INFOMACRO
Information Heterogeneity and Frictions in the Macroeconomy
| Coordinatore | FONDATION JEAN-JACQUES LAFFONT,TOULOUSE SCIENCES ECONOMIQUES
Spiacenti, non ci sono informazioni su questo coordinatore. Contattare Fabio per maggiori infomrazioni, grazie. |
| Nazionalità Coordinatore | France [FR] |
| Totale costo | 1˙500˙000 € |
| EC contributo | 1˙500˙000 € |
| Programma | 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) |
| Code Call | ERC-2010-StG_20091209 |
| Funding Scheme | ERC-SG |
| Anno di inizio | 2010 |
| Periodo (anno-mese-giorno) | 2010-11-01 - 2015-10-31 |
Partecipanti
| # | ||||
|---|---|---|---|---|
| 1 |
FONDATION JEAN-JACQUES LAFFONT,TOULOUSE SCIENCES ECONOMIQUES
Organization address
address: ALLEE DE BRIENNE, Manufacture des Tabacs 21 contact info |
FR (TOULOUSE) | hostInstitution | 1˙500˙000.00 |
| 2 |
FONDATION JEAN-JACQUES LAFFONT,TOULOUSE SCIENCES ECONOMIQUES
Organization address
address: ALLEE DE BRIENNE, Manufacture des Tabacs 21 contact info |
FR (TOULOUSE) | hostInstitution | 1˙500˙000.00 |
Mappa
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Obiettivo del progetto (Objective)
'This proposal seeks to analyze the effects of incomplete dispersed information for macroeconomic dynamics, broadly defined. First, the proposal seeks to develop methods for the analysis of dynamic equilibrium models, in which different participants hold different views of the aggregate conditions. Theoretical and quantitative solution methods will be proposed that can be applied to almost arbitrary equilibrium models of financial markets or the macro-economy, integrating information with other sources of micro-level heterogeneity (such as income risk), and other sources of micro-level adjustment frictions. Second, the proposal will apply these methods to gain a better understanding of the channels through which information heterogeneity affects aggregate dynamics. The project will develop macroeconomic models with heterogeneity in beliefs, and different important macroeconomic adjustment channels (including pricing and investment decisions by firms, consumption-savings decisions of households, port-folio choice, idiosyncratic risk) to assess the effect of information heterogeneity from a theoretical as well as a quantitative angle. Third, our methods of analysis will be extended to study asset pricing dynamics with heterogeneous expectations. This part also aims to integrate asset pricing dynamics with corporate decision making, in order to gain a better understanding of the intraction between asset valuations (or mis-valuation) and real economic variables. Fourth, this project will use these methods and models to gain insight into normative questions such as the welfare implications of information disclosures, optimal design of managerial incentive structures, regulation of firm behavior and firm dynamics, or macroeconomic policy.'