Project acronym ABEP
Project Asset Bubbles and Economic Policy
Researcher (PI) Jaume Ventura Fontanet
Host Institution (HI) Centre de Recerca en Economia Internacional (CREI)
Call Details Advanced Grant (AdG), SH1, ERC-2009-AdG
Summary Advanced capitalist economies experience large and persistent movements in asset prices that are difficult to justify with economic fundamentals. The internet bubble of the 1990s and the real state market bubble of the 2000s are two recent examples. The predominant view is that these bubbles are a market failure, and are caused by some form of individual irrationality on the part of market participants. This project is based instead on the view that market participants are individually rational, although this does not preclude sometimes collectively sub-optimal outcomes. Bubbles are thus not a source of market failure by themselves but instead arise as a result of a pre-existing market failure, namely, the existence of pockets of dynamically inefficient investments. Under some conditions, bubbles partly solve this problem, increasing market efficiency and welfare. It is also possible however that bubbles do not solve the underlying problem and, in addition, create negative side-effects. The main objective of this project is to develop this view of asset bubbles, and produce an empirically-relevant macroeconomic framework that allows us to address the following questions: (i) What is the relationship between bubbles and financial market frictions? Special emphasis is given to how the globalization of financial markets and the development of new financial products affect the size and effects of bubbles. (ii) What is the relationship between bubbles, economic growth and unemployment? The theory suggests the presence of virtuous and vicious cycles, as economic growth creates the conditions for bubbles to pop up, while bubbles create incentives for economic growth to happen. (iii) What is the optimal policy to manage bubbles? We need to develop the tools that allow policy makers to sustain those bubbles that have positive effects and burst those that have negative effects.
Summary
Advanced capitalist economies experience large and persistent movements in asset prices that are difficult to justify with economic fundamentals. The internet bubble of the 1990s and the real state market bubble of the 2000s are two recent examples. The predominant view is that these bubbles are a market failure, and are caused by some form of individual irrationality on the part of market participants. This project is based instead on the view that market participants are individually rational, although this does not preclude sometimes collectively sub-optimal outcomes. Bubbles are thus not a source of market failure by themselves but instead arise as a result of a pre-existing market failure, namely, the existence of pockets of dynamically inefficient investments. Under some conditions, bubbles partly solve this problem, increasing market efficiency and welfare. It is also possible however that bubbles do not solve the underlying problem and, in addition, create negative side-effects. The main objective of this project is to develop this view of asset bubbles, and produce an empirically-relevant macroeconomic framework that allows us to address the following questions: (i) What is the relationship between bubbles and financial market frictions? Special emphasis is given to how the globalization of financial markets and the development of new financial products affect the size and effects of bubbles. (ii) What is the relationship between bubbles, economic growth and unemployment? The theory suggests the presence of virtuous and vicious cycles, as economic growth creates the conditions for bubbles to pop up, while bubbles create incentives for economic growth to happen. (iii) What is the optimal policy to manage bubbles? We need to develop the tools that allow policy makers to sustain those bubbles that have positive effects and burst those that have negative effects.
Max ERC Funding
1 000 000 €
Duration
Start date: 2010-04-01, End date: 2015-03-31
Project acronym ANIMETRICS
Project Measurement-Based Modeling and Animation of Complex Mechanical Phenomena
Researcher (PI) Miguel Angel Otaduy Tristan
Host Institution (HI) UNIVERSIDAD REY JUAN CARLOS
Call Details Starting Grant (StG), PE6, ERC-2011-StG_20101014
Summary Computer animation has traditionally been associated with applications in virtual-reality-based training, video games or feature films. However, interactive animation is gaining relevance in a more general scope, as a tool for early-stage analysis, design and planning in many applications in science and engineering. The user can get quick and visual feedback of the results, and then proceed by refining the experiments or designs. Potential applications include nanodesign, e-commerce or tactile telecommunication, but they also reach as far as, e.g., the analysis of ecological, climate, biological or physiological processes.
