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What is the MPU?

The Resolution Foundation’s Macroeconomic Policy Unit has been set up with the aim of contributing to a more inclusive and better informed macroeconomic policy debate. It will publish original and rigorous macroeconomic analysis on key policy issues. As well as research undertaken by Resolution Foundation staff and the MPU’s Associates, we will collaborate with, and provide a platform for, high-quality and innovative thinking on macroeconomic policy issues.

 


Why does macroeconomic policy matter for living standards?

Macroeconomic developments play a key role in driving living standards. The unprecedented stagnation in earnings seen since the financial crisis has to a large degree reflected the weakness of aggregate GDP and productivity. While low to middle income households have fared worse than those at the top of the distribution, weak income growth has affected all parts of the distribution. Macroeconomic policy plays a key role in determining macroeconomic outcomes, and so is inextricably linked to living standards. This is particularly true in recessions when macroeconomic plays a vital role in limiting the damage.

What We Do

Publications

Macroeconomic Policy Outlook Q4 2020

Published on 28 December 2020 by James Smith, Torsten Bell, Karl Handscomb, Jack Leslie, Cara Pacitti, Nye Cominetti

This is our regular Macro Policy Outlook, providing a policy-focused take on the economy. In this edition, we focus on the labour market, and the prospects for unemployment.   This edition of the Macro Policy Outlook looks ahead to prospects...

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Macroeconomic Policy Outlook Q3 2020

Published on 21 September 2020 by James Smith, Jack Leslie

This is our regular Macro Policy Outlook, providing a policy-focused take on the economy. In this edition, we focus on the labour market, and the prospects for unemployment. While the OBR forecast that the unemployment rate will rise to match...

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Helicopters on standby?

With rates at all-time lows, the Bank of England needs a different playbook for this crisis
Published on 26 March 2020 by James Smith, Tony Yates

With a big recession on the way, the Bank of England’s Monetary Policy Committee would normally be unveiling measures to support the economy today, and this piece would be discussing what they’ve done. But we are not in normal times....

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Doing more of what it takes

Next steps in the economic response to coronavirus
Published on 16 April 2020 by Richard Hughes, Jack Leslie, Charlie McCurdy, Cara Pacitti, James Smith, Daniel Tomlinson

The Government has responded to coronavirus by shutting down large parts of the UK economy, and socialising the costs of doing so through a package of fiscal support to firms and individuals unprecedented in size and scope. Given uncertainty about how long public health restrictions will...

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Easing does it

Economic policy beyond the lockdown
Published on 7 July 2020 by Laura Gardiner, Jack Leslie, Cara Pacitti, James Smith

Having weathered the first wave of the coronavirus economic storm, the task now facing the country is how to reopen, revive, and rebuild our economy while the virus remains with us. The Government needs to act as quickly, boldly, and...

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Unhealthy finances

How to support the economy today and repair the public finances tomorrow
Published on 11 November 2020 by George Bangham, Adam Corlett, Jack Leslie, Cara Pacitti, James Smith

This report provides analysis of the dual challenges faced by the government: ensuring that there is sufficient fiscal support through the crisis and recovery, and setting fiscal policy on a sustainable long-term path. Some argue it is unsustainable to provide...

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Events

Rewriting the rule book

A new fiscal framework for new economic times
Tuesday 29 October, 2019

We present our latest paper from our Macroeconomic Policy Unit on what the UK’s new fiscal rules should be, followed by a debate by an expert panel on the pros and cons of new fiscal rules.

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Dealing with ‘No Deal’

What should the Chancellor and Governor do?
Thursday 19 September, 2019

Across Whitehall, preparations for ‘No Deal’ are now dominating, from maintaining medical supplies to bolstering border controls. But the Treasury and the Bank of England also need to prepare a macroeconomic response to a ‘No Deal’ Brexit.

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Ready for the next recession?

Assessing the UK’s macroeconomic framework
Monday 9 September, 2019

To mark its launch of its new Macroeconomic Policy Unit, Resolution Foundation is hosting an event that brings together leading macroeconomists and policy makers, and will include the publishing of a comprehensive assessment of the UK’s current macroeconomic policy framework.

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Comment

Political leaders must set out credible plans to tackle the next downturn

The time for action on macroeconomic policy is now
Published on 30 November 2019

Okay, fair enough, there’s a lot going on right now. With a fraught election campaign in full flow, and our future relationship with the EU still up in the air, you can be forgiven for taking your eye off preparations...

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Experts

  • Kate Barker

    Kate Barker

    MPU Associate
  • Jason Furman

    Jason Furman

    MPU Associate
  • Toby Nangle

    Toby Nangle

    MPU Associate
  • Jumana Saleheen

    Jumana Saleheen

    MPU Associate
  • Greg Thwaites

    Greg Thwaites

    MPU Associate
  • Gertjan Vlieghe

    Gertjan Vlieghe

    MPU Associate
  • Tony Yates

    Tony Yates

    MPU Associate
  • Silvana Tenreyro

    MPU Associate
  • Wendy Carlin

    MPU Associate
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