The Alfred P. Sloan Foundation Awards Grant To The Hoover Institution For The New Macroeconomic Model Comparison Initiative

Tuesday, November 15, 2016
Stanford
Economics Abstract
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Sam C., Shutterstock

The Alfred P. Sloan Foundation has announced that it has awarded a three-year grant in the amount of $591,295 to the Hoover Institution in support of a new Macroeconomic Model Comparison Initiative (MMCI), which is joint project with Goethe University Frankfurt’s Institute for Monetary and Financial Stability (IMFS). This new grant will assist in conducting new methods of research analysis in macroeconomic modeling for monetary, fiscal and macro-prudential policy.

"We look forward to the important research that results from the collaboration between the Hoover Institution and the Sloan Foundation," stated Tom Gilligan, Director, Hoover Institution. 

The MMCI brings together a network of renowned economic researchers, led by John Taylor, the Mary and Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow in Economics at the Hoover Institution; Volker Wieland, Chair of Monetary Economics and Managing Director at Goethe University Frankfurt’s Institute for Monetary and Financial Stability; and Michael Binder, Chair of International Macroeconomics and Macroeconometrics, Goethe University Frankfurt.

“It is my great pleasure to be associated with the Sloan Foundation’s constant commitment to advance economic research,” stated Hoover Institution senior fellow John Taylor. “Our goal is to build on the success of our earlier research on the Macroeconomic Model Data Base by using this funding to advance transparency in model development and comparison with aim of designing and implementing innovative policy strategies.”

The Alfred P. Sloan Foundation grant will assist in leveraging advances in quantitative macroeconomic models and allow MMCI researchers to integrate and compare relevant new models into the Macroeconomic Model Data Base with existing models used by policy makers. The MMCI project aims to empower macroeconomists with an enhanced structural macroeconomic model to improve policy making for central banks, finance ministries, legislative bodies, regulatory authorities and international organizations. The primary mission of the MMCI is to enable macroeconomists to produce results that will put them in a stronger position to inform policy makers about which policy strategies are robust to model uncertainty.

About the Hoover Institution: The Hoover Institution, Stanford University, is a public policy research center devoted to the advanced study of economics, politics, history, and political economy—both domestic and foreign—as well as international affairs. With its eminent scholars and world-renowned Library & Archives, the Hoover Institution seeks to improve the human condition by advancing ideas that promote economic opportunity and prosperity and secure and safeguard peace for America and all mankind.

About the Alfred P. Sloan Foundation: The Alfred P. Sloan Foundation is a philanthropic, not-for-profit grantmaking institution based in New York City that supports original research and education in science, technology, engineering, mathematics, and economics. This grant was made through the Foundation’s Economic Institutions, Behavior, and Performance program, which supports rigorous and objective research projects on U.S. economic structure, behavior, and performance whose findings inform and strengthen decision-making by regulators, policymakers, and the public. Learn more at sloan.org

About the Institute for Monetary and Financial Stability (IMFS): The IMFS is a research center of Goethe University Frankfurt. Its objective is to promote public awareness of the benefits of monetary and financial stability from an economic, financial and legal perspective. The institute aims to contribute to this goal by conducting economic and legal research, training doctoral and post-doctoral researchers, providing economic and legal policy advice, and disseminating new findings to the public.