The application of computer animation is extremely limited in comparison to its potential outreach due to a trade-off between accuracy and computational efficiency. Such trade-off is induced by inherent complexity sources such as nonlinear or anisotropic behaviors, heterogeneous properties, or high dynamic ranges of effects.
The Animetrics project proposes a modeling and animation methodology, which consists of a multi-scale decomposition of complex processes, the description of the process at each scale through combination of simple local models, and fitting the parameters of those local models using large amounts of data from example effects. The modeling and animation methodology will be explored on specific problems arising in complex mechanical phenomena, including viscoelasticity of solids and thin shells, multi-body contact, granular and liquid flow, and fracture of solids.
Summary
Computer animation has traditionally been associated with applications in virtual-reality-based training, video games or feature films. However, interactive animation is gaining relevance in a more general scope, as a tool for early-stage analysis, design and planning in many applications in science and engineering. The user can get quick and visual feedback of the results, and then proceed by refining the experiments or designs. Potential applications include nanodesign, e-commerce or tactile telecommunication, but they also reach as far as, e.g., the analysis of ecological, climate, biological or physiological processes.
The application of computer animation is extremely limited in comparison to its potential outreach due to a trade-off between accuracy and computational efficiency. Such trade-off is induced by inherent complexity sources such as nonlinear or anisotropic behaviors, heterogeneous properties, or high dynamic ranges of effects.
The Animetrics project proposes a modeling and animation methodology, which consists of a multi-scale decomposition of complex processes, the description of the process at each scale through combination of simple local models, and fitting the parameters of those local models using large amounts of data from example effects. The modeling and animation methodology will be explored on specific problems arising in complex mechanical phenomena, including viscoelasticity of solids and thin shells, multi-body contact, granular and liquid flow, and fracture of solids.
Max ERC Funding
1 277 969 €
Duration
Start date: 2012-01-01, End date: 2016-12-31
Project acronym AQUMET
Project Atomic Quantum Metrology
Researcher (PI) Morgan Wilfred Mitchell
Host Institution (HI) FUNDACIO INSTITUT DE CIENCIES FOTONIQUES
Call Details Starting Grant (StG), PE2, ERC-2011-StG_20101014
Summary This project aims to detect magnetic fields with high spatial and temporal resolution and unprecedented sensitivity using ultra-cold atoms as interferometric sensors. The project will, on the one hand, test and demonstrate the most advanced concepts in the dynamic field of quantum metrology, and on the other hand, develop measurement techniques with the potential to transform existing fields and open new ones to study.
Quantum metrology is in an exciting phase: on the one hand, a long-held goal of improving gravita- tional wave detection appears near at hand. At the same time, atomic instruments including atomic clocks, atomic gravimeters and atomic magnetometers are setting records in detection of time, ac- celeration, and fields, with revolutionary potential in several areas. This has stimulated new theory, including remarkable proposals suggesting that long-established “ultimate” limits can in fact be sur- passed.
This project will study quantum metrology applied to atomic sensors by developing a versatile and highly sensitive cold atom magnetometer. We set an ambitious goal: to demonstrate record sensi- tivity, and then to improve on that sensitivity using quantum entanglement. This ground-breaking accomplishment will show the way to super-precise measurements in many fields.
Fundamental topics in quantum metrology will be explored using the advanced magnetometry sys- tem. Nonlinear quantum metrology proposes to surpass the Heisenberg limit using inter-particle interactions. Compressed sensing aims to surpass the Nyquist limit, obtaining more information than normally allowed.
Summary
This project aims to detect magnetic fields with high spatial and temporal resolution and unprecedented sensitivity using ultra-cold atoms as interferometric sensors. The project will, on the one hand, test and demonstrate the most advanced concepts in the dynamic field of quantum metrology, and on the other hand, develop measurement techniques with the potential to transform existing fields and open new ones to study.
