About us

About Us

Rebuilding Macroeconomics (RM) is a research initiative funded by the UK’s Economic and Social Research Council and founded in 2017. We were originally hosted at the National Institute of Economic and Social Research, and have recently moved to our new home at the Institute for Global Prosperity, University College London.

Our aim is to transform macroeconomics into a social science more relevant for addressing today’s major economic challenges. We ask fundamental questions about macroeconomics in the ‘real world’ and encourage rigorous, innovative and interdisciplinary research. We take fundamental uncertainty as ubiquitous, and that we respond through our social interactions. This shifts the emphasis towards questions of generation, innovation and sometimes crises, and away from systems that must always be in equilibrium.  

 

We cultivate a policy-relevant dialogue and research agenda by bringing together a diverse group of accomplished scholars from economics and other relevant disciplines with senior policy makers, representatives from civil society groups and business organisations. Our model is to support, through a series of pilot studies, creative research that offers fresh approaches that have the potential to affect important ‘real world’ economic issues. 

 

The  research includes new and non-mainstream methodologies including the use of innovative data sources and the development of revised theories. It will draw empirically-based conclusions to indicate their potential for further development. The ultimate goal is to show which new research ideas promise the most significant gains from future research investment.

Our Network will bring together scholars and economic policymakers, representatives from civil organisations and business organisations together with interested members of the public. Our funded research projects will make a difference. The research calls we issue are available on our website, for which anyone can apply.

What Do We Believe?

Fundamental uncertainty is a fact of life, to which we respond by working together. Indeed, Erik Lindahl in 1919 was one of the first to define the term ‘macroeconomics’ and he made a very clear distinction: microeconomics is about individual action, and macroeconomics is about interaction among individuals within society. Placing direct interaction at the centre of the analysis is the essence of rebuilding macroeconomics.

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Our Model

Our model is structured to address the most pressing ‘real world’ questions; we have designed Rebuilding Macroeconomics to be substance rather than procedure orientated. We will ask fundamental questions about macroeconomics and encourage rigorous and inter-disciplinary research. We look to fund exciting, disruptive and genuinely new research which takes risks and brings together inter-disciplinary ideas and new methods.

Our blue-print for Rebuilding Macroeconomics can be summarised in four stages:

1) Discovery
We want to find out today’s most important macroeconomic policy questions that yield promising and sustainable research programmes. To discover the right questions, we hold three kinds of meetings:

  • Policy Meetings: private meetings with policy makers

  • Discovery Meetings: open meetings with academics, policy makers, civil society and business organisations

  • Public consultations: open meetings between the public and academics

2) Research hubs

From Discovery to Research Hubs, where scholars, policy-makers and practitioners coalesce around a substantive macroeconomic policy question to explore, learn from and challenge each other’s assumptions and ways of thinking and to consider possible new methods of investigation.

Each Research hub is designed to exploit the potential for new policy relevant ideas that can flow from interdisciplinary engagement. The purpose of these meetings is to encourage scholars from across disciplines to present fresh ideas and promising areas of research to each other and students, policy makers and practitioners.

 

3) Pilot projects

Research Hubs will issue calls for pilot research projects to be funded by the network. We will support innovative and risky research ideas, and encourage inter-disciplinary research as well as extensions and adaptations of existing methodologies. We will not support projects that lack rigour or which we judge are better suited to funding from elsewhere.

We will require each recipient of funding to write jargon-free blogs explaining their research, progress and findings. Our approach will be to ‘let a thousand projects bloom’.


4) Engagement

Each stage of Rebuilding Macroeconomics is designed to re-connect academics with policy-makers and the general public. Important public policy questions can support a sustainable research programme.

 

We aim to address a two-way barrier between academia and the public about macroeconomic issues. We are committed to including public concerns while designing our Research Hubs and to explain key macroeconomic concepts and the findings of research supported by our network.
 

Road map

 

Towards the end of the investment period, the management team of Rebuilding Macroeconomics and Research Hub leaders will present a ‘road-map’ to the ESRC. This will summarise the outcomes of the research pilot projects and network discussions and provide an assessment of the direction of future macroeconomic research likely to yield the greatest social benefit. The ‘road-map’ will be a published record.

Our People

Meet the people who rebuild macroeconomics

 

Meet The Management Team

Dr Angus Armstrong

Professor Henrietta Moore

Professor Roger E. A. Farmer

Professor J. Doyne Farmer

Professor David Tuckett

Professor Laura Bear

Former member of the management group

Meet The Advisory Group

Eric Lonergan (Chair),

 

Fund Manager, M & G Investments

Professor Wendy Carlin

 

 Professor of Economics at UCL; and Leader of the CORE project

Professor Jagjit S. Chadha,

 

Director, National Institute of Economic and Social Research

Professor Wouter Den Haan 

 

Professor of Economics, London School of Economics and Political Science

Megan Greene 

Chief Economist, John Hancock Financial Services / Manulife Asset Management

Paul Johnson,

 

Director, Institute of Fiscal Studies

Carolina Alves 

Joan Robinson Research Fellow in Heterodox Economics, Girton College, University of Cambridge

Professor Anand Menon

 

 Professor of European Politics and Foreign Affairs, King’s College London; and Project Director for ‘UK in a changing Europe’

Rain Newton-Smith

 

Chief Economist, CBI

Professor Silvana Tenreyro

 

Professor Economics, London School of Economics and Political Science; and External Member of the Monetary Policy 

Dr Geoff Tily

 

 Senior MacroeconomistTUC

Romesh Vaitilingam

 

MBE, Centre for Economic Performance, London School of Economics and Political Science 

The Rt. Hon. the Lord Darling of Roulanish

 

Former Chancellor of the Exchequer

Victoria Chick 

 

Emeritus Professor of Economics, University College London

Torsten Bell

 

 Chief Executive, Resolution Foundation

Meet The Support Team

Richard Arnold

Research Administrator

Carla Coburger

Research Assistant

Former Team Members

Gavin Hassall

Research Assistant

Robert Burns

Communications Officer

Contact us

 

The Rebuilding Macroeconomics Network is hosted at the Institute for Global Prosperity, University College London., at Gower Street, London, WC1E 6BT. Visitors are welcome by prior appointment. Please Contact Us below.

To request information about an RM event, or any other Network activities, please contact the director Angus Armstrong at e-mail angusarmstrong8@gmail.com. Alternatively, stay up to date with our latest news and updates in our News Section and Blog.