The Programme for Economic Modelling (EMoD) aims to develop new methods of economic analysis and forecasting that are robust after crises.
The 21st century began with the largest global economic and financial crisis since the Great Depression 80 years ago. Many factors have been blamed for this disastrous outcome, but inadequate economic models leading to a failure to forecast the crash are partly at fault. These have been exacerbated by poor policy responses, precipitating the need for a paradigm shift. Consequently, researchers in the Programme for Economic Modelling (EMoD) are investigating the changes needed to economic analyses, policy, empirical modelling and forecasting when there are sudden, or very rapid, unanticipated changes in economies. A key focus of work is to develop and promote alternative approaches that improve on those currently in place.
The Programme for Economic Modelling (EMoD) is based in the Institute for New Economic Thinking at the Oxford Martin School, and affiliated with the Department of Economics. It is jointly funded by the Oxford Martin School, www.oxfordmartin.ox.ac.uk, and the Institute on New Economic Thinking (INET, founded by George Soros), www.ineteconomics.org. Directed by Professor Sir David Hendry, EMoD is located in Nuffield College, Oxford, and has close links with the Central European University.