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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.

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

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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