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See the full catalog of Rebuilding Macroeconomics publications.


Special issues contain collections of papers on a specific topic or from a specific event. They are compiled by editors who are responsible for the selection of contributions to a special issue.

These papers have undergone an initial peer review process. They are published on an Open Access and Open Assessment E-Journal platform with capacity for comment and discussion with the authors to maximise access and engagement.


Our Working Papers are written by one or more authors who have received support from Rebuilding Macroeconomics or who have been active participants in our research hubs and events.
These papers have not undergone a peer review process and are published to encourage discussion and suggestions for revision before publication. Authors welcome feedback to the corresponding author listed on the cover page.


Our Discussion Papers are written by authors who have not received support from Rebuilding Macroeconomics but have submitted papers that we welcome and are relevant to our mission.

These papers have not undergone a peer review process and are published to encourage discussion and suggestions for revision before publication. Authors welcome feedback to the corresponding author listed on the cover page.


Special Issues

Second Annual Research Paper Prize: Complexity in Social Macroeconomics
This special issue is a result of our second annual research paper prize competition
Deadline for Paper Submissions: June 30, 2022

Complexity in Macroeconomics

This special issue is a result of our research paper prize competition

Deadline for Paper Submissions: January 31, 2021

Bio-psycho-social foundations of macroeconomics

Editor: David Tuckett, University College London (UCL), UK; Dennis J. Snower, Kiel Institute for the World Economy, Germany; Angus Armstrong, Rebuilding Macroeconomics (NIESR)

Deadline for Paper Submissions: October 31, 2019



Working Paper


Thermoeconomics: An axiomatic theory of aggregate economic phenomena

Robert MacKay and Nick Chater | November 09, 2023


The Effect of Inter-Municipal Cooperation on Social Assistance Programs: Evidence from Housing Allowances in England

Thomas Elston, Germà Bel and Han Wang | May 12, 2023


If it ain’t broke, don’t fix it: When (and why) independent service delivery is preferable to collaborative public management

Thomas Elston, Germà Bel and Han Wang | March 29, 2023


Capital Demand Driven Business Cycles: Mechanism and Effects

Karl Naumann-Woleske, Michael Benzaquen, Maxim Gusev, and Dimitri Kroujiline | November 23, 2021


Opening the Black-Box of the Household in Macro-Institutional Cultures of Expertise

Johnna Montgomerie | July 29, 2021


What Do Policymakers Want from Macroeconomics? A Preliminary Exploration

Ivan Boldyrev | May 19, 2021


Shapeshifting in UK Infrastructure Finance and the Limits of Regulation

Elisa Van Waeyenberge, Kate Bayliss, and Benjamin Bowles | May 12, 2021


There is Strength in Numbers: Scientific and Professional Ties as Determinants of Citations Among UK Economists

Carlo D'Ippoliti, Lucio Gobbi, Christian A. Mongeau Ospina, and Giulia Zacchia | May 03, 2021


Assessing the Impact of the Research Excellence Framework (REF) on UK Academic Macroeconomists

Danielle Guizzo, James T. Walker, Marina Della Giusta and Rita Fontinha | April 28, 2021


Deep Reinforcement Learning in a Monetary Model

Mingli Chen, Andreas Joseph, Michael Kumhof, Xinlei Pan, Rui Shi, and Xuan Zhou | April 21, 2021


Anxiety, Expectations Stabilization and Intertemporal Markets: Theory, Evidence and Policy

Francesco Carbonero, Jeremy Davies, Ekkehard Ernst, Sayantan Ghosal, Leaza McSorley | April 9, 2021


Partial Consensus in Large Games and Markets  

Gabriel Desgranges and Sayantan Ghosal | April 9, 2021


Green Product Cycles  

Marion Dumas | April 9, 2021


Stranded Human and Produced Capital in a Net-Zero Transition  

Jean-Francois Mercure, Daniel Chester, Cormac Lynch, Stephen Jarvis, & Andrew Jarvis | April 8, 2021


Understanding Educational Progression at the Local Level  

Jo Blanden, Héctor Espinoza, Sandra McNally, and Guglielmo Ventura | March 25, 2021


