The Economic Modelling Programme (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 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. EMoD researchers are also developing appropriate software tools to efficiently support empirical modelling and investigating climate change.
EMoD is led by Co-Directors Prof. Sir David Hendry and Professor Bent Nielsen and is conducted in collaboration with the Department of Economics.