Macroeconomic modelling has been under intense scrutiny since the Great Financial Crisis, when serious shortcomings were exposed in the methodology used to understand the economy as a whole. ...Criticism has been levelled at the assumptions employed in the dominant models, particularly that economic agents are homogeneous and optimizing and that the economy is equilibrating. This paper seeks to explore an interdisciplinary approach to macroeconomic modelling, with techniques drawn from other (natural and social) sciences. Specifically, it discusses agent-based modelling, which is used across a wide range of disciplines, as an example of such a technique. Agent-based models are complementary to existing approaches and are suited to answering macroeconomic questions where complexity, heterogeneity, networks, and heuristics play an important role.
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2.
Training in the use of ketamine Haldane, A. G.
Anaesthesia,
October 2009, 2009-Oct, 2009-10-00, 20091001, Volume:
64, Issue:
10
Journal Article
Peer reviewed
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5.
Traumatic pneumorrhachis Haldane, A G
Journal of the Royal Army Medical Corps
156, Issue:
4 Suppl 1
Journal Article
Peer reviewed
Pneumorrhachis or intraspinal air is an increasingly encountered phenomenon in the management of severe trauma. The case of a 23-year-old soldier, who sustained a gunshot wound to the chest, is ...presented and the subsequent discussion illustrates that while often benign this phenomenon may indicate serious occult injury.
Anaesthesia at Role 4 Wood, P R; Haldane, A G; Plimmer, S E
Journal of the Royal Army Medical Corps
156, Issue:
4 Suppl 1
Journal Article
Peer reviewed
The contribution of anaesthesia to the care of injured military personnel at Role 4 is described with particular emphasis on the working relationship between the Royal Centre for Defence Medicine and ...the civilian department of anaesthesia. The implications for operating theatre activity are discussed.
Curbing the Credit Cycle Aikman, David; Haldane, Andrew G.; Nelson, Benjamin D.
The Economic journal (London),
June 2015, Volume:
125, Issue:
585
Journal Article
Peer reviewed
Credit cycles have been a characteristic of advanced economies for over 100 years. On average, a sustained pick-up in the ratio of credit to GDP has been highly correlated with banking crises. The ...boom phases of the cycle are characterised by large deviations in credit from trend. A range of mechanisms can generate these effects, each of which has strategic complementarity between banks at its core. Macro-prudential policy could curb these credit cycles, both through raising the cost of maintaining risky portfolios and through an expectations channel that operates via banks' perceptions of other banks' actions.
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Traditional economic theory could not explain, much less predict, the near collapse of the financial system and its long-lasting effects on the global economy. Since the 2008 crisis, there has been ...increasing interest in using ideas from complexity theory to make sense of economic and financial markets. Concepts, such as tipping points, networks, contagion, feedback, and resilience have entered the financial and regulatory lexicon, but actual use of complexity models and results remains at an early stage. Recent insights and techniques offer potential for better monitoring and management of highly interconnected economic and financial systems and, thus, may help anticipate and manage future crises.
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Complex systems. Complexity theory and financial regulation Battiston, Stefano; Farmer, J Doyne; Flache, Andreas ...
Science (American Association for the Advancement of Science),
2016-Feb-19, 20160219, Volume:
351, Issue:
6275
Journal Article
Peer reviewed
Open access
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Abstract The process of financialisation has been extensively studied and several stylised facts identified. Short-termism is one of these. This article analyses the role that changes in accounting ...rules have played in increasing short-termism in company management. Our study considers the adoption of the International Financial Reporting Standards in the European Union (EU), showing that the new accounting standards have altered companies’ sensitivity to investment opportunities, leading to underinvestment in the real economy. In doing so, our article highlights the public-policy profile of accounting standards setting and possible tensions with EU societal objectives. To the best of our knowledge, this is the first study empirically analysing the role of accounting rules in the financialisation of economy.
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