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The 2016 MFM Summer Session held June 11–15 gave doctoral students and other early career researchers a thorough grounding in in macroeconomic modeling. Students learned techniques, data sources, evidence, applications, and methods to assess how the financial sector impacts the economy as a whole. The program brought together leading academics and experts who build and use models to manage system risk in financial and policy settings. Speakers presented models and methods in contexts focused on understanding the last financial crisis—and preventing the next one.
Policy makers and experts discussed key economic developments in Asia and the Pacific and ways to effectively manage them at ADBI in Tokyo on 13-14 February 2020. Read more: bit.ly/2P4AYAj
The Postcard
A W.B. Series postcard with artwork by Perly that was posted in Hastings on Friday the 5th. August 1927 to:
Miss Ethel Russ,
Netherfield,
Nr. Battle.
The pencilled message on the divided back of the card was as follows:
"Dear Little Ethel,
Auntie Gertie is sending
you this little card as
promised.
I hope you are a good
little girl and going to
school.
Auntie Gertie will come
to see you soon.
Bye Bye,
Auntie Gertie".
We are left in no doubt as to who sent the card.
The Gold Standard
So what else happened on the day that Auntie Gertie sent the card to Ethel?
Well, on the 5th. August 1927, the U.S. Federal Reserve Board cut the prime lending rate at the same time that British Chancellor of the Exchequer Winston Churchill placed Britain back on to the Gold Standard.
The action was taken in order to protect the British government from the possibility of the British pound being devalued against the U.S. dollar. This has been described as:
'The first time in history that one of
the world's great economic powers
altered its macroeconomic policy
with the aim of supporting another
currency'.
A New Beetle
Also on that day, a previously unknown species of beetle, the Gehringia Olympica, was discovered by Philip Darlington, who collected eight specimens at the Sol Duc River in the state of Washington.
Darlington named the beetle in honour of J. G. Gehring, who had sponsored the expedition.
The conference presented theoretical and quantitative papers about default, maturity, dilution, and inflation, as well as fiscal policy design and modeling.
Papers represented a diversity of approaches in terms of model assumptions and features, but a common thread will be the use of modern dynamic macroeconomic theory to understand historical events and contemporary choices.
Mauricio Cardenas, Minister of Finance and Public Credit of Colombia at the World Economic Forum on Latin America in Riviera Maya, Mexico 2015. Copyright by World Economic Forum / Benedikt von Loebell
Türkiye has undergone a remarkable macroeconomic transformation via declining inflation, improved credit ratings and risk premiums, a robust fiscal outlook and a focus on rebalancing and stability. It has implemented comprehensive reforms, with a strong emphasis on renewables, digital transformation, critical infrastructure and resilient financial systems.
At the same time, Türkiye has prioritised policies aimed at attracting foreign direct investment by enhancing its regulatory environment, promoting innovation and leveraging its dynamic and youthful workforce. The country’s sizeable domestic economy and strategic location, together with a growing network of logistical and connectivity projects, position it as a gateway to emerging markets and a key player in support of EU and global supply chains.
This session, which included the Turkish Ministry of Treasury and Finance, the Deputy Governor of the Central Bank, the private sector and the EBRD, looked back at how Türkiye has achieved its transformation and ahead at its continued very strong potential for investors in several growth areas.
Michele Reilly is a scientist, an artist, and a systems thinker whose work resists easy classification. She trained in architecture and art at Cooper Union, where she began building intelligent machines and quickly became fascinated by the logic behind them. That curiosity drew her into mathematics, cryptography, macroeconomics, and eventually quantum physics. Her path has been shaped less by credentials than by the depth of her questions.
At MIT, where she teaches in the Department of Mechanical Engineering, Michele works at the intersection of computation and the structure of spacetime. She explores how information flows through the universe, drawing from Claude Shannon’s foundational theories and extending them into the quantum realm. Her research is ambitious, but it is rooted in careful thinking. She is not interested in speculation for its own sake. She wants to know what can be built, what can be measured, and what will last.