Quantum metrology is in an exciting phase: on the one hand, a long-held goal of improving gravita- tional wave detection appears near at hand. At the same time, atomic instruments including atomic clocks, atomic gravimeters and atomic magnetometers are setting records in detection of time, ac- celeration, and fields, with revolutionary potential in several areas. This has stimulated new theory, including remarkable proposals suggesting that long-established “ultimate” limits can in fact be sur- passed.
This project will study quantum metrology applied to atomic sensors by developing a versatile and highly sensitive cold atom magnetometer. We set an ambitious goal: to demonstrate record sensi- tivity, and then to improve on that sensitivity using quantum entanglement. This ground-breaking accomplishment will show the way to super-precise measurements in many fields.
Fundamental topics in quantum metrology will be explored using the advanced magnetometry sys- tem. Nonlinear quantum metrology proposes to surpass the Heisenberg limit using inter-particle interactions. Compressed sensing aims to surpass the Nyquist limit, obtaining more information than normally allowed.
Max ERC Funding
1 387 000 €
Duration
Start date: 2012-01-01, End date: 2016-12-31
Project acronym B-INNATE
Project Innate signaling networks in B cell antibody production: new targets for vaccine development
Researcher (PI) Andrea Cerutti
Host Institution (HI) FUNDACIO INSTITUT MAR D INVESTIGACIONS MEDIQUES IMIM
Call Details Advanced Grant (AdG), LS6, ERC-2011-ADG_20110310
Summary The long-term goal of this proposal is to explore a novel immune pathway that involves an unexpected interplay between marginal zone (MZ) B cells and neutrophils. MZ B cells are strategically positioned at the interface between the immune system and the circulation and rapidly produce protective antibodies to blood-borne pathogens through a T cell-independent pathway that remains poorly understood. We recently found that the human spleen contains a novel subset of B cell helper neutrophils (NBH cells) with a phenotype and gene expression profile distinct from those of conventional circulating neutrophils (NC cells). In this proposal, we hypothesize that NC cells undergo splenic reprogramming into NBH cells through an IL-10-dependent pathway involving perifollicular sinusoidal endothelial cells. We contend that these unique endothelial cells release NC cell-attracting chemokines and IL-10 upon sensing blood-borne bacteria through Toll-like receptors. We also argue that IL-10 from sinusoidal endothelial cells stimulates NC cells to differentiate into NBH cells equipped with powerful MZ B cell-stimulating activity. The following three aims will be pursued. Aim 1 is to determine the mechanisms by which splenic sinusoidal endothelial cells induce reprogramming of NC cells into NBH cells upon sensing bacteria through Toll-like receptors. Aim 2 is to elucidate the mechanisms by which NBH cells induce IgM production, IgG and IgA class switching, and plasma cell differentiation in MZ B cells. Aim 3 is to evaluate the mechanisms by which NBH cells induce V(D)J gene somatic hypermutation and high-affinity antibody production in MZ B cells. These studies will uncover previously unknown facets of the immunological function of neutrophils by taking advantage of unique cells and tissues from patients with rare primary immunodeficiencies and by making use of selected mouse models. Results from these studies may also lead to the identification of novel vaccine strategies.
Summary
The long-term goal of this proposal is to explore a novel immune pathway that involves an unexpected interplay between marginal zone (MZ) B cells and neutrophils. MZ B cells are strategically positioned at the interface between the immune system and the circulation and rapidly produce protective antibodies to blood-borne pathogens through a T cell-independent pathway that remains poorly understood. We recently found that the human spleen contains a novel subset of B cell helper neutrophils (NBH cells) with a phenotype and gene expression profile distinct from those of conventional circulating neutrophils (NC cells). In this proposal, we hypothesize that NC cells undergo splenic reprogramming into NBH cells through an IL-10-dependent pathway involving perifollicular sinusoidal endothelial cells. We contend that these unique endothelial cells release NC cell-attracting chemokines and IL-10 upon sensing blood-borne bacteria through Toll-like receptors. We also argue that IL-10 from sinusoidal endothelial cells stimulates NC cells to differentiate into NBH cells equipped with powerful MZ B cell-stimulating activity. The following three aims will be pursued. Aim 1 is to determine the mechanisms by which splenic sinusoidal endothelial cells induce reprogramming of NC cells into NBH cells upon sensing bacteria through Toll-like receptors. Aim 2 is to elucidate the mechanisms by which NBH cells induce IgM production, IgG and IgA class switching, and plasma cell differentiation in MZ B cells. Aim 3 is to evaluate the mechanisms by which NBH cells induce V(D)J gene somatic hypermutation and high-affinity antibody production in MZ B cells. These studies will uncover previously unknown facets of the immunological function of neutrophils by taking advantage of unique cells and tissues from patients with rare primary immunodeficiencies and by making use of selected mouse models. Results from these studies may also lead to the identification of novel vaccine strategies.
