Abstract
In this article, Andrew Scott examines the changing incentives for macroeconomic research in the UK. The last year has seen two significant developments. The first is the ESRC’s commitment to a funding initiative encouraging a broad range of work on growth and business cycle issues. Implicit in this is a reduction in the importance of large scale macroeconometric models. The second development is the publication of the Bank of England’s Economic Models at the Bank of England (EMBE) which advocates a pluralistic approach to economic analysis. While maintaining a substantial role for large scale macroeconometric models it advocates the use of different techniques, models and methodologies when providing policy advice. This article examines the causes and reasons behind these developments and their likely implications for UK macroeconomics.
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