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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


Playing by their own rules?

We analyse whether the policy platforms announced by the main parties are consistent with their own fiscal rules
Published on 28 November 2019 by Richard Hughes, Jack Leslie, Cara Pacitti, James Smith

Fiscal rules are crucial for the government’s stewardship of the public finances and framing its economic priorities. So it is welcome that the main parties have prioritised setting out the rules they would follow, with their announcements following to different...

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Rewriting the rules

Assessing Conservative and Labour’s new fiscal frameworks
Published on 7 November 2019 by Torsten Bell, Matthew Whittaker, Cara Pacitti, Jack Leslie

Fiscal rules are technical frameworks only ever focused on by a tiny fraction of the population. But they are important for government’s running of our public finances, and for having a sense of where we are heading as a country.

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Totally (net) worth it

The next generation of UK fiscal rules
Published on 29 October 2019 by Richard Hughes, Jack Leslie, Cara Pacitti, James Smith

The UK needs new fiscal rules which put improving net worth at the centre, enable the government to borrow to invest, are robust to a wide range of scenarios, and allow fiscal policy to play a lead role in stabilising...

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Britannia waives the rules?

Lessons from UK and international experience with fiscal rules
Published on 21 October 2019 by Richard Hughes, Cara Pacitti, Jack Leslie

The UK’s current fiscal rules will expire in 2020-21 and all major political parties have committed to replacing them. This paper explores the lessons from UK and international experience that can help set the UK’s next generation of fiscal targets.

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Seeking public value

The case for balance sheet targeting in fiscal policy
Published on 29 September 2019 by Richard Hughes

With the government’s current fiscal rules set to expire next year, this paper makes the case for government’s next fiscal framework to move beyond the narrow focus on debt and include a target which encompasses its entire balance sheet of...

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Dealing with ‘no deal’

The economic policy response to a ‘no deal’ Brexit
Published on 19 September 2019 by Richard Hughes, Jack Leslie, Cara Pacitti, James Smith

This report provides a framework for understanding what role macroeconomic policy can play in alleviating the economic impact of a ‘no deal’ Brexit.

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Recession ready?

Assessing the UK’s macroeconomic framework
Published on 9 September 2019 by James Smith, Jack Leslie, Cara Pacitti, Fahmida Rahman

This report is the launch paper for the Resolution Foundation’s Macroeconomic Policy Unit. It provides the most comprehensive assessment of the UK’s macroeconomic policy framework since the financial crisis, focusing on the ability of the framework to provide effective support...

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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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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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  • 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
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