National Institute of Economic and Social Research

The National Institute of Economic and Social Research (NIESR), established in 1938,[1] is Britain's oldest independent economic research institute. The institute is a London-based[2][3] independent UK registered charity that carries out academic research of relevance to business and policy makers,[4] both nationally and internationally.

National Institute of Economic and Social Research
Formation1938
TypeThink tank
Headquarters2 Dean Trench St, Westminster, London SW1P 3HE
Location
Director
Jagjit Chadha
Websitewww.niesr.ac.uk/
National Institute of Economic and Social Research

The institute receives no core funding from government or other sources. The bulk of funding comes from research projects awarded or commissioned by a variety of sources, including government, all acknowledged in full in their published materials. The terms of their grants prohibit any involvement from funding bodies in determining or influencing content. Funders include government departments and agencies, the research councils (particularly the Economic and Social Research Council (ESRC)), charitable foundations, the European Commission, and the private sector. The institute is a partner with the ESRC's Centre for Macroeconomics), and also with the Economic Statistics Centre of Excellence, which is funded by the Office for National Statistics.

HistoryEdit

The NIESR was established in 1938 with funding from the Rockefeller Foundation, the Pilgrim Trust, the Leverhulme Trust and the Halley Stewart Trust.[1] The vision of its founders was to carry out research to improve understanding of the economic and social forces that affect people's lives, and the ways in which policy can bring about change.[5]

Directors, presidents and council membersEdit

Professor Noel Hall was the first director of the institute, before its official existence in 1938, from 1937 until 1940. Geoffrey Crowther then became "acting" director from 1940 but was called upon for war service in June of that year. From June 1940 to 1949, Sir Henry Clay[6] carried out the duties of director and chair of council.[1]

Directors post 1952Edit

Chairs of councilEdit

There have been chairs of council since the institute was created. The first was Lord Stamp,[10] from 1937 to 1942. He was succeeded by Sir Henry Clay, who held the position from 1942 until 1949. Subsequent chairs included Humphrey Mynors, Sir Austin Robinson,[11] Sir John Woods, Sir Robert Hall,[12] Sir Hugh Week, Sir Donald MacDougall,[13] and Sir Kenneth Berrill.[1] Diane Coyle became the first woman to hold the position in the history of the institute,[14] taking over the position from Sir Tim Besley. Since November 2018, Professor Nicholas Crafts CBE has held the position.

PresidentsEdit

Lord Burns was president from 2003 to 2010, followed by Sir Nicholas Monck from 2011 to 2013, and subsequently Sir Charles Bean. The current president is Sir Paul Tucker.

OrganisationEdit

Research areas covered by the National Institute include Destitution, Exclusion, and Strategies for Well-Being;[15] Education and Skills;[16] Labour, Employment and Wages;[17] Macro-Economic Modelling and Forecasting;[18] Macro-Economics of Climate Change;[19] Monetary Theory and Policy;[20] Political Economy;[21] and Productivity, Trade, and Regional Economies.[22]

National Institute Economic ReviewEdit

Since 1959, the NIESR has published the National Institute Economic Review.[23] Principal topics covered by the Review include economic modelling and analysis, education and training, productivity and competitiveness, and workings of the international economy. Each edition Includes detailed forecasts of both UK and World Economies, a commentary, and special articles by Institute researchers and external authors. Since 2021, the UK[24] and Global[25] Economic Outlook have been published in-house.

Trackers on the UK EconomyEdit

Each month NIESR tracks a series of key economic indicators, including Consumer Price Inflation (CPI), Gross Domestic Product (GDP) and Wages, and uses this data to forecast the future of the UK economy.  In addition, each quarter they publish a Term Premium Tracker and have, since February 2021 been tracking UK Covid-19 infection rates.

NiGEMEdit

An important output of NIESR has been a macroeconomic model called NiGEM (National Institute's Global Econometric Model)[26] which is used to produce quarterly forecasts for the UK and global economy (published in the National Institute Economic Review). Forecasts are also published for various other OECD countries. The model is used by the UK Treasury, IMF, Bank of England, the OECD and European Central Bank.[26][27][28] In 2014, a Société Générale researcher used the model to analyse the effect of falling oil prices on the world economy.[29]

