The current macroeconomic and financial crisis has given rise to a vigorous debate about the state of macroeconomics and macroeconomic training. Among the voices arguing most strongly for a change in the way that young macroeconomists are trained are those coming from employers in the private and public sectors. Strikingly, many employers are also arguing that a knowledge of economic history is crucial in thinking about macroeconomic problems and the financial sector in several ways. It forces students to recognize that major discontinuities in economic performance and economic policy regimes have occurred many times in the past, and may therefore occur again in the future. Additionally, economic history teaches students the importance of context. Finally, exposure to economic history leads to an empirical frame of mind, and a willingness to admit that one’s preferred theoretical framework may not always work in explaining the real world. These are essential habits for young economists wishing to apply their skills in the work environment. Young macroeconomists need training in economic and financial history. Equally, students of economic history need exposure to the techniques of modern macroeconomics and financial economics.

MACROHIST brings together some of the strongest history, economic history and economics departments in Europe. Its aim is to expose young macroeconomists to the most recent work in macroeconomic and financial history; young economic historians to the most recent techniques in financial and macroeconomics, and both groups to the policy and work environment. We will achieve these aims by funding research on macroeconomics and macroeconomic and financial history; by funding visiting studentships for ESRs in partner institutions; by organising internships and other activities with our private sector partners; and by arranging network-wide research and training events.

Details

Funded by: European Commission

Duration: 5 Years

Related Groups

Economic History

Macroeconomics