In 2016, she co-founded Turing, a quantum technology startup focused on building portable quantum memories and tools for long-distance quantum communication. She works closely with physicist Seth Lloyd on designing the scalable, robust systems needed to move quantum computing from theory into practice. The work is intricate and deliberate, building slowly toward a future that she sees as both beautiful and unfamiliar.
Michele is also a storyteller. Her science fiction series Steeplechase has received awards at Cannes and other international festivals. It reflects her belief that narrative and science are not separate pursuits, but parallel ways of exploring the unknown. In her teaching, she brings these strands together, guiding students through exercises that combine quantum theory, creative writing, and world-building. One of her courses, supported by MIT’s Center for Art, Science and Technology, invites students to imagine speculative futures grounded in scientific inquiry.
On her arm is a tattoo of Alan Turing. It is not ornamental. It is a quiet tribute to a thinker whose life and work continue to shape her own. Turing’s dedication to truth, structure, and the ethical weight of technology is a constant presence in her thinking. She carries it with her, quite literally.
The portrait above was made at The Interval at the Long Now Foundation in San Francisco. Michele is seated beside a polished table that reflects her image. Behind her stands the Orrery, a planetary model designed to keep time for ten thousand years. The setting reflects the spirit of her work. She is grounded in the present but always thinking forward, asking how we might live in ways that honor complexity, care, and continuity. She does not speak often about legacy. She speaks about attention, about precision, and about the discipline of staying with difficult questions until they begin to yield something real.
Top officials from 12 developing member countries (DMCs), Bangladesh, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Mongolia, Pakistan, Philippines, Sri Lanka, Thailand, and Viet Nam, and private sector executives in Japan attended an intensive, high-level training course on macroeconomics in Tokyo from 3-7 November
Read more about the event: www.adbi.org/event/6465.2014.adbi.keio.training.economics/
Mr. Shuvojit Banerjee from the Macroeconomic Policy and Development Division provides an outline of ESCAP’s recently released “Economic and Social Survey of Asia and the Pacific 2014: Year-end Update” www.unescap.org/resources/economic-and-social-survey-asia...
2018-01-17: President of the African Development Bank Group, Dr. Akinwumi A. Adesina sharing a panel with Dr. Celestin Monga, Vice-President, Economic Governance & Knowledge Management, AfDB; Dr. Abebe Shimles, Acting Director, Macroeconomic Policy, Forecasting and Research (AfDB) during the launch of the African Economic Outlook 2018: Innovative financing for infrastructure development.
Mr. Adam Elhiraika, Director, Macroeconomic Policy Division, United Nations Economic Commission for Africa, (UNECA); Dr. Hanan Morsy, Director of Macroeconomic Policy, Forecasting and Research, African Development Bank and Dr. Raymond Gilpin, Chief Economist and Head of Strategy, Analysis and Research at United Nations Development Program (UNDP) Africa having a portrait during African Economic Conference (AEC) 2019 - Session 1 - Press Conference on December 02, 2019, in Sharm el-Sheikh, Egypt.
The Doctor of Business Administration in Finance Program presented “Financial Markets’ Volatility and Macroeconomic Uncertainty” on Friday, December 7, 2018, at Sacred Heart University’s West Campus. Guest speakers will include Bluford Putnam, Chief Economist and Managing Director at CME Group, Katina Stefanova, Founder and CEO of Marto Capital, and Victor de la Peña, Professor of Statistics, Columbia University. Photo by Mark F. Conrad
The winter 2016 meeting was hosted by the Volatility Institute at New York University's Stern School of Business. This meeting featured sessions on the role of the housing market in the macroeconomy, the impact of big data and machine learning on macroeconomic research, and the potential of innovation contests to push macroeconomic modeling into new and exciting territory.
