“The New Macroeconomics of Aggregate Fluctuations and Stabilization Policy”*, 19-20 May 2017
workshop organized by Morten Ravn (UCL), Paolo Surico (LBS) and Gianluca Violante (Princeton)
Venue: 5th Floor State Rooms, 30 Euston Square, London, NW1 2FB, United Kingdom
*This workshop has been funded by the European Research Council Starting Grant 647049.
DESCRIPTION
CO-SPONSERED BY ERC, ADEMUS, CFM and CEPR.
Until recently, much of macroeconomic analysis of stabilization policy has built on the representative agent paradigm. A new literature is emerging which has taken a novel approach introducing concerns about household heterogeneity, inequality, redistributive effects and lack of insurance against idiosyncratic income fluctuations into models of macroeconomic stabilization. These models allow one to bridge micro evidence on earnings, consumption and wealth dynamics and on household balance sheets with macroeconomic models that stress frictions in goods, labor, and financial markets. This new generation of models has novel and richer implications for aggregate fluctuations and for the transmission of stabilization policy to the real economy. This conference is aimed at advancing this new and exciting development in macroeconomics.
PROGRAMME
Friday 19 May
Saturday 20 May