Max ERC Funding
2 214 035 €
Duration
Start date: 2012-04-01, End date: 2017-09-30
Project acronym BIDECASEOX
Project Bio-inspired Design of Catalysts for Selective Oxidations of C-H and C=C Bonds
Researcher (PI) Miguel Costas Salgueiro
Host Institution (HI) UNIVERSITAT DE GIRONA
Call Details Starting Grant (StG), PE5, ERC-2009-StG
Summary The selective functionalization of C-H and C=C bonds remains a formidable unsolved problem, owing to their inert nature. Novel alkane and alkene oxidation reactions exhibiting good and/or unprecedented selectivities will have a big impact on bulk and fine chemistry by opening novel methodologies that will allow removal of protection-deprotection sequences, thus streamlining synthetic strategies. These goals are targeted in this project via design of iron and manganese catalysts inspired by structural elements of the active site of non-heme enzymes of the Rieske Dioxygenase family. Selectivity is pursued via rational design of catalysts that will exploit substrate recognition-exclusion phenomena, and control over proton and electron affinity of the active species. Moreover, these catalysts will employ H2O2 as oxidant, and will operate under mild conditions (pressure and temperature). The fundamental mechanistic aspects of the catalytic reactions, and the species implicated in C-H and C=C oxidation events will also be studied with the aim of building on the necessary knowledge to design future generations of catalysts, and provide models to understand the chemistry taking place in non-heme iron and manganese-dependent oxygenases.
Summary
The selective functionalization of C-H and C=C bonds remains a formidable unsolved problem, owing to their inert nature. Novel alkane and alkene oxidation reactions exhibiting good and/or unprecedented selectivities will have a big impact on bulk and fine chemistry by opening novel methodologies that will allow removal of protection-deprotection sequences, thus streamlining synthetic strategies. These goals are targeted in this project via design of iron and manganese catalysts inspired by structural elements of the active site of non-heme enzymes of the Rieske Dioxygenase family. Selectivity is pursued via rational design of catalysts that will exploit substrate recognition-exclusion phenomena, and control over proton and electron affinity of the active species. Moreover, these catalysts will employ H2O2 as oxidant, and will operate under mild conditions (pressure and temperature). The fundamental mechanistic aspects of the catalytic reactions, and the species implicated in C-H and C=C oxidation events will also be studied with the aim of building on the necessary knowledge to design future generations of catalysts, and provide models to understand the chemistry taking place in non-heme iron and manganese-dependent oxygenases.
