Project Name: Complexity Research Initiative for Systemic Instabilities
Description: CRISIS (Complexity Research Initiative for Systemic Instabilities) is a 3-year project, funded under the FP7-ICT theme. It is a consortium of researchers from 11 leading European academic and private sector institutions, supported by an advisory board of senior current and former policymakers and financiers.
The project was set up in the wake of the global financial crisis that showed that existing models that had been adequate in times of economic prosperity were utterly inadequate for predicting major crises. Its aim is to build a new model of the economy and financial system that is based on how people and institutions actually behave. CRISIS aims to develop tools to deepen policymakers’ understanding of the economic and financial system and give them realistic options for modelling the economy and designing policies and regulations.
CRISIS intends to deliver three products:
- A model of the EU financial system and macroeconomy, with a user-friendly graphical interface and a web-based gaming mode.
- A granular database of households, firms, and financial institutions.
- Analyses of critical EU financial and economic issues based on the model.
Contact name: Domenico Delli Gatti