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

Mar 2025
INET Working Paper
2025-08 - Skill and spatial mismatches for sustainable development in Brazil
Anna Berryman ,  Joris Bucker ,  Fernanda Senra de Moura ,  Pete Barbrook-Johnson ,  Marek Hanusch ,  Penny Mealy ,  J. Doyne Farmer ,  R. Maria del Rio-Chanona
Feb 2025
INET Working Paper
No. 2025-05 - Agent-based modeling at central banks: recent developments and new challenges
András Borsos ,  Adrián Carro ,  Aldo Glielmo ,  Marc Hinterschweiger ,  Jagoda Kaszowska-Mojsa ,  Arzu Uluc
Feb 2025
Paper
Robust Policy Design in Agent-Based Simulators using Adversarial Reinforcement Learning
Akash Agrawal ,  Joel Dyer ,  Aldo Glielmo ,  Michael Wooldridge
Jan 2025
INET Working Paper
Jan 2025
Article
Nov 2024
Paper
Oct 2024
Video
David Hendry: Forecasting UK Inflation during 2021-24
David Hendry ,  Jennifer Castle ,  Jurgen Doornik
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
Report
The effects of BBMs
John Muellbauer ,  Jagoda Kaszowska-Mojsa
Sept 2024
Chapter
View All Related Publications

Who's Involved