conference speakers

Rebuilding Macroeconomics held its two-day Annual Conference on “Bringing psychology and social sciences into macroeconomics” on 1st and 2nd October at HM Treasury in London. This was a ground-breaking meeting where state-of-the-art thinking in reasoning, emotion, decision-making, human motivation, behaviour, interaction and organisation were used to address real-world macroeconomics.

We brought together world-leading psychologists, social scientists and economists to consider how to improve macroeconomics. As Herbert Simon reminded us, “there is nothing more important in setting our research agenda than our view of the human beings whose behaviour we are studying”. Each of the sessions were chaired by an economic policymaker to ensure that the ideas were heard. (Videos will be uploaded shortly)


Panel 1: Perspectives from Sociology and Anthropology

Presenters:

Webb Keane: How everyday ethics becomes a moral economy, and vice versa.
Ekaterina Svetlova: Imagining the Future: how economic actors form the expectations and beliefs on which their consequential decisions depend.

Discussant:

Paul De Grauwe, LSE: Discussion of Webb Keane and Ekaterina Svetlova: Perspectives from Sociology and Anthropology

Chair:

Vuk Jeremic, Former UN President

Presentations:


Panel 2: Perspectives from Psychology and Cognitive Science

Presenters:

Sam Johnson: The cognitive and affective processes that give rise to emergent economic order.
Henry Brighton: Homo heuristicus and the bias/variance dilemma.

Discussant:

Nava Ashraf, LSE: Discussion of Samuel Johnson and Henry Brighton: Perspectives from psychology & cognitive science

Chair:

Sir Charlie Bean, OBR


Panel 3: Macroeconomics with New Assumptions about Expectation Generation

Presenters:

David Laibson: Using Model Free Data to Predict Future Outcomes.
Douglas Holmes: Markets as a Function of Language: Micro-foundations of Narrative Economics.

Discussant:

Peter Hammond, Warwick

Chair:

David Miles, Imperial College London


Panel 4: How Human Economic Actors Co-operate and Organize

Presenters:

Charles Stafford: Economic life in the real world.
Sharon Alvarez: Knightian Uncertainty, Entrepreneurial Rents, and Competitive Advantage.

Discussant:

Michael McMahon, Oxford: Discussion of “How Human Economic Actors Co-operate and Organise”

Chair:

Silvana Tenreyro, LSE, MPC


Panel 5: Making Intimate Economies Visible in a Global System

Presenters:

Caitlin Zaloom: How to theorise the Household.
Sylvia Yanagisako: Family Firms as Kinship Enterprises.

Discussant:

Adeline Delavande, Essex: Making Intimate Economies Visible in a Global System

Chair:

Alan Kirman, Aix-Marseille III


Panel 6: Perspectives from Neuroscience and Mathematics

Presenters:

Edmund Rolls: Emotion and Reasoning in Human Decision-Making.
Leonard Smith and Erica Thompson: Modelling and Model Land: Some thoughts on a comparison of weather forecasting, climate forecasting and economics.

Discussant:

Ricardo Reis, LSE: Discussion of Rolls and Smith-Thompson

Chair:

Andy Haldane BoE, MPC


Panel 7: Methodological Perspectives if we accept Knightian Uncertainty

Presenters:

Rosemarie Nagel: The Keynesian Beauty Contest: an Economic System, the Mind and the Brain.
Roman Frydman: The Case for Knightian Uncertainty: Rationality and Psychology in Macroeconomics and Finance Theory.

Discussant:

Sascha Becker, Warwick, Discussion of The Keynesian Beauty Contest: An Economic System, the Mind, and the Brain

Chair:

Jonathan Haskel Imperial College, MPC


Panel 8: Macro-Economic Modelling with Scientifically Realistic Agents

Presenters:

Andrew Caplin: Engineering New Forms of Data to Understand and Moderate Market Fluctuations.
Cars Hommes: Modelling Macroeconomic Outcomes with Heterogenous Agents.

Discussant:

David Good, Cambridge: Presentation

Chair:

Liam Byrne MP, APPG


Read the full programme and speaker bios here in our official booklet.

 

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