Conference: Complexity and Macroeconomics Competition Winner Announcement
Time & Location
About the Event
Dr Angus Armstrong, Director, Rebuilding Macroeconomics
- Sebastian Poledna, International Institute for Applied Systems Analysis: Economic Forecasting with an Agent-based Model
- Valentina Semenova, University of Oxford: Reddit’s Self-Organised Bull Runs
- Anton Pichler, University of Oxford: In and out of lockdown: Propagation of supply and demand shocks in a dynamic input-output model
‘Rebuilding Macroeconomics’ is a four-year project, funded by the Economic and Social Research Council and hosted by the National Institute of Economic and Social Research to construct a research network promoting interdisciplinary approaches to the study of macroeconomics, and to make recommendations for the future direction of research in this area.
Within our remit, we were asked to review incentives in academic macroeconomics. We chose to experiment with different structures of research calls and review processes. We also decided to see what the response might be to a research competition to complement our research calls. This competition is the outcome of that experiment.
By complexity macroeconomics we mean a system in which agents interact directly with each other with more realistic decision making to understand how the macroeconomy evolves over time. We asked for innovative papers that offer insight into our understanding of the macroeconomy beyond that which is possible using standard methods of economic analysis.
Despite some delay caused by Covid-19, we received 26 entries the vast majority of which were to a very high standard. We asked three widely respected experts in complexity economics, none of whom have any role in our project, to help us judge the winners. The criteria for selecting the winning papers include originality, importance of the insight to our understanding of the macroeconomy and quality of exposition.
We look forward to presentations from the winners of the competition with an opportunity to discuss with the authors how they see complexity science contributing to our understanding of the macroeconomy.