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 to the endogenous modelling of the dynamics resulting from financial risks and related decision making in banks, households, firms and public institutions. Most importantly the consortium aims to help improve model-based policy analysis at the following institutions: