Rebuilding Macroeconomics (RM) is a new four-year research initiative funded by the Economic and Social Research Council, ten years after the start of the financial crisis that economists failed to predict. It is run out of the National Institute of Economic and Social Research (NIESR) at its offices in Westminster.
RM aims to transform macroeconomics back into a useful and policy-relevant social science. We will ask fundamental questions about macroeconomics in the ‘real world’ and encourage rigorous, innovative and interdisciplinary research. We will 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 Network’s research will include 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 questions are valuable and 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. We will fund research projects which will make a difference. We will be issuing calls for research on our website, for which anyone can apply.