Project acronym CANCERLINC
Project Functional and Mecahnistic Roles of Large Intergenic Non-coding RNAs in Cancer
Researcher (PI) Maite Huarte Martinez
Host Institution (HI) FUNDACION PARA LA INVESTIGACION MEDICA APLICADA FIMA
Call Details Starting Grant (StG), LS1, ERC-2011-StG_20101109
Summary Mammalian cells express thousands of RNA molecules structurally similar to protein coding genes –they are large, spliced, poly-adenylated, transcribed by RNA Pol II, with conserved promoters and exonic structures –however lack coding capacity. Although thousands exist, only few of these large intergenic non-coding RNAs (lincRNAs) have been characterized. The few that have, show powerful biological roles as regulators of gene expression by diverse epigenetic and non-epigenetic mechanisms. Significantly, their expression patterns suggest that some lincRNAs are involved in cellular pathways critical in cancer, like the p53 pathway. I explored this association demonstrating that p53 induces the expression of many lincRNAs. One them, named lincRNA-p21, is directly induced by p53 to play a critical role in the p53 response, being required for the global repression of genes that interfere with p53 induction of apoptosis. My results, together with the emerging evidence in the field, suggest that lincRNAs may play key roles in numerous tumor-suppressor and oncogenic pathways, representing an unknown paradigm in cellular transformation. However, their mechanisms of function and biological roles remain largely unexplored.
The goal of this project is to decipher the functional and biological roles of lincRNAs in the context of oncogenic pathways to better understand the cellular mechanisms of gene regulation at the epigenetic and non-epigenetic levels, and be able to implement lincRNA use for diagnostics and therapies. In order to accomplish these goals we will integrate molecular and cell biology techniques with functional genomics approaches and in vivo studies. Importantly, the profiling of patient samples will reveal the relevance of our findings in human disease. Together, the functional study of lincRNAs will not only be crucial for developing improved diagnostics and therapies, but also will help a better understanding of the mechanisms that govern cellular network.
Summary
Mammalian cells express thousands of RNA molecules structurally similar to protein coding genes –they are large, spliced, poly-adenylated, transcribed by RNA Pol II, with conserved promoters and exonic structures –however lack coding capacity. Although thousands exist, only few of these large intergenic non-coding RNAs (lincRNAs) have been characterized. The few that have, show powerful biological roles as regulators of gene expression by diverse epigenetic and non-epigenetic mechanisms. Significantly, their expression patterns suggest that some lincRNAs are involved in cellular pathways critical in cancer, like the p53 pathway. I explored this association demonstrating that p53 induces the expression of many lincRNAs. One them, named lincRNA-p21, is directly induced by p53 to play a critical role in the p53 response, being required for the global repression of genes that interfere with p53 induction of apoptosis. My results, together with the emerging evidence in the field, suggest that lincRNAs may play key roles in numerous tumor-suppressor and oncogenic pathways, representing an unknown paradigm in cellular transformation. However, their mechanisms of function and biological roles remain largely unexplored.
The goal of this project is to decipher the functional and biological roles of lincRNAs in the context of oncogenic pathways to better understand the cellular mechanisms of gene regulation at the epigenetic and non-epigenetic levels, and be able to implement lincRNA use for diagnostics and therapies. In order to accomplish these goals we will integrate molecular and cell biology techniques with functional genomics approaches and in vivo studies. Importantly, the profiling of patient samples will reveal the relevance of our findings in human disease. Together, the functional study of lincRNAs will not only be crucial for developing improved diagnostics and therapies, but also will help a better understanding of the mechanisms that govern cellular network.
