Dr Adrián Carro

Postdoctoral Research Officer

Oxford Martin Fellow, Oxford Martin School and Visiting Fellow, Macro-Financial Risks Division, Bank of England


Adrian has a degree in Physics from the Universidade de Santiago de Compostela, a master's degree on Theoretical Physics of Complex Systems from the Université Pierre et Marie Curie (Paris VI, master's thesis at the École Normale Supérieure), and a PhD in Physics of Complex Systems from the Universitat de les Illes Balears (Institute for Cross-Disciplinary Physics and Complex Systems). During his masters thesis and PhD he studied the emergence of complex collective behaviours in social and economic systems. To this end, he focused on various stylised agent-based models and stochastic processes on complex networks, using a combination of mathematical analysis and computational simulations to study problems such as the formation of opinions in social groups, the competition of languages in bilingual communities, the role of transportation costs for a sustainable economic development and herding behaviour in financial markets.
In his postdoctoral research at the Institute for New Economic Thinking he has been focusing on agent-based modelling of housing markets. On a first project, developed in collaboration with the Bank of England, he has been developing and calibrating a highly detailed agent-based model of the UK housing market and its interaction with the mortgage lending sector, with the goal of creating a sandbox where the systemic and distributional effects of different macro-prudential policies can be tested. On a separate project, associated with the EPSRC grant MISTRAL (Multi-scale infrastructure systems analytics), he is focusing on the spatial aspects of the UK housing market and its interaction with transport infrastructure. To this end, he has re-designed the aforementioned model in order to take into account multiple geographically decentralised housing markets, as well as the commuting behaviour of households. He is now working on the calibration of this spatial model to the set of Local Authority Districts included in the proposed Oxford-Milton Keynes-Cambridge corridor.