Max ERC Funding
1 299 998 €
Duration
Start date: 2009-11-01, End date: 2015-10-31
Project acronym BILITERACY
Project Bi-literacy: Learning to read in L1 and in L2
Researcher (PI) Manuel Francisco Carreiras Valiña
Host Institution (HI) BCBL BASQUE CENTER ON COGNITION BRAIN AND LANGUAGE
Call Details Advanced Grant (AdG), SH4, ERC-2011-ADG_20110406
Summary Learning to read is probably one of the most exciting discoveries in our life. Using a longitudinal approach, the research proposed examines how the human brain responds to two major challenges: (a) the instantiation a complex cognitive function for which there is no genetic blueprint (learning to read in a first language, L1), and (b) the accommodation to new statistical regularities when learning to read in a second language (L2). The aim of the present research project is to identify the neural substrates of the reading process and its constituent cognitive components, with specific attention to individual differences and reading disabilities; as well as to investigate the relationship between specific cognitive functions and the changes in neural activity that take place in the course of learning to read in L1 and in L2. The project will employ a longitudinal design. We will recruit children before they learn to read in L1 and in L2 and track reading development with both cognitive and neuroimaging measures over 24 months. The findings from this project will provide a deeper understanding of (a) how general neurocognitive factors and language specific factors underlie individual differences – and reading disabilities– in reading acquisition in L1 and in L2; (b) how the neuro-cognitive circuitry changes and brain mechanisms synchronize while instantiating reading in L1 and in L2; (c) what the limitations and the extent of brain plasticity are in young readers. An interdisciplinary and multi-methodological approach is one of the keys to success of the present project, along with strong theory-driven investigation. By combining both we will generate breakthroughs to advance our understanding of how literacy in L1 and in L2 is acquired and mastered. The research proposed will also lay the foundations for more applied investigations of best practice in teaching reading in first and subsequent languages, and devising intervention methods for reading disabilities.
Summary
Learning to read is probably one of the most exciting discoveries in our life. Using a longitudinal approach, the research proposed examines how the human brain responds to two major challenges: (a) the instantiation a complex cognitive function for which there is no genetic blueprint (learning to read in a first language, L1), and (b) the accommodation to new statistical regularities when learning to read in a second language (L2). The aim of the present research project is to identify the neural substrates of the reading process and its constituent cognitive components, with specific attention to individual differences and reading disabilities; as well as to investigate the relationship between specific cognitive functions and the changes in neural activity that take place in the course of learning to read in L1 and in L2. The project will employ a longitudinal design. We will recruit children before they learn to read in L1 and in L2 and track reading development with both cognitive and neuroimaging measures over 24 months. The findings from this project will provide a deeper understanding of (a) how general neurocognitive factors and language specific factors underlie individual differences – and reading disabilities– in reading acquisition in L1 and in L2; (b) how the neuro-cognitive circuitry changes and brain mechanisms synchronize while instantiating reading in L1 and in L2; (c) what the limitations and the extent of brain plasticity are in young readers. An interdisciplinary and multi-methodological approach is one of the keys to success of the present project, along with strong theory-driven investigation. By combining both we will generate breakthroughs to advance our understanding of how literacy in L1 and in L2 is acquired and mastered. The research proposed will also lay the foundations for more applied investigations of best practice in teaching reading in first and subsequent languages, and devising intervention methods for reading disabilities.
Max ERC Funding
2 487 000 €
Duration
Start date: 2012-05-01, End date: 2017-04-30
Project acronym CARBONNEMS
Project NanoElectroMechanical Systems based on Carbon Nanotube and Graphene
Researcher (PI) Adrian Bachtold
Host Institution (HI) FUNDACIO INSTITUT DE CIENCIES FOTONIQUES
Call Details Starting Grant (StG), PE3, ERC-2011-StG_20101014
Summary Carbon nanotubes and graphene form a class of nanoscale objects with exceptional electrical, mechanical and structural properties. I propose to exploit these unique properties to fabricate and study various nanoelectromechanical systems (NEMS) based on graphene and nanotubes. Specifically, I will address two directions with major scientific interests:
1- I propose to study electromechanical resonators based on an individual nanotube or on a single layer of graphene. My group has a leading position in this recent research field and the idea is to take advantage of our expertise for two sets of experiments, one on inertial mass sensing and one on the exploration of quantum motion. These two topics are generating at present an intense activity in the NEMS community. Experiments are usually carried out using microfabricated silicon resonators but the ultra low mass of nanotubes and graphene has here an enormous asset. It drastically improves the sensitivity of mass sensing and it dramatically enhances the amplitude of the motion in the quantum regime.
