Overview

For decades there has been growing dissatisfaction within both the economics and policy communities on the performance of macroeconomic models. Recent generations of macro models have struggled in the face of major public policy challenges ranging from the financial crises, to growing economic inequality, inflation, and climate change.

INET Oxford scholars co-led a major assessment of the current state of macroeconomics and promising directions for future work that resulted in two special issues of the Oxford Review of Economic Policy. Institute researchers are also engaged in efforts to apply novel methods to macroeconomic issues, including advanced econometric methods to improve forecasting, bottom-up agent-based models that utilize micro data on households and firms, and network models of supply chains and labour markets. In addition to new insights on macroeconomic theory, this work is leading to collaborations with policymakers to apply these ideas and methods to a broad range of fiscal, monetary, and regulatory policy issues.

Related Projects

Recent Publications

Sept 2024
INET Working Paper
No. 2024-06 - Forecasting Macroeconomic Dynamics using a Calibrated Data-Driven Agent-based Model
Samuel Wiese ,  Jagoda Kaszowska-Mojsa ,  Joel Dyer ,  Jose Moran ,  Marco Pangallo ,  François Lafond ,  John Muellbauer ,  Anisoara Calinescu ,  J. Doyne Farmer
Sept 2024
Chapter
Jun 2024
Journal
Global economic order and global economic governance
in Oxford Review of Economic Policy
Daniel Susskind ,  David Vines
May 2024
Journal
Stability between cryptocurrency prices and the term structure
in Journal of Economic Dynamics and Control
Jennifer L. Castle ,  Takamitsu Kurita
May 2024
Journal
Forecasting the UK Top 1% Income Share in a Shifting World
in Economica
Jennifer L. Castle ,  Jurgen A Doornik ,  David F. Hendry
May 2024
Journal
What a Puzzle! Unravelling Why UK Phillips Curves were Unstable
in Oxford Bulletin of Economics and Statistics
Jennifer L. Castle ,  David F. Hendry
Jan 2024
Journal
The historical role of energy in UK inflation and productivity with implications for price inflation
in Energy Economics
Jennifer L. Castle ,  David F. Hendry ,  Andrew B. Martinez
Jan 2024
Journal
Financial market linkages and the sovereign debt crisis
in Journal of International Money and Finance
Susana Campos-Martins ,  Cristina Amado
Nov 2023
Journal
A Brief History of General-to-specific Modelling
in Oxford Bulletin of Economics and Statistics
David F. Hendry
Oct 2023
Journal
Improving models and forecasts after equilibrium-mean shifts
in International Journal of Forecasting
Jennifer L. Castle ,  Jurgen A Doornik ,  David F. Hendry
Jun 2023
Journal
Common volatility shocks driven by the global carbon transition
in Journal of Econometrics
Susana Campos-Martins ,  David F. Hendry
Apr 2023
Journal
Apr 2023
Journal

Who's Involved