Thumbnail for Macroeconomics and consumption: Why central bank models failed and how to repair them

Macroeconomics and consumption: Why central bank models failed and how to repair them

07 Feb 2017

The failure of the New Keynesian dynamic stochastic general equilibrium models to capture interactions of finance and the real economy has been widely recognised since the Global Crisis. This column argues that the flaws in these models ...

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Thumbnail for INET Oxford academics receive research grant to continue work on visualising global development

INET Oxford academics receive research grant to continue work on visualising global development

07 Feb 2017

A $350,000 grant from the Bill & Melinda Gates Foundation is enabling INET Oxford and Oxford Martin School academics to expand their work visualising global development. The Our World in Data website presents research on living conditions around the world, how they are changing, and why, with the aim of building a comprehensive online resource on global development. It takes the form of accessible interactive data visualisations on aspects of global development, including poverty, violence, education...

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Thumbnail for The US lags far behind its peers on “inclusive” economic growth

The US lags far behind its peers on “inclusive” economic growth

06 Feb 2017

We know the United States faces challenges on the subject of inclusive growth. But how has the US performed compared to other rich countries? To answer these questions, we have to think about how we measure income growth. GDP per capita is usually the first metric people use for this purpose. Yet, growth in GDP per capita does not tell us anything about the extent to which growth is shared among the population. INET Oxford researchers Max Roser & Stefan Thewissen look at these qusetions in their recent article on Vox. R...

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Thumbnail for An improved approach to empirical modelling

An improved approach to empirical modelling

06 Feb 2017

There are numerous possible approaches to building a model of a given data set. In economics, imposing a `theory model’ on the data by simply estimating its parameters is common. This column makes the case for a combined theory-driven and data-driven approach under which it is almost costless in statistical terms to check the relevance of large numbers of other candidate variables when the theory is complete, yet there is a good chance of discovering a better empirical model when the theory is incomplete or incorrect. Read...

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Thumbnail for A new narrative for a complex age

A new narrative for a complex age

30 Jan 2017

The starkness and magnitude of the recent crisis calls for a serious reflection to revisit policy approaches and build a new policy agenda for stronger, more resilient, inclusive and sustainable growth. The OECD initiative on New Approaches to Economic Challenges (NAEC) is a comprehensive organisation-wide reflection process to renew and strengthen the OECD’s analytical frameworks, policy instruments and tools. INET Oxford's Executive Director, Eric Beinhocker, has written a blog piece for...

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Thumbnail for Economist Linus Mattauch awarded the 2016 Köppen Prize

Economist Linus Mattauch awarded the 2016 Köppen Prize

12 Jan 2017

The Wladimir Peter Köppen Prize for 2016 was awarded to Dr. Linus Mattauch. This year’s recipient, who holds degrees in mathematics and philosophy, was awarded the prize by the Cluster of Excellence CliSAP in recognition of the outstanding dissertation he submitted to the Technische Universität Berlin. He currently works at The Institute for New Economic Thinking at the Oxford Martin School (INET Oxford) as a postdoc in the research group “Economics of Sustainabilty.” This marks the first time the j...

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Thumbnail for New publication in European Journal of Pure and Applied Mathematics

New publication in European Journal of Pure and Applied Mathematics

09 Jan 2017

The European Journal of Pure and Applied Mathematics has published the Sir Clive W.J. Granger Memorial Special Issue on Econometrics dedicated to the memory of Nobel Laureate Prof. Sir Clive W. J. Granger who was their Advisory Editor passed away in 2009. This special issue was edited by INET Oxfords Jennifer L. Castle and Prof Sir David F. Hendry. The issue contains articles from Hendry and Castle, alongside INET Oxford researchers Michael P. Clements and Ryoko Ito. ...

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Thumbnail for Professor Sir Tony Atkinson, 1944-2017

Professor Sir Tony Atkinson, 1944-2017

03 Jan 2017

  Leading economist and inequality researcher Professor Sir Tony Atkinson, Senior Research Fellow at The Institute for New Economic Thinking at the Oxford Martin School, has died at the age of 72. Sir Tony, who pioneered the study of inequality, was Centennial Professor at the London School of Economics and a Fellow of Nuffield College, Oxford, where he was previously Warden. He was also a Fellow of the British Academy, and had been President of the Royal Economic Society, the Econometric Society, the European Economic A...

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Thumbnail for Why we should think of power grids like fisheries

Why we should think of power grids like fisheries

01 Dec 2016

Imagine you are building a manufacturing plant. You have the choice between waiting four months to connect to the electricity grid or bribing an employee of your local power supplier to set it up next week. It might be rational for you to bribe so you can begin operating, but what happens if several other plants in your region are doing the same? Now let us suppose there is also a shortage of capacity and adding the demand that will accrue from these unauthorised connections will overburden the electrical grid, leading to a more...

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Thumbnail for It is time to re-imagine Europe

It is time to re-imagine Europe

28 Nov 2016

EU leaders face a fundamental choice in response to Brexit. Do they defend the existing institutions and arrangements or seek deep reform? The former will ultimately lead to the EU’s disintegration, the latter would see a strengthened EU emerge from its decade of crisis.  In a new paper Eric Beinhocker, INET Oxford Executive Director, explores this important question. To read the full paper please click here.

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Thumbnail for Non-stationarity: a fundamental problem for forecasting

Non-stationarity: a fundamental problem for forecasting

23 Nov 2016

History is littered with forecasts that went badly wrong, a fact sharply illustrated during the recent financial crash and recession. A new Oxford Martin policy paper from Professor Sir David Hendry and Dr Felix Pretisexamines a fundamental problem in economic forecasting: that many models used in empirical research and for guiding policy have been based on treating observed data, such as unemployment or income levels, as timeless, or ‘stationary’. “But historical dates, such those of wars and pa...

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Thumbnail for Time is running out to prepare coastal cities for impact of rising sea levels

Time is running out to prepare coastal cities for impact of rising sea levels

08 Nov 2016

Coastal cities could see rises of more than two metres if global warming exceeds 2°C goal, new research shows. Researchers say urgent action needs to be taken to protect shoreline cities and world heritage sites from coastal flooding, after a new study showed that sea level could be significantly higher than previously thought if global warming exceeds 2°C. The study, by researchers including Dr Luke Jackson at the Institute for New Economic Thinking at the Oxford Martin School is published today i...

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