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MACROCAMP

CAMP has received funding from the Research Council of Norway (RCN) for the research project RCN: 315008 The Corona-crisis, Structural Change, and Macroeconomic Policy. The project, named ‘MACROCAMP’ for short, is led by Professor Hilde C. Bjørnland (BI and CAMP) in collaboration with Professor Leif Anders Thorsrud (BI and CAMP), Professor Ragnar Torvik (NTNU and CAMP), and researchers from the Australian National University, Indiana University, and Norges Bank.

MACROCAMP has been awarded NOK 12 million by RCN. Initially set to conclude in the fall of 2024, the project has been extended until the fall of 2025, allowing for further research and analysis.

The project

The main idea behind the project is to combine different data sources, alternative methodological approaches and new economic theories to study drivers of economic crises, structural changes and the effect of economic policy.

• The first part of the project will explore the possibility of setting up an early warning system for global incidents such as the pandemic and analyze how the pandemic and subsequent policy actions have affected the three small open economies Australia, Norway, and Sweden. As a part of the project, the researchers will use machine learning and natural language processing technologies, and alternative data sources, such as daily media coverage of economic news to capture signals of economic developments.
• The second part of the project will study how crisis events affect ongoing structural changes in the economy and discuss the role of economic policy in such transformations.
• In the final part, the researchers will extract detailed micro data to understand how structural change and large macroeconomic shocks affect individual firms and households behaviour, and study the macroeconomic implications of such microeconomic behaviour.