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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.

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

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

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 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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