Objective "The research under this proposal aims at a better understanding of monetary policy in light of the recent events following the financial crisis. There are three main objectives. The first is to study monetary policy in models where financial securities have different liquidity properties which could vary over time and be subject to sudden changes. The new framework will address the mechanisms at the root of the financial crisis and its propagation to real economic activity and at the same time study the appropriate policy responses and the forthcoming exit strategies. The second objective aims at extending the analyses of optimal monetary policy to abnormal times where deleveraging or liquidity shocks bring the nominal interest rate to the zero lower bound and more unconventional policies are needed. The third objective is directed to study open-economy models where the liquidity properties of financial securities affect the conduct of monetary policy, as in a currency area in which sovereign debt of some countries loses its safe-asset status or in small open economies challenged by imperfect credibility in the domestic fiat-money system." Fields of science social scienceseconomics and businesseconomicsmonetary and finances Programme(s) FP7-IDEAS-ERC - Specific programme: "Ideas" implementing the Seventh Framework Programme of the European Community for research, technological development and demonstration activities (2007 to 2013) Topic(s) ERC-CG-2013-SH1 - ERC Consolidator Grant - Individuals, Institutions and Markets Call for proposal ERC-2013-CoG See other projects for this call Funding Scheme ERC-CG - ERC Consolidator Grants Host institution LUISS LIBERA UNIVERSITA INTERNAZIONALE DEGLI STUDI SOCIALI GUIDO CARLI EU contribution € 837 680,00 Address VIALE POLA 12 00198 Roma Italy See on map Region Centro (IT) Lazio Roma Activity type Higher or Secondary Education Establishments Principal investigator Pierpaolo Benigno (Prof.) Administrative Contact Simona Marrone (Mrs.) Links Contact the organisation Opens in new window Website Opens in new window Total cost No data Beneficiaries (1) Sort alphabetically Sort by EU Contribution Expand all Collapse all LUISS LIBERA UNIVERSITA INTERNAZIONALE DEGLI STUDI SOCIALI GUIDO CARLI Italy EU contribution € 837 680,00 Address VIALE POLA 12 00198 Roma See on map Region Centro (IT) Lazio Roma Activity type Higher or Secondary Education Establishments Principal investigator Pierpaolo Benigno (Prof.) Administrative Contact Simona Marrone (Mrs.) Links Contact the organisation Opens in new window Website Opens in new window Total cost No data