Zero-Sum Mindset & Its Discontents  

Patricia Andrews Fearon, Friedrich M. Götz, Gregory Serapio-García, & David Good | March 23, 2021


Economic, Social and Political Fragmentation: Linking Knowledge-Biased Growth, Identity, Populism and Protectionism  

Dennis J. Snower and Steven J. Bosworth | March 19, 2021


On the Dialectical Unity of Economics - Applied Economists, Boundary Walkers and the Emergence of Macro-Finance

Matthias Thiemann | March 18, 2021


Taking Time Seriously: Implications for Optimal Climate Policy

Michael Grubb, Rutger-Jan Lange, Nicolas Gerkez, Pablo Salas, Jean-Francois Mercure, and Ida Sognnaes | March 12, 2021


Managing Multilevel Cultural Evolution in Theory and Practice

David Sloan Wilson | March 10, 2021


Self-Fulfilling Prophecies, Quasi Non-Ergodicity & Wealth Inequality

Jean-Philippe Bouchaud and Roger E.A. Farmer | March 04, 2021


Endogenous Extrapolation and House Price Cycles

Michael Hatcher | March 03, 2021


Shining the Light of Energy on Economic Models of Production

Tim Garrett, Matheus Graselli, Steve Keen | February 25, 2021


Six Decades of Economic Research at the Bank of England

Juan Acosta, Beatrice Cherrier, François Claveau, Clément Fontan, Aurélien Goutsmedt, Francesco Sergi | February 24, 2021


Macroeconomic Implications of the Sampling Brain

Nick Chater, Adam Sanborn, Jian-Qiao Zhu, and Jake Spicer | February 17, 2021


Tatonnement, Approach to Equilibrium and Excess Volatility in Firm Networks

Théo Dessertaine, José Moran, Michael Benzaquen, and Jean-Philippe Bouchaud | February 15, 2021


What You Exported Matters: Persistence in Productive Capabilities Across Two Eras of Globalisation

Isabella M. Weber, Gregor Semieniuk, Tom Westland, Junshang Liang | February 11, 2021


Modelling Transition Risk Towards an Agent-Based, Stock-Flow Consistent Framework

Florian Botte, Tommaso Ciarli, Tim Foxon, Andrew Jackson, Tim Jackson, Marco Valente | February 10, 2021


Trophic Incoherence Drives Systemic Risk in Financial Exposure Networks

R.S. MacKay, S. Johnson, B. Sansom | January 28, 2021


Europe in Crisis: Political Trust, Corruption and Austerity

Georgios Melios | January 25, 2021


How Effective are Political Cycles in the UK in the Micro-Level?

Georgios Melios | January 25, 2021


Identifying and Understanding Local Priorities for Developing an `Economy of Belonging': A Case Study of Eight Areas in the UK

Henrietta L. Moore, Juan M. Moreno and Georgios Melios | January 25, 2021


Dynamic Cooper and John's Economies: The Role of Coordination and Accumulation in Equilibrium Emergent Phenomena

Paul Beaudry, Dana Galizia, and Franck Portier | January 21, 2021


Emergent Equilibrium and the Role of Forward - Lookingness in a Dynamic Macroeconomic Model with Weak Complementarities

Paul Beaudry, Dana Galizia, and Franck Portier | January 21, 2021


Socio-Political Consequences of Regional Economic Divergence in Britain: 1983-2018

Stephen Fisher, Martha Kirby, Eilidh Macfarlane | January 18, 2021


Learning The Structure and Relations of Banking Systems:  International Evidence on the Role of Relationship Banking, and the UK Experience in the Light of 'Levelling-UP' Challenges

Colin Mayer, Philip McCann and Jacob Schumacher | January 18, 2021


Learning from Behavioural Changes That Fail

Magda Osman, Scott McLachlan, Norman Fenton, Martin Neil, Ragnar Löfstedt, Björn Meder | January 11, 2021

No. 30

Verbal Interaction in a Social Dilemma Experiment Exertion

Agata Ludwiczak, Zoe Adams, Magda Osman, and Devyani Sharma | January 11, 2021

No. 29

Do As I Say, Not As I Do - The Role of Social Comparisons in Cooperative Effort Exertion

Agata Ludwiczak and Zoe Adams | January 11, 2021

No. 28

The Persistent Consequences of Adverse Shocks: How the 1970s Shaped UK Regional Inequality.