Through the Haze: 3 Economists Look at the Next Five Years
Justin Yifu Lin
Senior Vice President and Chief Economist, World Bank
John B. Taylor
Professor of Economics, Stanford University, and Former Undersecretary of the Treasury
Laurence H. Meyer
Senior Managing Director and Co-Founder, Macroeconomic Advisers
Moderator: Kelly Evans, Assistant News Editor, The Wall Street Journal
The Wall Street Journal CFO Network in Washington DC on June 21, 2011. Photo by Paul Morse
This conference features recent research on the role of housing and household debt in macroeconomics. Topics include the effects of fiscal stimulus through the housing market on the economy, and how quantitative easing affects the economy through mortgage and housing markets.
The Macro Financial Modeling Initiative hosted its second MFM Summer Session for Young Scholars on June 18-22, 2017 in Bretton Woods, New Hampshire, at the site of the historic 1944 United Nations Monetary and Financial Conference. The session was designed for those interested in building macroeconomic models with enhanced linkages to the financial sector. It was open to doctoral students in economics and related fields as well as early-career professionals working in this area.
Contracts and the Global Organization of Production
www.crei.cat/lecture_info.php?i=8
Interview with Prof. Pol Antràs
www.barcelonagse.eu/news-pol-antras-macroeconomics-lectur...
Top officials from 12 developing member countries (DMCs), Bangladesh, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Mongolia, Pakistan, Philippines, Sri Lanka, Thailand, and Viet Nam, and private sector executives in Japan attended an intensive, high-level training course on macroeconomics in Tokyo from 3-7 November
Read more about the event: www.adbi.org/event/6465.2014.adbi.keio.training.economics/
The 2016 MFM Summer Session held June 11–15 gave doctoral students and other early career researchers a thorough grounding in in macroeconomic modeling. Students learned techniques, data sources, evidence, applications, and methods to assess how the financial sector impacts the economy as a whole. The program brought together leading academics and experts who build and use models to manage system risk in financial and policy settings. Speakers presented models and methods in contexts focused on understanding the last financial crisis—and preventing the next one.
Session I: Overview of recent economic and social developments in Africa (agenda item 3) Presentation by Mr. Adam B. Elhiraika, Director of the Macroeconomic and Governance Division of ECA
This conference features recent research on the role of housing and household debt in macroeconomics. Topics include the effects of fiscal stimulus through the housing market on the economy, and how quantitative easing affects the economy through mortgage and housing markets.
The winter 2016 meeting was hosted by the Volatility Institute at New York University's Stern School of Business. This meeting featured sessions on the role of the housing market in the macroeconomy, the impact of big data and machine learning on macroeconomic research, and the potential of innovation contests to push macroeconomic modeling into new and exciting territory.
Contracts and the Global Organization of Production
www.crei.cat/lecture_info.php?i=8
Interview with Prof. Pol Antràs
www.barcelonagse.eu/news-pol-antras-macroeconomics-lectur...
PM Dr. Ngirente, virtually delivered a keynote address at the 2021 Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) Combined Forum | Kigali, 11 October 2021
A team of economists from Colombia, Ecuador, Mexico, Paraguay and Uruguay will use country-specific data as “case studies,” testing two central hypotheses: first, that bad fiscal and monetary policies led to macroeconomic instability, and second, that macroeconomic instability was responsible for low growth and poor economic performance in this region. - See more at: bfi.uchicago.edu/events/fiscal-and-monetary-history-latin...
The Doctor of Business Administration in Finance Program presented “Financial Markets’ Volatility and Macroeconomic Uncertainty” on Friday, December 7, 2018, at Sacred Heart University’s West Campus. Guest speakers will include Bluford Putnam, Chief Economist and Managing Director at CME Group, Katina Stefanova, Founder and CEO of Marto Capital, and Victor de la Peña, Professor of Statistics, Columbia University. Photo by Mark F. Conrad
Huang Hanquan, President, Chinese Academy of Macroeconomic Research, People's Republic of China; Qian Xiaojun, Founder, Chief Executive Officer, IBI, People's Republic of China; at the What's the Recipe for Productivity Growth? session, Annual Meeting of the New Champions 2025, Tianjin, People's Republic of China, 24/6/2025, 11:00 – 11:30, National Convention & Exhibition Center - Hub D. Hub. Copyright: World Economic Forum /
The Macro Finance Society organizes two conferences annually where researchers present recent work at the intersection of financial economics and macroeconomics. The methodological focus is on dynamic structural models that are grounded in data.