2- My team will fabricate and exploit nanomotors based on nanotube and graphene. Only few man-made nanomotors have been demonstrated so far. Reasons are multiple. For instance, the fabrication of nanomotors is technically challenging. In addition, friction forces are often so strong that they hinder motion. Because of their unique properties, nanotubes and graphene represent a material of choice for the development of new nanomotors. We will construct nanomotors with different layouts and address how electrical, thermal or chemical energy can be transformed into mechanical energy in order to drive motion at the nanoscale.
Summary
Carbon nanotubes and graphene form a class of nanoscale objects with exceptional electrical, mechanical and structural properties. I propose to exploit these unique properties to fabricate and study various nanoelectromechanical systems (NEMS) based on graphene and nanotubes. Specifically, I will address two directions with major scientific interests:
1- I propose to study electromechanical resonators based on an individual nanotube or on a single layer of graphene. My group has a leading position in this recent research field and the idea is to take advantage of our expertise for two sets of experiments, one on inertial mass sensing and one on the exploration of quantum motion. These two topics are generating at present an intense activity in the NEMS community. Experiments are usually carried out using microfabricated silicon resonators but the ultra low mass of nanotubes and graphene has here an enormous asset. It drastically improves the sensitivity of mass sensing and it dramatically enhances the amplitude of the motion in the quantum regime.
2- My team will fabricate and exploit nanomotors based on nanotube and graphene. Only few man-made nanomotors have been demonstrated so far. Reasons are multiple. For instance, the fabrication of nanomotors is technically challenging. In addition, friction forces are often so strong that they hinder motion. Because of their unique properties, nanotubes and graphene represent a material of choice for the development of new nanomotors. We will construct nanomotors with different layouts and address how electrical, thermal or chemical energy can be transformed into mechanical energy in order to drive motion at the nanoscale.
Max ERC Funding
1 996 789 €
Duration
Start date: 2012-01-01, End date: 2016-12-31
Project acronym CHEMCOMP
Project Building-up Chemical Complexity
into Multifunctional Molecule-based Hybrid Materials
Researcher (PI) Jose Ramon Galan Mascaros
Host Institution (HI) FUNDACIO PRIVADA INSTITUT CATALA D'INVESTIGACIO QUIMICA
Call Details Starting Grant (StG), PE5, ERC-2011-StG_20101014
Summary Molecular sciences offer unparalleled opportunities for the development of tailor-made materials. By chemical design, molecules with the desired features can be prepared and incorporated into hybrid systems to yield molecule-based materials with novel chemical and/or physical properties. The CHEMCOMP project aims to develop new hybrid materials targeting the study of new physical phenomena that have already been theoretically predicted or experimentally hinted. The main goals will be:
i) Molecules with memory: Memory effect at the molecular scale is of great interest because it represents the size limit in the miniaturization of information storage media. My goal will be to develop spin crossover molecules with bulk-like hysteretic behavior where the switching between the low spin ground state and the high spin metastable state can be controlled through external stimuli.
ii) Bistable organic conductors: Bistable molecules could also be embedded into hybrid organic conductors to induce structural phase transitions. This strategy will allow for the transport properties to be controlled through external stimuli in unprecedented switchable conducting media.
iii) Hybrid conducting magnets: Combination of magnetism and electrical conductivity has given rise to new phenomena in the past, such as spin glass behavior or giant magnetoresistance. We propose to incorporate Single Molecule Magnets (molecules with magnet-like behavior) into organic (super)conductors to understand and optimize the synergy between these two physical properties.
iv) Chiral magnets and conductors: New phenomena is expected to appear in optically active media. Experimental evidence for the so-called MagnetoChiral Dichroism has already been found. Electrical Magnetochiral Anisotropy has been predicted. I will develop systematic strategies for the preparation of hybrid chiral materials to understand and optimize the synergy between chirality and bulk physical properties.
