MACFINROBODS is the acronym for:

“Integrated Macro-Financial Modelling
for Robust Policy Design

In this project 11 European Universities collaborate with the European Commission’s Joint Research Centre in a consortium of experienced researchers in the field of macro- and financial economics, supported by an advisory board of influential academics of the highest worldwide reputation and policy makers at central banks and finance ministries.

The three-year project (2014-2017) is funded by the European Commission and brings together different lines of research to systematically develop new behavioural and institutional model building blocks, to integrate such features in policy-focused models and to make use of these models in a new framework for policy evaluation.

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During the global financial crisis and ensuing Great Recession, economists at policy-making institutions had little choice but to augment macroeconomic models with ad-hoc assumptions and adjustments in order to provide analysis and advice for policy makers. The MACFINROBODS consortium aims to move policy-focused macroeconomic modelling beyond this approach.

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Project Coordination

Project Coordinator: Cars Hommes (UvA)
Project manager: Karin Breen (UvA)


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Final MACFINROBODS Conference, followed by ECB Watchers Event

Goethe University - Frankfurt, Germany

4-6 April 2017

The Final Conference was organized by Volker Wieland and Michael Binder at Goethe University in Frankfurt on 4-5 April, followed by the ECB Watchers Event on Thursday 6 April. The conference was a very successful two-day event with over 50 participants, with two inspiring keynote lectures. The first keynote lecture was given by Frank Schorfheide, professor of Economics at the University of Pennsylvania. The title of the paper that he presented was “Macroeconomic Dynamics Near the ZLB”. The second keynote lecture was given by John B. Taylor, professor of Economics at Stanford University and member of the MACFINROBODS advisory board. The title of his presentation was ”Central Bank Models: Lessons from the Past and Ideas for the Future”. Both keynote lectures have been followed by a very active general discussion.

There were 9 presentations of advanced-stage papers from all teams and a poster session including 4 presentations of early-stage works. 

The final annual Steering Committee meeting was incorporated in the conference with all partners represented. The SC meeting covered a lot of ground discussing all relevant issues, including the second periodic and final reporting and the project finances.

The second day of the event was concluded with a networking dinner. On the third day “The ECB and Its Watchers XVIII” took place, with over 250 participants and more than 100 media representatives from all over the world. Organized by Goethe University and starting with a President’s Address by Mario Draghi, President of the European Central Bank. This event was a very stimulating 3 meeting with several panel discussions between academic researchers and policy makers addressing many relevant themes from the MACFINROBODS project. Among the panel members were Volker Wieland (GU) and John Taylor and Vitor Gaspar, both members of the MACFINROBODS advisory board.  

Final version of the program for the "Final MACFINROBODS Conference"and "The ECB and Its Watchers XVIII"available here

List of Participants for the Conference here

List of Participants for The ECB and Its Watchers XVIII here

„ECB and Its Watchers“ photos are published on the website of the Institute for Monetary and Financial Stability, please find the link to the website here



Third Consortium Scientific Workshop

ITALY - Lake Como

17 and 18 November 2016

The Third Consortium Scientific Workshop was jointly organized by the Italian nodes: Universita Degli Studi di Pavia (UNIPV, Guido Ascari), Universita Catholica del sacro Cuore (UCSC, Domenico Delli Gatti) and Joint Research Centre (JRC, Marco Ratto) and held at Villa del Grumello in Como, Italy on 17 and 18 November 2016. It was a very successful two-day event with over 40 participants.

There were 11 presentations by senior- and young researchers from the teams and three very inspiring keynote lectures by Paul Beaudry (University of British Columbia and Oxford), Marco Del Negro (Federal Reserve Bank of New York) and Fabio Ghironi (University of Washington).

A poster session for earlier-stage works of the network was organized just after lunch on the first day of the Workshop. There were 4 poster presentations by junior faculty mainly. It was a great opportunity for those presenting with all senior people attending, participating, asking around and giving comments.

The sixth Steering Committee meeting was incorporated in the workshop with all partners represented. The SC meeting covered a lot of ground discussing all relevant issues, including the first reporting period, the interim payments and appeal, the format of the final meeting next year in Frankfurt and the state of the art regarding research and Deliverables.

The detailed program of the Workshop is available here




Learning Conference

The Dutch Central Bank - Amsterdam, The Netherlands

6-8 September 2016

From 6-8 September the Amsterdam School of Economics organized the Learning conference Expectations in Dynamic Macroeconomic Models. This conference focused on the important role of expectations and learning for macroeconomic dynamics, macrofinancial interactions and monetary and fiscal policies.  For more information check the conference website here