ReferencesEdit

  1. ^ a b c d Jones, Kit (1998). Sixty Years of Economic Research. Plymouth, United Kingdom: Latimer Trend & Company. pp. 1–13. ISBN 978-0952621331.
  2. ^ "About us". National Institute of Economic and Social Research. 2 August 2012. Retrieved 2 November 2016.
  3. ^ "Google Maps".
  4. ^ "Registered charities in England and Wales". Charity Commission. Retrieved 6 March 2018.
  5. ^ "About us". 2 August 2012.
  6. ^ Jewkes, John; Jewke, Sylvias (23 September 2004). "Clay, Sir Henry (1883–1954), economist". In Middleton, Roger (ed.). Oxford Dictionary of National Biography. Oxford Dictionary of National Biography (online ed.). Oxford University Press. doi:10.1093/ref:odnb/32438. (Subscription or UK public library membership required.)
  7. ^ Middleton, Roger (10 January 2013). "Hopkin, Sir (William Aylsham) Bryan (1914–2009), economist and public servant". Oxford Dictionary of National Biography. Oxford Dictionary of National Biography (online ed.). Oxford University Press. doi:10.1093/ref:odnb/101835. ISBN 9780198614111. (Subscription or UK public library membership required.)
  8. ^ Frowen, Stephen F. (23 September 2004). "Saunders, Christopher Thomas (1907–2000), economist". Oxford Dictionary of National Biography. Oxford Dictionary of National Biography (online ed.). Oxford University Press. doi:10.1093/ref:odnb/76301. (Subscription or UK public library membership required.)
  9. ^ McMahon, Kit (8 January 2009). "Worswick, (George) David Norman (1916–2001), economist". Oxford Dictionary of National Biography. Oxford Dictionary of National Biography (online ed.). Oxford University Press. doi:10.1093/ref:odnb/75896. (Subscription or UK public library membership required.)
  10. ^ Beveridge (6 January 2011). "Stamp, Josiah Charles, first Baron Stamp (1880–1941), statistician and business administrator". Oxford Dictionary of National Biography. Oxford Dictionary of National Biography (online ed.). Oxford University Press. doi:10.1093/ref:odnb/36237. (Subscription or UK public library membership required.)
  11. ^ Harcourt, G. C. (23 September 2004). "Robinson, Sir (Edward) Austin Gossage (1897–1993), economist". Oxford Dictionary of National Biography. Oxford Dictionary of National Biography (online ed.). Oxford University Press. doi:10.1093/ref:odnb/53200. (Subscription or UK public library membership required.)
  12. ^ "Hall, Robert Lowe, Baron Roberthall (1901–1988), economist". Oxford Dictionary of National Biography. Oxford Dictionary of National Biography (online ed.). Oxford University Press. 23 September 2004. doi:10.1093/ref:odnb/39881. (Subscription or UK public library membership required.)
  13. ^ Peden, G. C. (4 October 2008). "MacDougall, Sir (George) Donald Alastair (1912–2004), economist and civil servant". Oxford Dictionary of National Biography. Oxford Dictionary of National Biography (online ed.). Oxford University Press. doi:10.1093/ref:odnb/93612. (Subscription or UK public library membership required.)
  14. ^ "Press release: Prof Diane Coyle becomes the first female Chair of NIESR's Council of Management". www.niesr.ac.uk. 14 December 2016. Retrieved 31 August 2017.
  15. ^ "Destitution, Exclusion, and Strategies for Well-Being". NIESR. 24 January 2022. Retrieved 20 November 2017.
  16. ^ "Education and Skills". NIESR. 24 January 2022. Retrieved 20 November 2017.
  17. ^ "Labour, Employment and Wages". NIESR. 24 January 2022. Retrieved 20 November 2017.
  18. ^ "Macro-Economic Modelling and Forecasting". NIESR. 24 January 2022. Retrieved 20 November 2017.
  19. ^ "Macro-Economics of Climate Change". NIESR. 24 January 2022. Retrieved 20 November 2017.
  20. ^ "Monetary Theory and Policy". NIESR. 24 January 2022. Retrieved 20 November 2017.
  21. ^ "Political Economy". 24 January 2022.
  22. ^ "Productivity, Trade, and Regional Economies". 24 January 2022.
  23. ^ "National Institute Economic Review". NIER – via Cambridge University Press.
  24. ^ "UK Economic Outlook". 24 January 2022.
  25. ^ "Global Economic Outlook". 24 January 2022.
  26. ^ a b "NiGEM : Macro economic model, forecasting, econometric software". nimodel.niesr.ac.uk. Retrieved 31 October 2019.
  27. ^ "Forecasting methods and analytical tools – OECD (See "Assessing the current situation")". www.oecd.org. December 2011. Retrieved 31 October 2019.
  28. ^ Earle, Joe. "To EU, or not to EU, that is the question". www.ecnmy.org. Retrieved 31 October 2019.
  29. ^ Kiersz, Andy (14 November 2014). "Here's What a Sustained $20 Drop in Oil Prices Does to the World's Major Economies". uk.businessinsider.com. Retrieved 31 October 2019.

External linksEdit