Max ERC Funding
1 500 000 €
Duration
Start date: 2012-01-01, End date: 2017-12-31
Project acronym CHROMOREPAIR
Project Genome Maintenance in the Context of Chromatin
Researcher (PI) Oscar Fernández-Capetillo Ruiz
Host Institution (HI) FUNDACION CENTRO NACIONAL DE INVESTIGACIONES ONCOLOGICAS CARLOS III
Call Details Starting Grant (StG), LS1, ERC-2007-StG
Summary With the availability of the essentially complete sequence of the human genome, as well as a rapid development of massive sequencing techniques, the research efforts to understand genetics and disease from a cis standpoint will soon reach an endpoint. However, our emerging knowledge of gene regulation networks reveals that epigenetic regulation of the hereditary information plays crucial roles in various biological events through its influence on processes such as transcription, DNA replication and chromosome architecture. Another scenario in which the control of chromatin structure is crucial is the repair of lesions in genomic DNA. There is mounting evidence, particularly from model organisms such as Saccharomyces cerevisiae, that histone modifying enzymes (acetylases, deacetylases, kinases, …) are essential components of the machinery that maintains genome integrity and thereby guards against cancer, degenerative diseases and ageing. However, little is known about the specific “code” of histone tail modifications that coordinate DNA repair, and the impact that an aberrant “histone code” may have on human health. In CHROMOREPAIR we will systematically analyze the chromatin remodelling process that undergoes at DNA lesions and evaluate the impact that chromatin alterations have on the access, signaling and repair of DNA damage. Furthermore, we propose to translate our in vitro knowledge to the development of mouse models that help us evaluate how modulation of chromatin status impinges on genome maintenance and therefore on cancer and aging. As a provocative line of research and based on our preliminary data, we propose that certain chromatin alterations could not only impair but also in some cases promote a more robust response to DNA breaks, which could be a novel and not yet explored way to potentiate the elimination of pre-cancerous cells.
Summary
With the availability of the essentially complete sequence of the human genome, as well as a rapid development of massive sequencing techniques, the research efforts to understand genetics and disease from a cis standpoint will soon reach an endpoint. However, our emerging knowledge of gene regulation networks reveals that epigenetic regulation of the hereditary information plays crucial roles in various biological events through its influence on processes such as transcription, DNA replication and chromosome architecture. Another scenario in which the control of chromatin structure is crucial is the repair of lesions in genomic DNA. There is mounting evidence, particularly from model organisms such as Saccharomyces cerevisiae, that histone modifying enzymes (acetylases, deacetylases, kinases, …) are essential components of the machinery that maintains genome integrity and thereby guards against cancer, degenerative diseases and ageing. However, little is known about the specific “code” of histone tail modifications that coordinate DNA repair, and the impact that an aberrant “histone code” may have on human health. In CHROMOREPAIR we will systematically analyze the chromatin remodelling process that undergoes at DNA lesions and evaluate the impact that chromatin alterations have on the access, signaling and repair of DNA damage. Furthermore, we propose to translate our in vitro knowledge to the development of mouse models that help us evaluate how modulation of chromatin status impinges on genome maintenance and therefore on cancer and aging. As a provocative line of research and based on our preliminary data, we propose that certain chromatin alterations could not only impair but also in some cases promote a more robust response to DNA breaks, which could be a novel and not yet explored way to potentiate the elimination of pre-cancerous cells.
Max ERC Funding
948 426 €
Duration
Start date: 2008-12-01, End date: 2013-11-30
Project acronym CIDAM
Project Conflict, Identity and Markets
Researcher (PI) Eliana La Ferrara
Host Institution (HI) UNIVERSITA COMMERCIALE LUIGI BOCCONI
Call Details Starting Grant (StG), SH1, ERC-2007-StG
Summary The developing world has been plagued by many civil conflicts in the past thirty years. Understanding the roots and the consequences of these conflicts is crucial to fight poverty. This project will take an economic approach to investigate the interplay between cultural, political and economic determinants of conflict in poor countries. I will assess the role of domestic and international factors. Domestic factors include variables such as cultural identity, income inequality, resource endowments and geography. I will re-examine the role of ethnic diversity using original multi-dimensional indicators. These take into account that the salience of ethnic identity may depend on how much it overlaps with categories based on income, education, etc. I will also re-assess the role of natural resource abundance from a theoretical and empirical standpoint. I will develop a theory of how rebel groups are organized drawing on the theory of incentives and test it using detailed geographic information on the location of mineral deposits in Africa. I will also analyze the role of international players using a methodology based on financial markets’ reactions to news. This methodology will allow me to address questions such as: Which companies gain or lose from violent conflict? How can we detect violations of international embargoes? What are the private incentives of complying with international norms, i.e. can reputation costs be quantified? These are questions of paramount importance from a policy perspective and on which almost no academic research exists in economics. Overall, the project should help integrate economic, social and political explanations for the occurrence of conflict in developing countries. I expect that its outcome should comprise the creation of new datasets, propose new methodological tools and offer some insights for designing economic policies to prevent conflict and fight poverty.
