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APMPAL-HET SIGNED

Asset Prices and Macro Policy when Agents Learn and are Heterogeneous

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EC-Contrib. €

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Partnership

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 APMPAL-HET project word cloud

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

smoothing    heterogeneity    constraints    models    wages    analyst    rationally    partial    teach    capital    reform    consumers    prices    stochastic    market    social    assets    human    rule    investors    based    modifies    introduce    either    emphasis    subsidies    behave    continue    view    asset    internal    predicting    wage    prior    country    knows    variables    wealth    worker    data    function    group    subjective    monetary    government    observe    accumulation    linearities    beliefs    redistribution    exclusion    sovereign    rationality    signal    series    exit    foundations    dsge    time    prediction    macro    insights    tax    workers    agents    discourage    redistribute    depends    inflation    taxation    neighbours    taylor    expectations    decision    pricing    network    bond    compatible    optimal    forecast    apmpal    influences    debt    reforms    discount    survey    tools    heterogeneous    ose    erc    productivity    frameworks    policy    extraction    extend    search    ir    fiscal    crisis   

Project "APMPAL-HET" data sheet

The following table provides information about the project.

Coordinator
FUNDACIÓ MARKETS, ORGANIZATIONS AND VOTES IN ECONOMICS 

Organization address
address: CAMPUS DE BELLATERRA DE LA UNIVERSIDAD AUTONOMA DE BARCELONA SN EDIFICIO B
city: CERDANYOLA DEL VALLÈS
postcode: 8193
website: www.movebarcelona.eu

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 Spain [ES]
 Total cost 1˙524˙144 €
 EC max contribution 1˙524˙144 € (100%)
 Programme 1. H2020-EU.1.1. (EXCELLENT SCIENCE - European Research Council (ERC))
 Code Call ERC-2017-ADG
 Funding Scheme ERC-ADG
 Starting year 2018
 Duration (year-month-day) from 2018-09-01   to  2023-08-31

 Partnership

Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    FUNDACIÓ MARKETS, ORGANIZATIONS AND VOTES IN ECONOMICS ES (CERDANYOLA DEL VALLÈS) coordinator 1˙524˙144.00

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 Project objective

Based on the APMPAL (ERC) project we continue to develop the frameworks of internal rationality (IR) and optimal signal extraction (OSE). Under IR investors/consumers behave rationally given their subjective beliefs about prices, these beliefs are compatible with data. Under OSE the government has partial information, it knows how policy influences observed variables and signal extraction. We develop further the foundations of IR and OSE with an emphasis on heterogeneous agents. We study sovereign bond crisis and heterogeneity of beliefs in asset pricing models under IR, using survey data on expectations. Under IR the assets’ stochastic discount factor depends on the agents’ decision function and beliefs; this modifies some key asset pricing results. We extend OSE to models with state variables, forward-looking constraints and heterogeneity. Under IR agents’ prior beliefs determine the effects of a policy reform. If the government does not observe prior beliefs it has partial information, thus OSE should be used to analyse policy reforms under IR. If IR heterogeneous workers forecast their productivity either from their own wage or their neighbours’ in a network, low current wages discourage search and human capital accumulation, leading to low productivity. This can explain low development of a country or social exclusion of a group. Worker subsidies redistribute wealth and can increase productivity if they “teach” agents to exit a low-wage state. We build DSGE models under IR for prediction and policy analysis. We develop time-series tools for predicting macro and asset market variables, using information available to the analyst, and we introduce non-linearities and survey expectations using insights from models under IR. We study how IR and OSE change the view on macro policy issues such as tax smoothing, debt management, Taylor rule, level of inflation, fiscal/monetary policy coordination, factor taxation or redistribution.

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The information about "APMPAL-HET" are provided by the European Opendata Portal: CORDIS opendata.

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