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APMPAL-HET SIGNED

Asset Prices and Macro Policy when Agents Learn and are Heterogeneous

Total Cost €

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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.

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

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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