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- Blog
- 15th Aug 2018
Central banking: when communication is the policy
Sometimes, the explanation is the policy. — Janet Yellen, Chair of the Federal Reserve 2014-2018 The psychological and behavioural economics literatures have had a transformative impact on how we understand people’s financial and personal decision-making. Studies have shown that more information isn’t always better, that defaulting people into saving can…
- Report
- 15th Aug 2018
Enhancing central bank communications with behavioural insights
A joint study from the Bank of England and the Behavioural Insights Team
- Blog
- 3rd May 2018
Inflated expectations? Our research on how to ask people about inflation
New results published in the Singapore Macroeconomic Review Central banks around the world want to know how people expect prices to change. Why does it matter? Suppose I want a new television. If I expect the price of that TV will be higher next year, I might choose to buy…
- Blog
- 17th Apr 2018
Unemployed after 40 years: what next?
Keith Lowe worked at the BHP steelworks in Newcastle, a regional city in Australia, for nearly 40 years before it closed in 1999. Despite the shock of closure, Keith walked out of the steelworks’ gates for the last time with confidence in his future. Keith likes using his hands. Before…
- Blog
- 27th Nov 2017
The UK's new Industrial Strategy: a modern foundation for economic growth
Traditionally, Industrial Strategy conjures images of furnaces and molten metal. In turn, the language of economic policy - productivity, innovation, competitive advantage, regulation - hardly sparks the imagination. Today’s launch of the UK Government’s Industrial Strategy White Paper should help shift these perceptions. The Strategy is formed around five foundations…
- Blog
- 23rd Nov 2017
Applying behavioural insights to labour markets
Employment is perhaps one of the areas that can benefit the most from the application of behavioural insights and robust evaluation. From both the supply and demand side of the labour market, small changes can have big effects. Small percentage increase to employment figures can mean substantial wellbeing improvements to…
- Publication
- 15th Aug 2017
A review of optimism bias, planning fallacy, sunk cost bias and groupthink in project delivery and organisational decision making
A literature review to accompany our full report, An Exploration of Behavioural Biases in Project Delivery at the Department for Transport
- Blog
- 11th Jul 2017
Be the Business: boosting productivity in the UK
This morning saw the launch of ‘Be the Business’, the new movement from the UK’s Productivity Leadership Group (PLG). The breakfast event was glitzy and polished, hosted in the cool London base of Channel 4, rather than a standard conference venue. An interesting element is that it is led by…
- Blog
- 23rd Jan 2017
Boosting economic growth
One area where behavioural economics has had surprisingly little impact – rather ironically - has been economic policy. The UK’s Industrial Strategy, published today, starts to change this. Adam Smith wrote extensively of the role of sentiment. Keynes highlighted how shocks and booms are driven by ‘animal spirits’. More recent…
- Publication
- 20th Oct 2016
Poverty and decision-making: How behavioural science can improve opportunity in the UK
This report puts forward 18 recommendations on how behavioural science can improve opportunity in the UK in six key policy areas: consumer credit; rainy day savings; employment; welfare entitlements; child development; and post-secondary education.