Objective
This project aims at exploring the implications of incomplete insurance markets in a macroeconomic set up. The particular form of market incompleteness focused on in this project is the absence of insurance markets in which individual-specific risks may be insured against. The reason for focusing on incomplete insurance markets is that, when compared with the standard approach, models wifely incomplete market structure has different qualitative and quantitative properties that lead to strikingly different normative implications for a variety of issues of interest to macroeconomists and policy makers. The framework is that of multi-agent dynamic general equilibrium models in which agents are exposed to uninsured idiosyncratic risks. In this context we are particularly interested in
(i) investigating the qualitative properties of equilibrium and improving the existing computational methods for analysing dynamic general equilibrium models with incomplete markets,
(ii) understanding the mechanisms under which market incompleteness affects the business cycle and long ran growth. Emphasis will be given on the development of a general theoretical approach to the problem of existence and characterization of equilibrium. The adopted methodological approach is based on an emerging class of methods, called monotone map methods, which incorporates recent developments in mathematics studying fixed points for operators defined on partially order spaces (lattices). In the computational analysis emphasis will be given on the construction of efficient and flexible numerical algorithms able to capture the rich complexity of dynamic stochastic growth models with rational expectations and heterogeneous agents. Our methodological approach is based on providing numerical algorithms suitable for the numerical analysis of economies with aggregate uncertainty and persistent idiosyncratic shocks.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
- social sciences economics and business economics macroeconomics
- natural sciences computer and information sciences computational science
- natural sciences mathematics applied mathematics numerical analysis
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Keywords
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
FP6-2002-MOBILITY-5
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Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Coordinator
PARIS
France
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.