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Integrated Macro-Financial Modelling for Robust Policy Design

Cel

During the global financial crisis and ensuing Great Recession, economists at policy-making institutions had little choice but to augment macroeconomic models with ad-hoc assumptions and adjustments in order to provide analysis and advice for policy makers. Our consortium’s proposal aims to move policy-focused macroeconomic modelling beyond this approach to the endogenous modelling of the dynamics resulting from financial risks and related decision making in banks, households, firms and public institutions. We bring together four broad lines of research to systematically develop new behavioural and institutional building blocks, integrating them in policy-focused macroeconomic models and using these models in a new framework for policy evaluation. In terms of building blocks, one line of research moves beyond the assumption of representative and homo-oeconomicus-type agents to incorporate micro-behavioural realism in decision making, while a second line of research advances the modelling of financial institutions, their fragility and the dynamics of systemic risk. The third line of research integrates these new building blocks (including a selection of those developed by researchers outside the consortium) in a new generation of policy-focused macroeconomic models. In parallel, in the fourth line of research new policy evaluation tools are developed, with a focus on robust tools aimed at containing financial contagion and boom-bust cycles, maintaining fiscal sustainability and coordinating monetary, fiscal and regulatory policies in normal and crisis regimes. The consortium comprises researchers with a strong track record in advancing the frontier on behavioural and institutional modelling, highly influential macroeconomic modellers as well as seasoned veterans of model-based monetary, fiscal, and regulatory policy evaluation and design. Consortium members have strong academic backgrounds as well as substantive practical experience at policy-making institutions.

Zaproszenie do składania wniosków

FP7-SSH-2013-2
Zobacz inne projekty w ramach tego zaproszenia

Koordynator

UNIVERSITEIT VAN AMSTERDAM
Wkład UE
€ 527 000,00
Adres
SPUI 21
1012WX Amsterdam
Niderlandy

Zobacz na mapie

Region
West-Nederland Noord-Holland Groot-Amsterdam
Rodzaj działalności
Higher or Secondary Education Establishments
Kontakt administracyjny
Teresa Klerkx (Ms.)
Linki
Koszt całkowity
Brak danych

Uczestnicy (11)