Patricia G. Rice and Anthony J. Venables | January 4, 2021

No. 27

Humanistic Digital Governance

Dennis J. Snower and Paul Twomey| December 23, 2020

No. 26

Recoupling Economic and Social Prosperity

Katharina Lima de Miranda, and Dennis J. Snower| December 15, 2020

No. 25

Capital Shocks, Real Estate Risks and the Effects of the Global Financial Crisis in US Cities

Michael Daams, Philip McCann, Paolo Veneri, Richard Barkham, and Dennis Schoenmaker| December 10, 2020

No. 24

Briefing Note: The Resilience of British and Towns to Economic Shocks UK

Ron Martin, and Ben Gardiner | December 10, 2020

No. 23

UK Interregional Inequality in a Historical and International Comparative Context

Andre Carrascal-Incera, Philip McCann, Raquel Ortega-Argilés, and Andrés Rodríguez-Pose | December 01, 2020

No. 22

Narratives as a Coordinating Device for Reversing Regional Disequilibrium

Paul Collier and David Tuckett | November 30, 2020

No. 21

Towards a Normative Theory of Systemic (Financial) Risk

Andrew Baker, Fabian Schuppert, and Jay Cullen | November 27, 2020

No. 20

Central Bank Money: Liability, Asset, or Equity of the Nation?

Michael Kumhof, Jason Allen, Will Bateman, Rosa Lastra, Simon Gleeson, Saule Omarova | November 25, 2020

No. 19

How Market Ecology Explains Market Malfunction

Maarten P. Scholl, Anisoara Calinescu and J. Doyne Farmer  | September 28, 2020

No. 18

Is Identity-Priming a Short-Cut to Cooperation?

Yvan I. Russell  | September 22, 2020

No. 17

Emergence of Core-Periphery Structures in the European Union: A Complexity Perspective

Claudius Gräbner, and Jakob Hefele  | September 04, 2020

No. 16

Globalisation and Rent Sharing

Pawel Bukowski, Stephen Machin, and David Soskice  | August 27, 2020

No. 15

Institutional Supercycles: An Evolutionary Macro-Finance Approach

Yannis Dafermos, Daniela Gabor, and Jo Michell  | July 30, 2020

No. 14

Banks and Macroeconomic Stability. A Behavioural Macroeconomic Approach

Yuemei Ji, Paul Grauwe | July 5, 2020

No. 13

Monetary Policy and the Management of Uncertainty: a Narrative Approach

David Tuckett, Douglas Holmes, Alice Pearson and Graeme Chaplin | July 3, 2020

No. 12

A Simple Economic Model with Interactions

Maxim Gusev, Dimitri Kroujiline | June 5, 2020

No. 11

Stock Price Stabilization? Permanent vs Temporary Short-Sales Limits in a

Heterogeneous Beliefs Model

Michael Hatcher | June 1, 2020

No. 10

Production Networks and Epidemic Spreading: How to Restart the UK Economy

Anton Pichler, François Lafond, Marco Pangallo, R. Maria del Rio-Chanona, and J. Doyne Farmer | May 21, 2020

No. 9

Capability Accumulation and Product Innovation: Agent-Based Perspective

Anna Hornykewycz and Claudius Gräbner | May 5, 2020

No. 8

The Importance of Beliefs in Shaping Macroeconomic Outcomes

Roger E. A. Farmer | April 20, 2020

No. 7

Overcoming the Global Despondency Trap

Strengthening Corporate Accountability in Supply Chains

Alice Evans | April 15, 2020

No. 6

Theory and Empirics of Capability Accumulation: Implications for Macroeconomic Modelling

Matthias Aistleitner, Claudius Gräbner, Anna Hornykewycz | April 8, 2020

No. 5

How Directed is a Directed Network?

