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5-6 March 2020

 NAEC - New approaches to economic challenges

Baillie Gifford logo

 

INTEGRATIVE ECONOMICS

OECD Conference Centre (Room CC2)

State-of-the-art policy applications emerging from new analytical tools and techniques show how methodological innovations and inter disciplinary approaches such as agent-based modelling, nowcasting, machine learning, and network analysis could contribute to better understanding of the complexity and interaction of our economic, financial, social and environmental systems.

Understanding people to understand the economy is an issue linked to the core mandate and rationale of NAEC. This conference explores how internal social, emotional and rational components of behaviour interact to generate observed, often far-from-rational, individual behaviour. When multiple agents of this new type move and interact, they collectively generate an astonishing range of dynamics spanning the fields of social conflict, psychology, public health, law, network science, and economics.

This conference will also examine new modelling and analytical approaches to systemic challenges, highlighting the potential of integrative economics. This will include a systemic perspective on the environmental system, the economic system, the social and the financial system. The aim is to demonstrate how new economic thinking and acting are transforming the way we understand the socio-economic system and how it is interacting with the environmental system.

> For external participants : NAEC@oecd.org

> For OECD staff: Register

> Watch the webcast:
Conference (5 March) am / pm
Conference (6 March) am

> Logistical note (pdf)

> Agenda - to follow

> Speaker biographies - to follow

Thursday 5 March 2020

 Opening session

9:30-10:30

Gabriela Ramos, OECD Chief of Staff and Sherpa

Laurence Boone, OECD Chief Economist[TBC]

 Session 1: Understanding Agent_Zero
 10:00-12:30

Understanding and advancing Agent_Zero as a foundation for generative social science and specifically for the modeling of economic and financial dynamics, notably contagions, crises, and collapses.

Keynote Speaker:

  • Joshua M. Epstein, Professor of Epidemiology, New York University School of Global Public Health and External Professor, Santa Fe Institute
 Session 2: Systems Modelling
 14:00-16:00

Agent-based models use computer simulation to explore emerging dynamical patterns, free from any top-down assumptions. In contrast to conventional models, ABM make no assumptions about the existence of efficient policies or general equilibrium. ABM use a dynamic system of interacting, autonomous agents to allow macroscopic behaviour to emerge from microscopic rules. ABM are used to study complex systems, including ecosystems, pandemics, markets, energy generation and distribution, weather and climate, as well as societal phenomena such as urbanisation, traffic flows and migration.

Keynote Speaker:

  • Andy Haldane, Chief Economist and Executive Director for Monetary Analysis and Research, Bank of England
Session 3: A Systems Approach to the Socio-economic System
 16:00-18:00

Keynote Speaker:

  • J. Doyne Farmer, Director of Complexity Economics, Institute for New Economic Thinking, and Santa Fe Institute, and Rebuilding Macroeconomics

Friday 6 March 2020

 Session 5: A Systems Approach to Environmental Challenges
 9:30-11:00

Accelerating environmental crisis is without doubt a most urgent challenge now facing the world. This session will discuss significant drawbacks in the way economics has sometimes modelled the interaction between the economic and environmental system. It will discuss new integrated assessment models for climate change with stock-flow consistent (SFC) macroeconomic models. These alternative models have much richer dynamic outcomes and allow the exploration of nonlinear feedback loops that are entirely absent from traditional models, in particular the crucial interaction between private debt, economic activity, and global temperature.

Keynote Speaker:

  • Matheus Grasselli, Professor of Mathematics, McMaster University and the Fields Institute, Toronto

 Session 6: A Systems Approach to the Financial System
 11:00-12:45

Launch of NAEC report The Financial System

This session will feature discussion on the theory and models of the financial system, the role of the financial system in itself and its relations with the rest of the economy, society and the environment and policies for the financial sector in light of the 2008 crisis and what has changed since then and still needs to change.

Keynote Speaker:

  • Richard Bookstaber, Chief Risk Officer in the Office of the CIO for the Regents of the University of California
Closing remarks
 12:45