Instability

Welcome to the Rebuild Macro Blog

Stories and articles made for people who want to rebuild.

Apr 11, 20215 min read

Anxiety, Competing Narratives and the Macroeconomy: what is the role of policy in stabilising expect

by Francesco Carbonero, Jeremy Davies, Ekkehard Ernst, Sayantan Ghosal, Leaza McSorley “It is certain that a large part of what we...

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Mar 24, 20213 min read

How a Zero-Sum View of the World may be Hurting our Economies, our Democracies and our Health

by Patricia Andrews Fearon & David Good Back in 2004, game designer Matt Leacock and his wife had a problem. As much as they enjoyed...

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Mar 4, 20215 min read

Extrapolation and House Price Cycles

by Michael Hatcher Empirical evidence shows that house price busts are less frequent than equity price busts, but last about twice as...

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Feb 19, 20214 min read

Psychological Origins of Market Instability

by Nick Chater, Adam Sanborn, Zhu Jianqiao and Jake Spicer The behaviour of financial markets is, of course, notoriously capricious. Who...

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Feb 1, 20215 min read

Is Trophic Coherence a Structural Source of Economic and Financial Stability?

Nicholas Beale, Richard Gunton, Sam Johnson, Marcus Miller, Bazil Sansom, Robert MacKay Two things we think are crystal clear Especially...

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Jan 21, 20214 min read

Macroeconomic Fluctuations as Emergent Behavior

by Paul Beaudry, Dana Galizia and Franck Portier Flocking birds is a famous natural life example of emergent phenomena —i.e. aggregate...

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Oct 20, 20205 min read

Third Annual Conference: Understanding Social Macroeconomics

If we were to choose two words to summarise, they would be ‘social’ and ‘interaction’ between people...

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Aug 27, 20204 min read

Ethical Guidance for Systemic Risk

by Fabian Schuppert -- The emergence of COVID19 in small corner of our complex global food network and transmitted via human contamination..

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Aug 7, 20203 min read

How to Stabilize the Economy in the Presence of a Pro-Cyclical Banking System?

Yuemei Ji & Paul De Grauwe - A number of pro-cyclical features in the behaviour of banks if left unchecked can destabilize the economy...

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Jul 30, 20203 min read

Institutional Supercycles: An Evolutionary Macro-Finance Approach

Yannis Dafermos, Daniela Gabor, Jo Michell - we draw on under-exploited insights from Minsky to provide an analysis of evolutionary Macro

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May 7, 20207 min read

The Peters’ Paradox

Roger Farmer - Exploiting the properties of non-ergodic random variables to understand how people behave when the future cannot be predicted

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Feb 27, 20205 min read

How Directed are Decentralised Economies?

R.S. MacKay, S. Johnson, and B. Sansom -- Many economic relationships have a direction: the flow of goods and services from suppliers to ...

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Jan 27, 20202 min read

Macroeconomic Fluctuations as Emergent Behaviour

by Paul Beaudry, Dana Galizia and Franck Portier -- We, as human beings, like ups and downs on a roller coaster, but only on a roller coaste

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Dec 11, 20194 min read

Stock Markets and the Economy

Michael Hatcher - A major challange for macroeconomics is to model the linkages between financal markets and the economy...

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Nov 29, 20194 min read

Patterns in the Noise in Financial Markets: Where do they come from?

by Nick Chater, Adam Sanborn, Zhu Jianqiao & Jake Spicer - Financial markets are, of course, notable for their unpredictability...

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Jul 9, 20194 min read

Can Artificial Intelligence be used to Integrate Money Creation into Macroeconomics?

Mingli Chen, Andreas Joseph*, Michael Kumhof* & Aruhan Shi - In our project for Rebuilding Macroeconomics, we bring together two princ...

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Jul 3, 20193 min read

Does Inequality Stoke Support for Nationalism?

Steven Bosworth - It can have escaped no one that the political institutions in western democracies are going through

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May 7, 20194 min read

Labour without energy is a corpse; capital without energy is a sculpture

Professor Steve Keen - With the simple insight that “labour without energy is a corpse, and capital without energy is a sculpture...

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Apr 26, 20194 min read

Welcome to the Age of Anxiety

Sayantan Ghosal, Marcus Miller, Leaza McSorley & Ekkehard Ernst - Once again, the people of Britain are living in interesting times; and...

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Feb 11, 20193 min read

But Why are Economies Stable?

Robert MacKay & Marcus Miller ---The question posed for the Rebuilding Macroeconomics’ Instability Hub is “Why are economies...

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