Summary
Molecular sciences offer unparalleled opportunities for the development of tailor-made materials. By chemical design, molecules with the desired features can be prepared and incorporated into hybrid systems to yield molecule-based materials with novel chemical and/or physical properties. The CHEMCOMP project aims to develop new hybrid materials targeting the study of new physical phenomena that have already been theoretically predicted or experimentally hinted. The main goals will be:
i) Molecules with memory: Memory effect at the molecular scale is of great interest because it represents the size limit in the miniaturization of information storage media. My goal will be to develop spin crossover molecules with bulk-like hysteretic behavior where the switching between the low spin ground state and the high spin metastable state can be controlled through external stimuli.
ii) Bistable organic conductors: Bistable molecules could also be embedded into hybrid organic conductors to induce structural phase transitions. This strategy will allow for the transport properties to be controlled through external stimuli in unprecedented switchable conducting media.
iii) Hybrid conducting magnets: Combination of magnetism and electrical conductivity has given rise to new phenomena in the past, such as spin glass behavior or giant magnetoresistance. We propose to incorporate Single Molecule Magnets (molecules with magnet-like behavior) into organic (super)conductors to understand and optimize the synergy between these two physical properties.
iv) Chiral magnets and conductors: New phenomena is expected to appear in optically active media. Experimental evidence for the so-called MagnetoChiral Dichroism has already been found. Electrical Magnetochiral Anisotropy has been predicted. I will develop systematic strategies for the preparation of hybrid chiral materials to understand and optimize the synergy between chirality and bulk physical properties.
Max ERC Funding
1 940 396 €
Duration
Start date: 2012-01-01, End date: 2016-12-31
Project acronym DYSTRUCTURE
Project The Dynamical and Structural Basis of Human Mind Complexity: Segregation and Integration of Information and Processing in the Brain
Researcher (PI) Gustavo Deco
Host Institution (HI) UNIVERSIDAD POMPEU FABRA
Call Details Advanced Grant (AdG), SH4, ERC-2011-ADG_20110406
Summary "Perceptions, memories, emotions, and everything that makes us human, demand the flexible integration of information represented and computed in a distributed manner. The human brain is structured into a large number of areas in which information and computation are highly segregated. Normal brain functions require the integration of functionally specialized but widely distributed brain areas. Furthermore, human behavior entails a flexible task- dependent interplay between different subsets of these brain areas in order to integrate them according to the corresponding goal-directed requirements. We contend that the functional and encoding roles of diverse neuronal populations across areas are subject to intra- and inter-cortical dynamics. More concretely, we hypothesize that coherent oscillations within frequency-specific large-scale networks and coherent structuring of the underlying fluctuations are crucial mechanisms for the flexible integration of distributed processing and interaction of representations.
The project aims to elucidate precisely the interplay and mutual entrainment between local brain area dynamics and global network dynamics and their breakdown in brain diseases. We wish to better understand how segregated distributed information and processing are integrated in a flexible and context-dependent way as required for goal-directed behavior. It will allow us to comprehend the mechanisms underlying brain functions by complementing structural and activation based analyses with dynamics. We expect to gain a full explanation of the mechanisms that mediate the interactions between global and local spatio-temporal patterns of activity revealed at many levels of observations (fMRI, EEG, MEG) in humans under task and resting conditions, complemented and further constrained by using more detailed characterization of brain dynamics via Local Field Potentials and neuronal recording in animals under task and resting conditions."
Summary
"Perceptions, memories, emotions, and everything that makes us human, demand the flexible integration of information represented and computed in a distributed manner. The human brain is structured into a large number of areas in which information and computation are highly segregated. Normal brain functions require the integration of functionally specialized but widely distributed brain areas. Furthermore, human behavior entails a flexible task- dependent interplay between different subsets of these brain areas in order to integrate them according to the corresponding goal-directed requirements. We contend that the functional and encoding roles of diverse neuronal populations across areas are subject to intra- and inter-cortical dynamics. More concretely, we hypothesize that coherent oscillations within frequency-specific large-scale networks and coherent structuring of the underlying fluctuations are crucial mechanisms for the flexible integration of distributed processing and interaction of representations.
