Descripción del proyecto
Calibración de las políticas macroprudenciales para reducir la desigualdad social
Destinadas a prevenir la inestabilidad del sistema financiero, las políticas macroprudenciales aumentan la resiliencia de dicho sistema. En el proyecto MACROPRU, financiado con fondos europeos, se analizará la relación entre las políticas macroprudenciales y la desigualdad social. Se aplicarán técnicas de simulación de vanguardia y basadas en agentes para descubrir los efectos redistributivos de las políticas macroprudenciales. Desde la perspectiva del bienestar social, el objetivo del proyecto será determinar la optimización de las herramientas macroprudenciales. Los hallazgos arrojarán luz sobre las conclusiones extraídas de los ejercicios de simulación de crisis financiera de todo el sistema con fines macroprudenciales llevados a cabo por el Banco Central Europeo. Los resultados también servirán de asesoramiento para los responsables políticos y los bancos centrales sobre cómo calibrar las políticas macroprudenciales a fin de minimizar los efectos sociales adversos y reducir la desigualdad.
Objetivo
"The primary aim of the action is to investigate how new macroprudential policies can influence financial stability without contributing to inequality in society. In this project we aim to apply cutting-edge, agent-based simulation techniques to uncover the redistributive effects of macroprudential policies and to examine the combination optimality of the macroprudential tools from the social welfare perspective. The results of this project will complement the conclusions extracted from the ECB system-wide stress-testing exercises by providing data on the rise of inequality in EU countries due to the adoption of new financial regulations. It will also supplement the macroeconomic impact assessment for the Basel III reforms (cost-benefit ""Growth-at-Risk"" approach).
This project expands our knowledge about a new, innovative tool, namely agent-based modeling, that can be used in financial oversight. It provides us with the practical knowledge of how to take into account the heterogeneity of the agents in the models and how to apply new Bayesian estimation techniques. The results of the project may guide policymakers and central bankers on how to reshape financial regulations and to calibrate macroprudential policies in order to minimize adverse social effects and to reduce inequality (by supporting a social policy). The project is consistent with the European Commission’s support on research programmes on the public sector and social innovation that is described in the Europe 2020 Flagship Initiative Innovation Union.
The researcher will be fully integrated into Prof. J. Doyne Farmer’s team at the INET Oxford and at the Mathematical Institute of the University of Oxford. The Curie IF will give the applicant the opportunity to perform relevant and state-of-the-art research in the best institute of complexity economics in the world, to re-enforce her position as an independent research group leader and to initiate new long-term collaborations."
Ámbito científico
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MSCA-IF - Marie Skłodowska-Curie Individual Fellowships (IF)Coordinador
OX1 2JD Oxford
Reino Unido