Summary
The developing world has been plagued by many civil conflicts in the past thirty years. Understanding the roots and the consequences of these conflicts is crucial to fight poverty. This project will take an economic approach to investigate the interplay between cultural, political and economic determinants of conflict in poor countries. I will assess the role of domestic and international factors. Domestic factors include variables such as cultural identity, income inequality, resource endowments and geography. I will re-examine the role of ethnic diversity using original multi-dimensional indicators. These take into account that the salience of ethnic identity may depend on how much it overlaps with categories based on income, education, etc. I will also re-assess the role of natural resource abundance from a theoretical and empirical standpoint. I will develop a theory of how rebel groups are organized drawing on the theory of incentives and test it using detailed geographic information on the location of mineral deposits in Africa. I will also analyze the role of international players using a methodology based on financial markets’ reactions to news. This methodology will allow me to address questions such as: Which companies gain or lose from violent conflict? How can we detect violations of international embargoes? What are the private incentives of complying with international norms, i.e. can reputation costs be quantified? These are questions of paramount importance from a policy perspective and on which almost no academic research exists in economics. Overall, the project should help integrate economic, social and political explanations for the occurrence of conflict in developing countries. I expect that its outcome should comprise the creation of new datasets, propose new methodological tools and offer some insights for designing economic policies to prevent conflict and fight poverty.
Max ERC Funding
429 480 €
Duration
Start date: 2008-06-01, End date: 2013-05-31
Project acronym CODEC
Project Consequences of Demographic Change
Researcher (PI) Arnstein Aassve
Host Institution (HI) UNIVERSITA COMMERCIALE LUIGI BOCCONI
Call Details Starting Grant (StG), SH1, ERC-2007-StG
Summary The project will be using the Gender and Generations Surveys (GGS) – a system of comparable micro-level surveys for several Developed countries – to analyse the consequences of demographic change. The analysis will be using households and individuals as the unit of observation. As a result, we will be able to make inferences about how certain demographic behaviours (i.e. childbearing, marital disruption, single motherhood, leaving home), including their timing and sequencing, affect certain outcomes, such as income, poverty, deprivation, together with various child outcomes. This analysis is particularly relevant given recent demographic trends in developed countries (e.g. divorce rates are increasing, out-of-wedlock childbearing is becoming more prevalent, and general delay in key demographic events such as childbearing and leaving the parental home). The novelty of the study is driven by its focus on consequences of newly emerging demographic patterns and behaviour, which is in contrast to the majority of previous demographic studies – which has tended to focus on the determinants behind these trends. Policy analysis has not had a strong tradition in Demography and the aim of this project is to rectify this shortcoming of the discipline. By focusing on the consequences of demographic change and using techniques that are borrowed from program evaluation, econometrics, applied statistics and empirical sociology, we aim to advance the understanding of how demographic events impact other important processes in the life course of individuals and how policy makers can best influence such outcomes by appropriate policy interventions.
