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.
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:
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’.
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.
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.
Meet the people who rebuild macroeconomics
Meet The Management Team
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
Chief Economist, John Hancock Financial Services / Manulife Asset Management
Director, Institute of Fiscal Studies
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’
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
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
Emeritus Professor of Economics, University College London
Chief Executive, Resolution Foundation
Meet The Support Team
Former Team Members
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 email@example.com. Alternatively, stay up to date with our latest news and updates in our News Section and Blog.