MACFINROBODS is the acronym for:
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.
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.
Project Coordinator: Cars Hommes (UvA)
Project manager: Karin Breen (UvA)
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
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