Modelling the economy
The modern economy is an increasingly complex beast. Our work at BCEF reflects its ever-changing nature with research that responds to change and upheaval.
Subjects like the effects of globalisation, the volume of economic activity taking place digitally, and economic and environmental sustainability are driving our work forward. The UK’s Brexit vote in 2016 showed the concern that voters have about the direction of the economy; this was not an isolated incident of politics reflecting global economic upheaval.
There is huge uncertainty about the future following Brexit, with different parts of the UK facing very different questions. As part of ‘Modelling the Economy’, we investigate regional differences and the urban/rural variation that the referendum highlighted. We’re also looking at the implications that Brexit will have on the future of Europe’s economy, and how emerging markets around the world may react compared to more established industrial nations.
We address a range of key questions that reflect BCEF’s flexible approach to studying the evolving modern economy, such as:
- how do fiscal and monetary policy affect macroeconomic stability?
- is gross value added a useful measure of the economy, and how does this evolve across geography?
- what enhances productivity?
- what role do institutions play in transitional and developing countries - and what determines good and bad institutions in the first place?
- has corruption become a social norm?
Our members have a wide range of expertise that addresses relevant modern issues. The side effects of economic instability on the environment, the impact of corruption and macroeconomic modelling are among our fields of expertise.
That expertise, and our real-world approach, leads to our members advising the governments of the UK, Wales and New Zealand, for example, on economic planning and strategy.