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MacroReflEx

Macro Experiments on Reflexivity and Economic Crises

Total Cost €

0

EC-Contrib. €

0

Partnership

0

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 MacroReflEx project word cloud

Explore the words cloud of the MacroReflEx project. It provides you a very rough idea of what is the project "MacroReflEx" about.

fiscal    put    elaborates    recreate    modeling    negative    post    exercise    first    forecasts    environments    action    play    environment    perform    observe    desirable    amplify    stimulus    economic    shocks    decrease    downturn    patterns    light    models    emphasis    data    actors    experiments    assuming    subjects    laboratory    behavioral    mechanism    shed    revert    policies    shaping    amplification    behavior    aggregate    2007    rule    summarizes    regarding    economies    central    counter    original    elicited    ex    interventions    downturns    aftermath    dynamics    model    fundamental    mechanisms    explanation    financial    area    agent    worsening    develops    dampen    macroreflex    sovereign    expectations    preventive    partly    heterogenous    spreads    bubble    consolidation    uses    ante    failures    ones    collected    influence    expectation    cyclical    announcements    crises    question    policy    combination    systematic    debt    ing    crisis   

Project "MacroReflEx" data sheet

The following table provides information about the project.

Coordinator
UNIVERSITA CATTOLICA DEL SACRO CUORE 

Organization address
address: Largo Agostino Gemelli 1
city: MILANO
postcode: 20123
website: www.unicattolica.it

contact info
title: n.a.
name: n.a.
surname: n.a.
function: n.a.
email: n.a.
telephone: n.a.
fax: n.a.

 Coordinator Country Italy [IT]
 Total cost 168˙277 €
 EC max contribution 168˙277 € (100%)
 Programme 1. H2020-EU.1.3.2. (Nurturing excellence by means of cross-border and cross-sector mobility)
 Code Call H2020-MSCA-IF-2015
 Funding Scheme MSCA-IF-EF-ST
 Starting year 2016
 Duration (year-month-day) from 2016-09-01   to  2018-08-31

 Partnership

Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    UNIVERSITA CATTOLICA DEL SACRO CUORE IT (MILANO) coordinator 168˙277.00

Map

 Project objective

The MacroReflEx project studies fiscal policy design in the aftermath of an economic and a sovereign debt crises, like the ones that the Euro area has experienced following the 2007-8 financial crisis. The key research question is whether or under which conditions fiscal consolidation or fiscal stimulus is more desirable in such an economic downturn. Expectations of the economic actors play a central role, both in worsening economic downturns and in determining the success or failures of policies. For this reason, the project uses an original combination of laboratory experiments and heterogenous agent models that both put a strong emphasis on the understanding and the modeling of expectations dynamics. Controlled laboratory environments recreate an environment in which expectations play a key role in shaping the aggregate dynamics, just like in real economies, but without assuming a specific expectation mechanism that may influence the conclusions of the exercise, as forecasts are directly elicited from the subjects. The experiments will shed light on three issues: Under what conditions can one observe bubble-like behavior that may amplify negative shocks? Are policy announcements able to revert those expectations and dampen those amplification mechanisms? If spreads are partly driven by non-fundamental factors, does it call for more fiscal consolidation or more stimulus? The project then elaborates on the forecasts data collected in the experiments, and develops an heterogenous agent model with two objectives. First, the resulting model will provide a behavioral explanation of the observed patterns in the experiments. Second, it will allow us to perform a systematic policy analysis, both regarding ex ante, preventive policies, and ex post, counter-cyclical interventions. A particular challenge is to design a fiscal rule that summarizes in a systematic way the action of fiscal authorities, and can decrease the likelihood and the impact of such fiscal crises.

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The information about "MACROREFLEX" are provided by the European Opendata Portal: CORDIS opendata.

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