raise their children.
Year(s) Of Engagement Activity 2020
URL http://www.lse.ac.uk/economics/events-and-seminars/love-money-and-parenting/love-money-and-parenting
 
Description Managing Risk in a More Uncertain World 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact An uncertain world requires us to manage risks we could never have imagined. But tools exist that can help. What we can learn from sex workers, studs, and surfers.

Allison Schrager (@AllisonSchrager) is an economist, author and journalist who specializes in retirement and more exotic risks. Her new book is An Economist Walks Into A Brothel.

Dimitri Vayanos is Professor of Finance at the London School of Economics, where he also directs the Financial Markets Group and the Paul Woolley Centre for the Study of Capital Market Dysfunctionality.
Year(s) Of Engagement Activity 2019
URL http://www.lse.ac.uk/Events/2019/10/20191014t1830vSZT/managing-risk-in-a-more-uncertain-world
 
Description Narrative Economics 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact Nobel Prize winning economist and New York Times bestselling author Robert Shiller gave a lecture talk about his new book which argues that looking at viral stories' impact on the economy - an approach he coined as "narrative economics" - gives forecasters better tools for predicting a recession.

Robert J. Shiller is Sterling Professor of Economics, Department of Economics and Cowles Foundation for Research in Economics, Yale University, and Professor of Finance and Fellow at the International Center for Finance, Yale School of Management. He received his B.A. from the University of Michigan in 1967 and his Ph.D. in economics from the Massachusetts Institute of Technology in 1972. He has written on financial markets, financial innovation, behavioral economics, macroeconomics, real estate, statistical methods, and on public attitudes, opinions, and moral judgments regarding markets. He was awarded the Nobel Prize in Economic Sciences jointly with Eugene Fama and Lars Peter Hansen in 2013.
Year(s) Of Engagement Activity 2019
URL http://www.lse.ac.uk/Events/2019/09/20190906t1830vOT/Narrative-Economics
 
Description Public Lecture by Ricardo Reis - The New Conventional Central Bank 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact Professor Ricardo Reis gives his inaugural lecture as A W Phillips Professor of Economics (A W Phillips Chair in Empirical Macroeconomics).

Central banks in 2018 look nothing like they did in 2006, Ricardo Reis questions whether should they go back to the old days, or aim to being very different by 2030?

A current topic of active debate in monetary economics today is how to handle "normalization". The premise is that the last decade monetary policy was "exceptional" in the response to the financial crises, and over the next few year it should go back to normal. This lecture will discuss what that new normal should be. Professor Reis will argue that we have learned a great deal from the many experiments of the past ten years, and that these lessons carry over to normal times.

Ricardo Reis is the A W Phillips Professor of Economics at the London School of Economics. He is a consultant to central banks around the world, and is former the chief editor of the Journal of Monetary Economics.
Year(s) Of Engagement Activity 2018
URL http://www.lse.ac.uk/economics/events-and-seminars/inaugural-lecture-ricardo-reis/the-new-convention...
 
Description Supply Chain Economics and the Next Phase of the Anti-Modern Slavery Movement 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact John Studzinski spoke on the next phase of the anti-slavery movement. He set out what must be done to keep the eyes of the world on this human rights crisis, and how the frontline and business communities can become more unified in the abolitionist effort.
Year(s) Of Engagement Activity 2020
URL http://www.lse.ac.uk/Events/2020/02/20200225t1830vLSE/supply-chain-economics
 
Description The Broken Housing Market 
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 free one-day conference brought together leading academics, policymakers and practitioners to discuss what is "broken" about the UK housing market and how we might go about fixing it. The event took place at the Institution of Civil Engineers, Westminster
Year(s) Of Engagement Activity 2018
URL https://www.eventbrite.co.uk/e/the-broken-housing-market-tickets-45233343147
 
Description The Fed and Lehman Brothers: setting the record straight on a financial disaster 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact This lecture debunked the explanation given by Fed officials-lack of legal authority-and explored the real reasons for the decision to let Lehman fail.

Laurence Ball is Professor of Economics and Department Chair at Johns Hopkins University. He is also a Research Associate at the National Bureau of Economic Research and a consultant for the International Monetary Fund.

Ricardo Reis is the A W Phillips Professor of Economics at the London School of Economics. He is a consultant to central banks around the world, and is former the chief editor of the Journal of Monetary Economics.

The Department of Economics at LSE is one of the largest economics departments in the world. Its size ensures that all areas of economics are strongly represented in both research and teaching.

The Centre For Macroeconomics brings together world-class experts to carry out pioneering research on the global economic crisis and to help design policies that alleviate it.
Year(s) Of Engagement Activity 2018
URL http://www.lse.ac.uk/economics/events-and-seminars/lseecon-and-cfm-laurence-ball/the-fed-and-lehman-...
 
Description The State of European Banking Union: two proposals to resurrect it 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact The European Banking Union is agonising. None of its two stated objectives - breaking the diabolic loop between banks and sovereigns, and securing a single market for banks - has been achieved. In fact, the banking market is more fragmented today than it was during the financial and sovereign debt crisis. During the lecture, Member of the European Parliament and former LSE Professor Luis Garicano will discuss the reasons for the lack of progress in the last five years and the risks posed by the current impasse, as well as delineate possible paths forward.
Year(s) Of Engagement Activity 2020
URL http://www.lse.ac.uk/school-of-public-policy/events/2019-20/Garicano/Garicano
 
Description The UK Productivity Prize 
Form Of Engagement Activity Engagement focused website, blog or social media channel
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact The CFM surveys informs the public about the views held by prominent economists based in Europe on important macroeconomic and public policy questions. Some surveys focus specifically on the UK economy (as the CFM is a UK research centre), but surveys can in principle focus on any macroeconomic question for any region. The surveys shed light on the extent to which there is agreement or disagreement among these experts. An important motivation for the survey is to give a more comprehensive overview of the beliefs held by economists and in particular to include the views of those economists whose opinions are not frequently heard in public debates.

Questions mainly focus on macroeconomic and public policy topics. Although there are some questions that focus specifically on the UK economy, the setup of the survey is much broader and considers questions related to other countries/regions and also considers questions not tied to a specific economy.

The surveys are done in collaboration with the Centre for Economic Policy Research (CEPR).
Year(s) Of Engagement Activity 2020
URL https://cfmsurvey.org/