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New issues in the Analysis of Business Cycles

Total Cost €


EC-Contrib. €






Project "NEW_ABC" 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]
 Total cost 1˙135˙940 €
 EC max contribution 1˙135˙940 € (100%)
 Programme 1. H2020-EU.1.1. (EXCELLENT SCIENCE - European Research Council (ERC))
 Code Call ERC-2017-COG
 Funding Scheme ERC-COG
 Starting year 2018
 Duration (year-month-day) from 2018-08-01   to  2021-07-31


Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    LONDON BUSINESS SCHOOL UK (LONDON) coordinator 1˙135˙940.00


 Project objective

The last decade had seen an increasing recognition that financial markets play a key role over the business cycle. Still, there have not been many detailed, systematic, empirical investigations on the consumption, employment and investment effects of the interaction between macroeconomic policies and the evolving structure of credit markets. This proposal aims to develop a research agenda over the next five years that combines insights from disaggregated data sets --which are either newly available or I propose to construct-- on (i) mortgage originations, (ii) the supply of household financial products and (iii) firms’ debt originations, with the development of theoretical frameworks that introduce credit supply and demand heterogeneity in the analyses of consumption and investment decisions. Three features of this proposal make it of potentially high impact. On the empirical side, the analysis of existing and novel detailed households’, firms’ and lenders’ data sets will allow us to identify new stylized facts on the transmission of monetary policy to real activity through financial markets (and leverage and asset prices in particular). On the theoretical side, these stylized facts will be used to develop and discriminate among competing channels of macroeconomic policy transmission. Finally, the regularity highlighted in both the empirical and theoretical analyses will inform the public debate on the design of future monetary and macro-prudential policy interventions.Each project (i)-(iv) describes an overall theme, which is expected to have several ramifications in terms of publishable papers, policy reports and possibly dissertation contents for PhD student(s).


List of deliverables.
Data Management Plan Open Research Data Pilot 2020-02-12 17:42:50

Take a look to the deliverables list in detail:  detailed list of NEW_ABC deliverables.


year authors and title journal last update
List of publications.
2019 James Cloyne, Clodomiro Ferreira, Maren Froemel, Paolo Surico
Monetary Policy, Corporate Finance and Investment.
published pages: , ISSN: , DOI: 10.3386/w25366
NBER Working Paper 25366 2020-04-24
2020 Florin O. Bilbiie, Diego R. Känzig, Paolo Surico.
Capital, Income Inequality, and Consumption: the Missing Link.
published pages: , ISSN: , DOI:
CEPR Discussion Paper Series 14118 2020-04-24
2019 Paolo Surico, Saleem Bahaj, Angus Foulis, Gabor Pinter
Employment and the Collateral Channel of Monetary Policy.
published pages: , ISSN: , DOI:
Bank of England Staff Working Papers 827 2020-04-24

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