Summary
The project will be using the Gender and Generations Surveys (GGS) – a system of comparable micro-level surveys for several Developed countries – to analyse the consequences of demographic change. The analysis will be using households and individuals as the unit of observation. As a result, we will be able to make inferences about how certain demographic behaviours (i.e. childbearing, marital disruption, single motherhood, leaving home), including their timing and sequencing, affect certain outcomes, such as income, poverty, deprivation, together with various child outcomes. This analysis is particularly relevant given recent demographic trends in developed countries (e.g. divorce rates are increasing, out-of-wedlock childbearing is becoming more prevalent, and general delay in key demographic events such as childbearing and leaving the parental home). The novelty of the study is driven by its focus on consequences of newly emerging demographic patterns and behaviour, which is in contrast to the majority of previous demographic studies – which has tended to focus on the determinants behind these trends. Policy analysis has not had a strong tradition in Demography and the aim of this project is to rectify this shortcoming of the discipline. By focusing on the consequences of demographic change and using techniques that are borrowed from program evaluation, econometrics, applied statistics and empirical sociology, we aim to advance the understanding of how demographic events impact other important processes in the life course of individuals and how policy makers can best influence such outcomes by appropriate policy interventions.
Max ERC Funding
750 000 €
Duration
Start date: 2008-07-01, End date: 2013-06-30
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
Project acronym EPIPLURIRETRO
Project Epigenetic control and impact of mammalian retrotransposons in pluripotent genomes
Researcher (PI) José Luis Garcia Perez
Host Institution (HI) FUNDACION PUBLICA ANDALUZA PROGRESO Y SALUD
Call Details Starting Grant (StG), LS1, ERC-2012-StG_20111109
Summary Almost half of the human genome is made of Transposable Elements (TEs), whose ongoing activity continually impacts our genome. However, little is known about how the host regulates TEs and their genomic and epigenomic impacts. EpiPluriRetro will advance research in a new groundbreaking concept: that TEs are active in our pluripotent genome, and that epigenetic regulation is employed therein to regulate TE activity. LINE-1 retrotransposons comprise approximately 20% of the mammalian genome, and L1 retrotransposition events can create genetic diversity by a variety of mechanisms. From acting as simple insertion mutagens to inducing other complex genomic alterations it is becoming increasingly evident that the activity of TEs is a major force driving human genome evolution. It has been demonstrated that the main mutagenic load associated with TE mobilization occurs during early human embryogenesis (i.e., our pluripotent genome). EpiPluriRetro will examine how epigenetic mechanisms influence LINE-1 retrotransposition in pluripotent cells. To do that, we will combine genetic, biochemical and genomics approaches to identify pluripotent host factors that influence the fate of LINE-1 retrotransposition. In addition, EpiPluriRetro will analyze the impact of LINE-1 insertions in our pluripotent genome and the Epimutagenic impact of new LINE-1 mobilization events in pluripotent cells. To do that, we have developed an innovative approach to analyze the effect of LINE-1 insertions within human genes without biases, including epigenetic alterations induced by a new L1 insertion. EpiPluriRetro will help to understand how the activity of TEs is controlled in our heritable genome, which will directly impact our knowledge in how new genetic diseases are generated in humans. In addition, EpiPluriRetro will allow us to describe a new concept in human biology, as we will analyze how new TE insertions can modify the chromatin status of flanking genomic regions where they insert.
Summary
Almost half of the human genome is made of Transposable Elements (TEs), whose ongoing activity continually impacts our genome. However, little is known about how the host regulates TEs and their genomic and epigenomic impacts. EpiPluriRetro will advance research in a new groundbreaking concept: that TEs are active in our pluripotent genome, and that epigenetic regulation is employed therein to regulate TE activity. LINE-1 retrotransposons comprise approximately 20% of the mammalian genome, and L1 retrotransposition events can create genetic diversity by a variety of mechanisms. From acting as simple insertion mutagens to inducing other complex genomic alterations it is becoming increasingly evident that the activity of TEs is a major force driving human genome evolution. It has been demonstrated that the main mutagenic load associated with TE mobilization occurs during early human embryogenesis (i.e., our pluripotent genome). EpiPluriRetro will examine how epigenetic mechanisms influence LINE-1 retrotransposition in pluripotent cells. To do that, we will combine genetic, biochemical and genomics approaches to identify pluripotent host factors that influence the fate of LINE-1 retrotransposition. In addition, EpiPluriRetro will analyze the impact of LINE-1 insertions in our pluripotent genome and the Epimutagenic impact of new LINE-1 mobilization events in pluripotent cells. To do that, we have developed an innovative approach to analyze the effect of LINE-1 insertions within human genes without biases, including epigenetic alterations induced by a new L1 insertion. EpiPluriRetro will help to understand how the activity of TEs is controlled in our heritable genome, which will directly impact our knowledge in how new genetic diseases are generated in humans. In addition, EpiPluriRetro will allow us to describe a new concept in human biology, as we will analyze how new TE insertions can modify the chromatin status of flanking genomic regions where they insert.
