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MICROTOMACROANDBACK SIGNED

Micro Heterogeneity and Macroeconomic Policy

Total Cost €

EC-Contrib. €

Partnership

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MICROTOMACROANDBACK project word cloud

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

performed heterogeneity mechanism housing busts bust recession driving fiscal aggregate model output market macroprudential variety models forces macroeconomic ultimate policies evaluation shocks geared savings micro house inequality consumption macro imperfect unemployment central economy theme quantitatively efficacy monetary determined extensions country light propagation transmission empirical financial boom stimulative demand simultaneously arrangements incomplete standard size fluctuations framework multiplier benchmark consistent booms household mortgage markets quantify amplification economic policy unparalleled debt first prices cross benefits effect preceded introduce

Project "MICROTOMACROANDBACK" data sheet

The following table provides information about the project.

Coordinator	STOCKHOLMS UNIVERSITET Organization address address: UNIVERSITETSVAGEN 10 city: STOCKHOLM postcode: 10691 website: www.su.se 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	Sweden [SE]
Total cost	1˙299˙165 €
EC max contribution	1˙299˙165 € (100%)
Programme	1. H2020-EU.1.1. (EXCELLENT SCIENCE - European Research Council (ERC))
Code Call	ERC-2017-STG
Funding Scheme	ERC-STG
Starting year	2017
Duration (year-month-day)	from 2017-11-01 to 2022-10-31

Partnership

Take a look of project's partnership.

#	participants	country	role	EC contrib. [€]
1	STOCKHOLMS UNIVERSITET STOCKHOLMS UNIVERSITET Organization address address: UNIVERSITETSVAGEN 10 city: STOCKHOLM postcode: 10691 website: www.su.se contact info title: n.a. name: n.a. surname: n.a. function: n.a. email: n.a. telephone: n.a. fax: n.a.	SE (STOCKHOLM)	coordinator	1˙299˙165.00

Map

Project objective

This project will develop macroeconomic models with household heterogeneity and partially demand-determined output to study how the economy is affected by monetary and fiscal policy, and to investigate the importance of housing in macroeconomic fluctuations and the transmission and efficacy of policy. The objective is to provide a modelling framework that simultaneously is consistent with both empirical micro evidence on household consumption and savings behaviour, and macro evidence on the response of the aggregate economy to a variety of economic shocks. The ultimate goal is to help make these models the new standard for the study of fluctuations and policy evaluation in macro. Inequality and incomplete markets will be a central theme. The first objective of the project is to establish the importance of incomplete financial markets for the response of the economy to changes in monetary policy. The framework will then be used to evaluate the size of the fiscal multiplier and quantitatively evaluate the stimulative effect of extensions to unemployment benefits. The second theme of the project will focus on housing and mortgage debt as an amplification and propagation mechanism. The recent Great Recession–preceded by an unparalleled boom and bust in house prices – has brought to light the importance of housing for the economy. The project will develop a rich benchmark model of housing and the aggregate economy for policy evaluation. First, the project will investigate how heterogeneity in housing and debt affects the transmission of monetary policy. Next, a cross-country analysis will be performed to quantify the importance of different arrangements in the mortgage market for the response of the economy to shocks. Finally, I will introduce imperfect information above the driving forces of the economy to study booms and busts in the housing market and real economic activity, with the goal of evaluating macroprudential policies geared at the housing market.

Publications

List of publications.
year	authors and title	journal	last update
2019	Marcus Hagedorn, Jinfeng Luo, Iourii Manovskii, Kurt Mitman Forward guidance published pages: 1-23, ISSN: 0304-3932, DOI: 10.1016/j.jmoneco.2019.01.014	Journal of Monetary Economics 102	2019-09-04

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