R.S. MacKay, S. Johnson, and B. Sansom | January 28, 2020

No. 4

Rational Social Man and the Compliance Problem: an Application of Identiy Economics

Paul Collier | December 16, 2019

No. 3

The Effects of Gender Inequality, Wages, Wealth Concentration and Fiscal Policy on Macroeconomic Performance in the UK

Özlem Onaran, Cem Oyvat and Eurydice Fotopoulou | November 22, 2019

No. 2

Emergent Inequality and Endogenous Dynamics in a Simple Behavioral Macroeconomic Model

Yuki M. Asano, Jakob J. Kolb, Jobst Heitzig, and J. Doyne Farmer | November 15, 2019

No. 1

The Interplay of Economic, Social and Political Fragmentation

Dennis Snower and Steven Bosworth | November 13, 2019


Discussion Papers

DP. 21

Concentration, Stagnation and Inequality: An Agent-Based Approach

Roberta Terranova and Enrico M. Turco | July 20, 2021

DP. 20

In and Out of Lockdown: propagation of Supply and Demand Shocks in a Dynamic Input-Output Model

Anton Pichler, Marco Pangallo, Maria del Rio-Chanona, Francois Lafond, J. Doyne Farmer | May 26, 2021

DP. 19

Reddit’s Self-Organised Bull Runs: Social Contagion and Asset Pricess

Valentina Semenova and Julian Winkler | May 20, 2021

DP. 18

Economic Forecasting with an Agent-based Model

Sebastian Poledna, Michael Gregor Miess and Cars Hommes | May 20, 2021

DP. 17

The Societal Responses to COVID-19: Evidence from the G7 Countries

Katharina Lima de Miranda and Dennis J. Snower | May 26, 2021

DP. 16

Examining Sustainable Growth in Detail

Nicolas Paul Cerkez | May 25, 2021

DP. 15

News and Narratives in Financial Systems: Exploiting Big Data for Systemic Risk Assessment

Rickard Nymana, Sujit Kapadiab, and David Tuckett | May 10, 2021

DP. 14

Narrative Expectations in Financial Forecasting

Samuel G. B. Johnson and David Tuckett  | May 10, 2021

DP. 13

Foundations of System-Wide financial Stress Testing with Heterogeneous Institutions

J Doyne Farmer, Alissa M Kleinnijenhuis, Paul Nahai-Williamson and Thom Wetzer  | June 26, 2020

DP. 12

The Socio-Economics of Pandemics Policy

Dennis J. Snower | April 24, 2020

DP. 11

Can Stimulating Demand Drive Costs Down? World War II as a Natural Experiment

François Lafond, Diana Greenwald, and J. Doyne Farmer | April 7, 2020

DP. 10

The GFC, Systemic Legitimacy and "Rip-Off" Stories in the Daily Mail

Tony Curzon Price, Gavin Hassall, Jeremy Davies, James Couper | January 29, 2020

DP. 9

Commentary on Edmund Rolls: ‘Emotion and reason in human decision-making’

Mark Solms | July 25, 2019

DP. 8

Beyond quantified ignorance: rebuilding rationality without the bias bias

Henry Brighton | March 15, 2019

DP. 7

Escape from model-land

Erica L. Thompson and Leonard A. Smith| March 8, 2019

DP. 6

Markets are a function of language: notes on a narrative economics

Douglas R. Holmes | February 25, 2019

DP. 5

Family firms as kinship enterprises

Sylvia Yanagisako | February 11, 2019

DP. 4

Toward a cognitive science of markets: economic agents as sense-makers

Samuel G.B. Johnson | February 11, 2019

DP. 3

How everyday ethics becomes a moral economy, and vice versa

Webb Keane | February 06, 2019

DP. 2

Emotion and reasoning in human decision-making

Edmund T. Rolls | February 06, 2019

DP. 1

Confidence Collapse in a Multi-Household, Self-Reflexive DSGE Model

Morelli, Federico and Benzaquen, Michael and Tarzia, Marco and Bouchaud, Jean-Philippe | July 17, 2019

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