Max ERC Funding
1 453 800 €
Duration
Start date: 2013-07-01, End date: 2018-06-30
Project acronym ESEARCH
Project Direct Empirical Evidence on Labor Market Search Theories
Researcher (PI) Thomas LE BARBANCHON
Host Institution (HI) UNIVERSITA COMMERCIALE LUIGI BOCCONI
Call Details Starting Grant (StG), SH1, ERC-2017-STG
Summary Our project proposes to provide new empirical evidence on the search strategies of both job seekers and of recruiters in the labor market. This evidence will enhance our understanding of the information asymmetries at the root of search frictions.
We will leverage the extraordinary opportunities offered by online job boards, which record search activities in details. We will match for the first time these data with administrative data from unemployment-employment registers. This will enable us to jointly observe search activity and core economic outcomes (wage, job duration) on very large samples.
We will design randomized controlled trials, where we recommend new matches to both job seekers and recruiters. This will test for the extent of geographical and skill mismatch in the labor market. We will further test the assumptions of directed search models by displaying to job seekers the real-time length of the queue in front of vacancies. Finally, we will use new item-to-item collaborative filtering algorithms (amazon-type recommendations) to quantify the social value of the private information that job seekers gather when they screen vacancies.
Using quasi-experimental research designs, we will provide the first precise estimates of the direct and cross effects of search subsidies - unemployment insurance and reduction in vacancy advertising costs - on the search strategies of both sides of the market. We will then test the empirical relevance of behavioral mechanisms, such as reference-dependence or over-optimism.
We expect our direct empirical evidence on search strategies to trigger new developments in search theories. Our results will guide policy-makers who design job boards and search subsidies to both recruiters and job seekers. We hope that the social impact of our research will be to reduce frictional unemployment and to increase the productivity of workers through a reduction of mismatch in the labor market.
Summary
Our project proposes to provide new empirical evidence on the search strategies of both job seekers and of recruiters in the labor market. This evidence will enhance our understanding of the information asymmetries at the root of search frictions.
We will leverage the extraordinary opportunities offered by online job boards, which record search activities in details. We will match for the first time these data with administrative data from unemployment-employment registers. This will enable us to jointly observe search activity and core economic outcomes (wage, job duration) on very large samples.
We will design randomized controlled trials, where we recommend new matches to both job seekers and recruiters. This will test for the extent of geographical and skill mismatch in the labor market. We will further test the assumptions of directed search models by displaying to job seekers the real-time length of the queue in front of vacancies. Finally, we will use new item-to-item collaborative filtering algorithms (amazon-type recommendations) to quantify the social value of the private information that job seekers gather when they screen vacancies.
Using quasi-experimental research designs, we will provide the first precise estimates of the direct and cross effects of search subsidies - unemployment insurance and reduction in vacancy advertising costs - on the search strategies of both sides of the market. We will then test the empirical relevance of behavioral mechanisms, such as reference-dependence or over-optimism.
We expect our direct empirical evidence on search strategies to trigger new developments in search theories. Our results will guide policy-makers who design job boards and search subsidies to both recruiters and job seekers. We hope that the social impact of our research will be to reduce frictional unemployment and to increase the productivity of workers through a reduction of mismatch in the labor market.
Max ERC Funding
1 250 250 €
Duration
Start date: 2018-04-01, End date: 2023-03-31
Project acronym FINIMPMACRO
Project Financial Imperfections and Macroeconomic Implications
Researcher (PI) Tommaso Monacelli
Host Institution (HI) UNIVERSITA COMMERCIALE LUIGI BOCCONI
Call Details Starting Grant (StG), SH1, ERC-2011-StG_20101124
Summary We plan to study the implications of financial market imperfections for four main questions.
