ERC Advanced Grant · 2019
Business Cycle Causes and Consequences
Business cycles impact on a large cross-section of the population simultaneously and matters for welfare. Gordon Brown stated in 2002: “There will be no return to boom and bust” but in 2007/08 the Global Financial Crisis triggered the Great Recession, the deepest recession since the 1930s. Mainstream macro (representative agents, complete markets, competitive/monopolistic behavior, full information) was criticized rightly or wrongly for failing to predict the crisis. But the field is now undergoing a significant change introducing financial frictions, partial information, heterogeneous agents, non-competitive behavior etc. to study macroeconomic fluctuations. This high-risk project will…
From the public funding record at EU CORDIS. Describes the funded project, not the reviews below.