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DisMaLS SIGNED

Distributional Macroeconomics in the Long and Short Run

Total Cost €

0

EC-Contrib. €

0

Partnership

0

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 DisMaLS project word cloud

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

booms    countries    risk    macroeconomics    implications    recession    liquid    50    dismals    agenda    tax    price    regarding    distributions    quality    economic    causes    aggregate    understand    incomes    aggregates    macroeconomy    individuals    crises    seriously    reverse    table    enrich    infrequent    turning    grown    science    drivers    illiquid    income    distributed    empirically    policy    door    quantitative    heterogeneity    crashes    run    linearities    movement    microeconomic    policies    distributional    corresponding    interaction    agent    assets    roughly    percentiles    household    discipline    unequally    interactions    wealth    micro    methodology    heterogeneous    explicit    macro    incorporates    buy    switching    questions    stagnated    incorporation    solving    variables    opens    models    percent    data    asset    striking    dismal    shocks    examine    norwegian    theories    theory    automation    macroeconomic    financial    1970s    administrative   

Project "DisMaLS" data sheet

The following table provides information about the project.

Coordinator
LONDON SCHOOL OF ECONOMICS AND POLITICAL SCIENCE 

Organization address
address: Houghton Street 1
city: LONDON
postcode: WC2A 2AE
website: www.lse.ac.uk

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 United Kingdom [UK]
 Total cost 1˙598˙433 €
 EC max contribution 1˙598˙433 € (100%)
 Programme 1. H2020-EU.1.1. (EXCELLENT SCIENCE - European Research Council (ERC))
 Code Call ERC-2019-COG
 Funding Scheme ERC-COG
 Starting year 2020
 Duration (year-month-day) from 2020-02-01   to  2024-01-31

 Partnership

Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    LONDON SCHOOL OF ECONOMICS AND POLITICAL SCIENCE UK (LONDON) coordinator 1˙598˙433.00

Map

 Project objective

A key development in the “dismal science” has been the incorporation of explicit heterogeneity into models of the macroeconomy. As a result of taking micro data seriously, these theories study macroeconomic questions in terms of distributions of microeconomic variables like income or wealth rather than just aggregates. This approach opens up the door to examining the distributional implications of macroeconomic trends, shocks or policies, and to examine the two-way interaction between these distributions and the macroeconomy.

DisMaLS will advance this “distributional macroeconomics” agenda both theoretically and empirically. Theoretically, it will do so by developing new theories of the income and wealth distributions and their interactions with the macroeconomy in both the long and short run. Empirically, DisMaLS will bring to the table high-quality Norwegian administrative data to discipline and enrich these theories.

In terms of long-run trends, a striking feature regarding economic growth in many developed countries is that it has been unequally distributed. For example, in the U.S., real household incomes have grown by roughly two percent per year on average but income percentiles corresponding to the bottom 50% of the distribution have stagnated since the 1970s. DisMaLS will use its theory of income and wealth distribution to examine the potential drivers of these distributional trends, for example automation and tax policy.

Turning to the short-run, DisMaLS aims to understand the causes of infrequent but large economic crises, like the Great Recession. I aim to develop a quantitative macroeconomic theory that incorporates asset price booms driven by individuals switching out of liquid assets to buy real or illiquid financial assets, and crashes driven by the reverse movement. As part of the project, I aim to develop a new methodology for solving heterogeneous agent models with aggregate risk and both micro and macro non-linearities.

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

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