BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//CREST - ECPv5.1.3//NONSGML v1.0//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
X-WR-CALNAME:CREST
X-ORIGINAL-URL:https://crest.science
X-WR-CALDESC:Events for CREST
BEGIN:VTIMEZONE
TZID:Europe/Helsinki
BEGIN:DAYLIGHT
TZOFFSETFROM:+0200
TZOFFSETTO:+0300
TZNAME:EEST
DTSTART:20220327T010000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:+0300
TZOFFSETTO:+0200
TZNAME:EET
DTSTART:20221030T010000
END:STANDARD
END:VTIMEZONE
BEGIN:VEVENT
DTSTART;TZID=Europe/Helsinki:20220314T121500
DTEND;TZID=Europe/Helsinki:20220314T133000
DTSTAMP:20260711T195452
CREATED:20220208T050922Z
LAST-MODIFIED:20220309T102657Z
UID:13391-1647260100-1647264600@crest.science
SUMMARY:Michael BENZAQUEN (Polytechnique) "Confidence collapse in a multi-household\, self-reflexive DSGE model"
DESCRIPTION:The Macroeconomics Seminar:\nTime: 12:15 pm – 13:30 pm\nDate: 14th of March 2022 \nRoom 3001 + Zoom \n Room  \nMichael BENZAQUEN (Polytechnique) “Confidence collapse in a multi-household\, self-reflexive DSGE model” \nAbstract : Despite their inability to cope with the global financial crisis\, dynamic stochastic general equilibrium (DSGE) models are still at the forefront of monetary policy. Like many standard economic models\, DSGE models rely on the figment of representative agents\, abolishing the possibility of genuine collective effects (such as the 2008 crisis) induced by heterogeneities and interactions. By allowing feedback of past aggregate consumption on the sentiment of individual households\, we construct more realistic DSGE models that allow for large output swings induced by relatively minor variations in economic conditions and amplified by interactions. Our framework elicits the de facto impossibility to price extreme risks and highlights the importance of narratives\, as an efficient depression-prevention policy tool whenever confidence collapse is looming. \nOrganizers:\nJean-Baptiste MICHAU (CREST-Polytechnique) \nSponsors:\nCREST \n
URL:https://crest.science/event/michael-benzaquen-polytechnique-t-b-a/
CATEGORIES:Macroeconomics
ATTACH;FMTTYPE=:
END:VEVENT
END:VCALENDAR