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Louvain Institute of Data Analysis and Modeling in economics and statistics

Institute of Economic and Social Research

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Louvain Institute of Data Analysis and Modeling in economics and statistics

Institute of Economic and Social Research

Macroeconomic and Monetary Economics

ires |

IRES Researchers in Macroeconomics and Monetary Economics

Photo of Vincent Bodart
Vincent Bodart
Professeur ordinaire

SSH/ESPO Faculty of Economic, Social and Political Sciences and Communication (ESPO)

SSH/ESPO/ECON Ecole des Sciences économiques/Economics School of Louvain (ECON)

SSH/IDAM Louvain Institute of Data Analysis and Modeling in economics and statistics (LIDAM)

SSH/IDAM/IRES Institut de recherches économiques et sociales (IRES)

E-mail perso
vincent.bodart@uclouvain.be
Nom de l’entite
IRES - Collège Léon Dupriez
Place Montesquieu 3
1348 Louvain-la-Neuve
010474144
010474144
Photo of Fabio Mariani
Fabio Mariani
Professeur ordinaire

SSH/ESPO Faculty of Economic, Social and Political Sciences and Communication (ESPO)

SSH/ESPO/ECON Ecole des Sciences économiques/Economics School of Louvain (ECON)

SSH/IDAM Louvain Institute of Data Analysis and Modeling in economics and statistics (LIDAM)

SSH/IDAM/IRES Institut de recherches économiques et sociales (IRES)

E-mail perso
fabio.mariani@uclouvain.be
Nom de l’entite
-

010473439
Photo of Rigas Oikonomou
Rigas Oikonomou
Professeur

SSH/ESPO Faculty of Economic, Social and Political Sciences and Communication (ESPO)

SSH/ESPO/ECON Ecole des Sciences économiques/Economics School of Louvain (ECON)

SSH/IDAM Louvain Institute of Data Analysis and Modeling in economics and statistics (LIDAM)

SSH/IDAM/IRES Institut de recherches économiques et sociales (IRES)

E-mail perso
rigas.oikonomou@uclouvain.be
Nom de l’entite
IRES - Collège Léon Dupriez
Place Montesquieu 3
1348 Louvain-la-Neuve
010473970
Photo of Luca Pensieroso
Luca Pensieroso
Professeur

SSH/ESPO Faculty of Economic, Social and Political Sciences and Communication (ESPO)

SSH/ESPO/ECON Ecole des Sciences économiques/Economics School of Louvain (ECON)

SSH/IDAM Louvain Institute of Data Analysis and Modeling in economics and statistics (LIDAM)

SSH/IDAM/IRES Institut de recherches économiques et sociales (IRES)

E-mail perso
luca.pensieroso@uclouvain.be
Nom de l’entite
IRES - Collège Léon Dupriez
Place Montesquieu 3
1348 Louvain-la-Neuve
010473508
010473945

IRES Research Projects in Macroeconomics and monetary Economics

  • Sponsor: National Bank of Belgium
  • IRES Promoter: Rigas Oikonomou
  • Start date: 2019
  • End date: 2021

Project description

Standard macroeconomic models of optimal debt management (DM) assume that interest rates do not hit the zero-lower bound. Yet since 2009 and until 2015, the US has been in a liquidity trap (LT) with interest rates stuck at zero. We argue that the standard insights of the DM literature, that governments should issue long-term and nominal debt, do not apply in LTs. We construct macroeconomic models of DM under a variety of institutional setups (experimenting with both coordinated and uncoordinated monetary and fiscal policies) to investigate the optimal structure of debt in a LT. When coordination is lacking between fiscal and monetary authorities, pursuing their respective objectives may lead to conflicting DM strategies with implications for macroeconomic volatility and welfare. Hence, we look at Markov perfect equilibria, where the two authorities choose optimal policies and also intervene in the secondary market to buy debt from private agents. In this sense, our framework is suitable to talk about the Federal Reserve’s QE program and also about the debt issuance policies of the Treasury in the Great recession.

  • Sponsor: National Bank of Belgium
  • IRES Promoter: Rigas Oikonomou

Project description

This project is on quantitative macroeconomics, in particular on models of heterogeneous agents and on optimal fiscal policy models. A first paper analyzes the importance of the secondary market for durables, for the risk sharing opportunities in an incomplete financial market. A second paper is a DSGE model with optimal tax and debt policies applied to the US data.

IRES Research Publications in Macroeconomics and monetary Economics

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