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Uncertainty, Risk and Inequality: The Role of Macroeconomic Policies and Institutions

Total Cost €


EC-Contrib. €






 MACROUNCERTINEQ project word cloud

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

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Project "MACROUNCERTINEQ" data sheet

The following table provides information about the project.


Organization address
address: REGENT S PARK
city: LONDON
postcode: NW1 4SA

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]
 Project website
 Total cost 957˙089 €
 EC max contribution 957˙089 € (100%)
 Programme 1. H2020-EU.1.1. (EXCELLENT SCIENCE - European Research Council (ERC))
 Code Call ERC-2014-CoG
 Funding Scheme ERC-COG
 Starting year 2015
 Duration (year-month-day) from 2015-08-01   to  2018-07-31


Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    LONDON BUSINESS SCHOOL UK (LONDON) coordinator 957˙089.00


 Project objective

Macroeconomic policies and macroeconomic institutions influence aggregate outcomes along a number of significant dimensions. While the empirical literature has traditionally focussed on the direct effects on economic activity and inflation, little is known on the impact that policy and institutional changes exert on the macroeconomy through their indirect effects on the distribution of resources available to households and firms. This proposal describes my research agenda over the next five years to fill this important gap in academic and policy knowledge. The emphasis is on a new empirical framework to revisit the transmission mechanism of changes in macroeconomic policies and institutions through their (possibly unintended) consequences on uncertainty, risk and inequality across diverse groups of society and across countries. The proposed approach combines survey data, international evidence and a narrative identification of policy and institutional changes from the analysis of historical records. Another main contribution will be the development of analytical frameworks to account for the stylized facts uncovered by the proposed empirical approach. These include models of imperfect information on individual tax rates and inter-generational risk-sharing within households as well as characterizations of the way monetary institutions and labour market regulations interact to affect macroeconomic uncertainty and financial market volatility. The ambition is to generate a set of testable predictions that could then be used to identify and assess the relative merits of specific theoretical mechanisms in the data. On the policy side, this research will provide new estimates for the aggregate effects of government and monetary interventions. Furthermore, it will make it possible to identify the groups who have benefitted/suffered most from the specific changes that have dominated most of the recent past and whose redistributive implications appear so far overlooked.


year authors and title journal last update
List of publications.
2018 Philip Bunn, Jeanne Le Roux, Kate Reinold, Paolo Surico
The consumption response to positive and negative income shocks
published pages: 1-15, ISSN: 0304-3932, DOI: 10.1016/j.jmoneco.2017.11.007
Journal of Monetary Economics 96 2019-05-20
2018 Raphael Corbi, Elias Papaioannou, Paolo Surico
Regional Transfer Multipliers
published pages: , ISSN: , DOI:
The Review of Economic Studies 2019-05-20
2018 Haroon Mumtaz, Paolo Surico
Policy uncertainty and aggregate fluctuations
published pages: 319-331, ISSN: 0883-7252, DOI: 10.1002/jae.2613
Journal of Applied Econometrics 33/3 2019-05-20
2016 James Cloyne, Clodomiro Ferreira and Paolo Surico
Monetary policy when households have debt: new evidence on the transmission mechanism
published pages: , ISSN: , DOI:
The Review of Economic Studies 2019-05-20
2016 Renato Faccini, Haroon Mumtaz, Paolo Surico
International fiscal spillovers
published pages: 31-45, ISSN: 0022-1996, DOI: 10.1016/j.jinteco.2015.11.009
Journal of International Economics 99 2019-05-20
2017 James S. Cloyne, Paolo Surico
Household Debt and the Dynamic Effects of Income Tax Changes
published pages: 45-81, ISSN: 0034-6527, DOI: 10.1093/restud/rdw021
The Review of Economic Studies 84/1 2019-05-20
2015 Paolo Surico & Riccardo Trezzi
Consumer Spending and Property Taxes
published pages: , ISSN: , DOI:
Journal of the European Economic Association 2019-05-20

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