Objectif The first strand of the proposal seeks to study housing market fluctuations. Housing markets play a prominent role in the economy and in the conduct of monetary policy and yet standard DSGE models often ignore them. In a first project, we will study both empirically and theoretically seasonal fluctuations in housing markets. We view this as an important first step to shed light on the models needed to describe housing markets. A second project will build on these modelling implications to develop a macroeconomic framework that accounts for lower-frequency fluctuations in housing markets; in particular, we will study the effects of different economic shocks and optimal policy responses, with particular attention to the mechanism through which initial shocks get amplified and transmitted to the rest of the economy. The second strand will seek to understand and quantify the role of international trade, and in particular the emergence of China and India, in explaining the sharp decline in the volatility of aggregate fluctuations experienced by most advanced economies since the mid 1980s. Concretely, the project will ask both theoretically and empirically the extent to which counting on a wider pool of input suppliers from non-traditional trading partners has mitigated the effect of economic shocks on output and prices. As an auxiliary tool, a second project will develop a new econometric test for model selection. The final strand has two main branches. In the first, we will propose a model to study the role of optimality of employment relations in the transmission mechanism of monetary policy. In the second, we will develop a model to asses the role of liquidity in the transmission mechanism. Testable implications from these two models will be empirically assessed. Champ scientifique social scienceseconomics and businesseconomicsmonetary and financessocial sciencessociologyindustrial relationssocial scienceseconomics and businessbusiness and managementemploymentsocial sciencessociologyglobalizationsocial scienceseconomics and businessbusiness and managementcommerce Mots‑clés economic fluctuations financical liquidity housing markets international trade monetary policy nominal rigidity volatility 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) Thème(s) ERC-SG-SH1 - ERC Starting Grant - Individuals, institutions and markets Appel à propositions ERC-2009-StG Voir d’autres projets de cet appel Régime de financement ERC-SG - ERC Starting Grant Institution d’accueil LONDON SCHOOL OF ECONOMICS AND POLITICAL SCIENCE Contribution de l’UE € 544 581,60 Adresse Houghton Street 1 WC2A 2AE London Royaume-Uni Voir sur la carte Région London Inner London — West Westminster Type d’activité Higher or Secondary Education Establishments Contact administratif Jane Ellison (Ms.) Chercheur principal Maria Silvana Tenreyro (Dr.) Liens Contacter l’organisation Opens in new window Site web Opens in new window Coût total Aucune donnée Bénéficiaires (1) Trier par ordre alphabétique Trier par contribution de l’UE Tout développer Tout réduire LONDON SCHOOL OF ECONOMICS AND POLITICAL SCIENCE Royaume-Uni Contribution de l’UE € 544 581,60 Adresse Houghton Street 1 WC2A 2AE London Voir sur la carte Région London Inner London — West Westminster Type d’activité Higher or Secondary Education Establishments Contact administratif Jane Ellison (Ms.) Chercheur principal Maria Silvana Tenreyro (Dr.) Liens Contacter l’organisation Opens in new window Site web Opens in new window Coût total Aucune donnée
