Thomas Lux calls for new macroeconomic models that include the financial sector and real economy to avoid future crises



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## Thomas Lux calls for new macroeconomic models that include the financial sector and real economy to avoid future crises

07/03/2014 |
SCP

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[![







![Thomas Lux](/com/noticies/2014/02/2q/dialegs-llotja/thomas-lux.jpg "No video playback capabilities, please download the video below")
](/com/noticies/2014/02/2q/dialegs-llotja/thomas-lux.jpg)](http://www.svideo.uji.es/svideo_flash/minut/Thomas_Lux_ing_1min.ogv)

"We need a new macroeconomics". This was stated by Thomas Lux, the Bank of Spain professor in Computational Economics at the UJI, at the first session of the series of  talks "Diàlegs a la Llotja" held under the title "Relaciones bancarias, contagio y crisis financiera" ("Banking relationships, financial crisis and contagion").

Thomas Lux, who was interviewed by Vicent Orts, professor of Macroeconomics at the UJI, presented the analysis of the interbank and corporate networks that the UJI is conducting together with other European universities and institutions within the FinMaP project (Financial Distortions and Macroeconomic Performance: Expectations, Constraints and Interaction of Agents), a project coordinated by the professor and funded by the European Union with over two million euros.  
  
According to Lux, through the study of these networks we can determine which entities are most important and require monitoring to avoid possible contagion effects that can lead to bankruptcy. "We must determine which banks are more connected and are systemically important in order to study rules that establish limits on the number of interbank connections or the amount of funds that can be borrowed from them", stated the professor.  
  
In this line, Lux added that the objective of the project is to find new macroeconomic models to undertake other monetary policies, since current models do not explain or predict the crisis. According to the professor, when the crisis started, in 2008, there was not a model that took into account the liquid money and financial markets, which is where the crisis originated. "We must include principles, including the financial sector, to study the heterogeneity of sectors and enter the real economy. Moreover, we don't have to lose sight of the interconnections between entities to see the fragility of the system and to regulate and prevent banks from becoming real monsters", concluded the professor.

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