The project aims to elucidate precisely the interplay and mutual entrainment between local brain area dynamics and global network dynamics and their breakdown in brain diseases. We wish to better understand how segregated distributed information and processing are integrated in a flexible and context-dependent way as required for goal-directed behavior. It will allow us to comprehend the mechanisms underlying brain functions by complementing structural and activation based analyses with dynamics. We expect to gain a full explanation of the mechanisms that mediate the interactions between global and local spatio-temporal patterns of activity revealed at many levels of observations (fMRI, EEG, MEG) in humans under task and resting conditions, complemented and further constrained by using more detailed characterization of brain dynamics via Local Field Potentials and neuronal recording in animals under task and resting conditions."
Max ERC Funding
2 467 530 €
Duration
Start date: 2012-07-01, End date: 2017-06-30
Project acronym EDSGEL
Project Likelihood-based estimation of non-linear and non-normal DSGE models
Researcher (PI) Juan Francisco Rubio-Ramirez
Host Institution (HI) FUNDACION CENTRO DE ESTUDIOS MONETARIOS Y FINANCIEROS
Call Details Starting Grant (StG), SH1, ERC-2009-StG
Summary DSGE models are the standard tool of quantitative macroeconomics. We use them to measure economics phenomena and to provide policy advice. However, since Kydland and Prescott s 1982, the profession has fought about how to take these models to the data. Kydland and Prescott proposed to calibrate their model. Why? Macroeconomists could not compute their models efficiently. Moreover, the techniques required for estimating DSGE models using the likelihood did not exist. Finally, models were ranked very badly by likelihood ratio tests. Calibration offered a temporary solution. By focusing only on a very limited set of moments of the model, researchers could claim partial success and keep developing their theory. The landscape changed in the 1990s. There were developments along three fronts. First, macroeconomists learned how to efficiently compute equilibrium models with rich dynamics. Second, statisticians developed simulation techniques like Markov chain Monte Carlo (MCMC), which we require to estimate DSGE models. Third, and perhaps most important, computer power has become so cheap that we can now do things that were unthinkable 20 years ago. This proposal tries to estimate non-linear and/or non-normal DSGE models using a likelihood approach. Why non-linear models? Previous research has proved that second order approximation errors in the policy function have first order effects on the likelihood function. Why non-normal models? Time-varying volatility is key to understanding the Great Moderation. Kim and Nelson (1999), McConnell and Pérez-Quirós (2000), and Stock and Watson (2002) have documented a decline in the variance of output growth since the mid 1980s. Only DSGE models with richer structure than normal innovations can account for this.
Summary
DSGE models are the standard tool of quantitative macroeconomics. We use them to measure economics phenomena and to provide policy advice. However, since Kydland and Prescott s 1982, the profession has fought about how to take these models to the data. Kydland and Prescott proposed to calibrate their model. Why? Macroeconomists could not compute their models efficiently. Moreover, the techniques required for estimating DSGE models using the likelihood did not exist. Finally, models were ranked very badly by likelihood ratio tests. Calibration offered a temporary solution. By focusing only on a very limited set of moments of the model, researchers could claim partial success and keep developing their theory. The landscape changed in the 1990s. There were developments along three fronts. First, macroeconomists learned how to efficiently compute equilibrium models with rich dynamics. Second, statisticians developed simulation techniques like Markov chain Monte Carlo (MCMC), which we require to estimate DSGE models. Third, and perhaps most important, computer power has become so cheap that we can now do things that were unthinkable 20 years ago. This proposal tries to estimate non-linear and/or non-normal DSGE models using a likelihood approach. Why non-linear models? Previous research has proved that second order approximation errors in the policy function have first order effects on the likelihood function. Why non-normal models? Time-varying volatility is key to understanding the Great Moderation. Kim and Nelson (1999), McConnell and Pérez-Quirós (2000), and Stock and Watson (2002) have documented a decline in the variance of output growth since the mid 1980s. Only DSGE models with richer structure than normal innovations can account for this.
Max ERC Funding
909 942 €
Duration
Start date: 2010-07-01, End date: 2015-06-30