- Home
- Publications
- Macroeconomic Modelling At The Institute: Hopes, Challenges And A Lasting Contribution
Macroeconomic modelling at the Institute: hopes, challenges and a lasting contribution
External Authors
Blake, A
Related Themes
Macro-Economic Modelling and ForecastingJEL Code
C5, E37, F41, F47
Journal
National Institute Economic Review
Publisher
Sage Publications, London
External Resources
http://journals.sagepub.com/doi/full/10.1177/002795011824600109
Issue
246
The Institute is a world leader in macroeconomic modelling and forecasting. It has produced quarterly economic forecasts for around sixty years, supported by macroeconomic models. The aim of the original builders of macroeconomic models was to transform understanding of how economies worked and use that knowledge to improve economic policy. In the early years, when computers were rare, macroeconomic modelling was a new frontier and Institute economists were among the first to produce a working model of the UK economy. It is remarkable how quickly models were being used to produce forecasts, assess policy and influence the international macroeconomic research agenda. The models built at the Institute were mainstream in the sense that they followed the contents of standard macroeconomic textbooks, developed with the subject, and fitted the facts as they were known at the time. There were continual improvements in understanding as the subject developed in response to new ideas and developments in the global economy. This article celebrates the development of macroeconomic modelling at the Institute and the contribution it has made to public life.
Related Blog Posts
What is the Current State of the UK Economy?
Paula Bejarano Carbo
Stephen Millard
26 Feb 2024
7 min read
CPI Inflation Rose in December 2023, But is Likely to Fall Below 3 per cent by May
Huw Dixon
17 Jan 2024
7 min read
Related Projects
Related News
Why it’s not worth worrying that the UK has technically entered a recession
26 Feb 2024
4 min read
1.2 million UK Households Insolvent This Year as a Direct Result of Higher Mortgage Repayments
22 Jun 2023
2 min read
The Key Steps to Ensuring Normal Service is Quickly Resumed in the Economy
13 Feb 2023
4 min read
Related Publications
UK Economy on the Road to Recovery in 2024 Following the Mild Recession
13 Mar 2024
GDP Trackers