2022-05-09: President of the African Development Bank Group, Dr. Akinwumi A. Adesina sharing a frame with (L-R Front-Row) Hon. Alok Sharma, President for COP26 and Minister for the Cabinet Office; Ngozi Okonjo-Iweala, Director general of the World Trade Organization; Patrick Verkooijen, CEO of Global Center on Adaptation, Dutch foundation; Kristalina Georgieva, Managing Director of the International Monetary Fund; Ban Ki-moon, secretary-general of the United Nations; Nana Akufo-Addo, President of Ghana; Macky Sall, President of Senegal; Mark Rutte, Prime Minister of the Netherlands; Felix Tshisekedi, President of the Democratic Republic of the Congo; H.E. Moussa Faki Mahamat, Chairperson African Union Commission (AUC); Amina J. Mohammed, Deputy Secretary-General of the United Nations; Feike Sijbesma, Board Co-chair & Royal DSM’s Honorary Chairman; Frans Timmermans, Executive Vice-President for the European Green Deal, European Commission; (2nd L-R) January Makamba, Minister of State in the Vice President’s Office for Union Affairs and Environment; Ahmed Aboutaleb, Mayor of Rotterdam; Werner Hoyer, President of the European Investment Bank; Mahmoud Mohieldin, World Bank Group's senior vice president for the 2030 Development Agenda, UN Relations, and Partnerships; Anne Beathe Tvinnereim, Minister of International Development of Norway; Chrysoula Zacharopoulou, Minister Delegate for Development, Francophonie and International Partnerships, France; Josefa Leonel Correia Sacko, Commissioner for Rural Economy and Agriculture, African Union Commission; (Back-Row L-R) Admassu Tadesse, President and Chief Executive of the Eastern and Southern African Trade and Development Bank (TDB); Rémy Rioux, Chief Executive Officer of the French Development Agency; Dr. Hanan Morsy, Director, Macroeconomic Policy, Forecasting and Research Department, African Development Bank; Alain Ebobisse, Chief Executive Officer, African50; Jean Pierre Elong Mbassi, Secretary General of United Cities and Local Governments of Africa (UCLG Africa); Pierre Claver Maganga Moussavou, Former Vice President of Gabon; Karin E. Isaksson, AfDB Executive Director, Sweden; Dr. Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth; Feike Sijbesma, Board Co-chair & Royal DSM’s Honorary Chairman during the Africa Adaption Summit.
R. Anton Braun, research economist and policy advisor at the Federal Reserve Bank of Atlanta, speaks about the role of macroeconomic modeling in recent monetary policy at a research conference at Goizueta Business School, Nov. 3, 2011.
The conference, titled "What should we really expect from macroeconomic policy?," was co-sponsored by The Halle Institute and the Federal Reserve Bank of Atlanta. Policymakers, academics, and business leaders gathered at Emory University to discuss fiscal policy and the recent financial crisis, oil prices and macroeconomics, practical considerations in developing policies, and more. Learn more: bit.ly/macro-econ.
Photo by Wilford Harewood.
Andrew F. Scott. Guns or Butter. 3/2011
Digital illustrations and development of an idea for a series of sculptural installations.
In macroeconomics, the guns versus butter model is a simple example of the production possibility frontier. It models the relationship between a nation's investment in defense and civilian goods. In this model, a nation has to choose between two options when spending its finite resources. It can buy either guns (invest in defense/military) or butter (invest in production of goods), or a combination of both. This can be seen as an analogy for choices between defense and civilian spending in more complex economies.
The Award for Academic Achievement in Macroeconomics was presented to Bo Tao Wu.
Originally from China, he majored in economics, mathematics, and statistics, excelling in these subjects and taking advantage of opportunities to pursue advanced work in graduate level courses. His honors thesis was titled, “Common Pool Resources and Property Rights.” He plans to pursue a master’s degree and consider a doctorate.