First, how do financial imperfections affect the optimal conduct of monetary and exchange rate policy in open economies? A key insight is that we characterize financial frictions as endogenous and only occasionally binding. This can have important implications for the optimal conduct of stabilization policy.
Second, how do financial and labor market imperfections interact? We extend the standard search-and-matching model to allow firms to issue debt. This feature affects the wage bargaining process endogenously, since firms, by leveraging, can pay lower wages. We study the ability of such a model to replicate the volatility and persistence of unemployment in the data, and the role of financial imperfections in affecting the transmission of productivity and financial shocks.
Third, does the effectiveness of tax policy depend on its redistributive content, and how is this affected by financial imperfections? We characterize the distributional feature of several Tax Acts in the US, and investigate empirically whether tax changes that “favor the poor” are more expansionary than cuts that “favor the rich”. We then build a theoretical framework with heterogeneous agents and financial frictions to rationalize our evidence.
Fourth, how do financial intermediaries affect the transmission channel of monetary policy? We extend the current New Keynesian framework for monetary policy analysis to study the role of financial intermediaries. We emphasize the role of three features: (i) asymmetric information in interbank markets; (ii) maturity mismatch in the banks’ balance sheets; (iii) the “paradox of securitization”, thereby a deeper diversification of idiosyncratic risk leads to a simultaneous increase in the sensitivity of banks’ balance sheets to aggregate risk.
Summary
We plan to study the implications of financial market imperfections for four main questions.
First, how do financial imperfections affect the optimal conduct of monetary and exchange rate policy in open economies? A key insight is that we characterize financial frictions as endogenous and only occasionally binding. This can have important implications for the optimal conduct of stabilization policy.
Second, how do financial and labor market imperfections interact? We extend the standard search-and-matching model to allow firms to issue debt. This feature affects the wage bargaining process endogenously, since firms, by leveraging, can pay lower wages. We study the ability of such a model to replicate the volatility and persistence of unemployment in the data, and the role of financial imperfections in affecting the transmission of productivity and financial shocks.
Third, does the effectiveness of tax policy depend on its redistributive content, and how is this affected by financial imperfections? We characterize the distributional feature of several Tax Acts in the US, and investigate empirically whether tax changes that “favor the poor” are more expansionary than cuts that “favor the rich”. We then build a theoretical framework with heterogeneous agents and financial frictions to rationalize our evidence.
Fourth, how do financial intermediaries affect the transmission channel of monetary policy? We extend the current New Keynesian framework for monetary policy analysis to study the role of financial intermediaries. We emphasize the role of three features: (i) asymmetric information in interbank markets; (ii) maturity mismatch in the banks’ balance sheets; (iii) the “paradox of securitization”, thereby a deeper diversification of idiosyncratic risk leads to a simultaneous increase in the sensitivity of banks’ balance sheets to aggregate risk.
Max ERC Funding
778 800 €
Duration
Start date: 2012-01-01, End date: 2016-12-31
Project acronym FLOS
Project Florilegia Syriaca. The Intercultural Dissemination of Greek Christian Thought in Syriac and Arabic in the First Millennium CE
Researcher (PI) Emiliano FIORI
Host Institution (HI) UNIVERSITA CA' FOSCARI VENEZIA
Call Details Starting Grant (StG), SH5, ERC-2017-STG
Summary FLOS will focus on the metamorphoses of Greek Christian thought in Syriac (Aramaic) and Arabic in Late Antiquity, within the timeframe of the first millennium CE. Syriac Christianity was a pivotal mediator of culture in the Late Antique epistemic space, but is little-known today. FLOS aims to bring to light for the first time a body of highly relevant Syriac and Christian Arabic sources that have hardly ever been studied before. At the end of the millennium, in Islamic-ruled Syria, Mesopotamia, and Iran, Syriac Christians strived to define their religious identity. One of their strategies was the production of florilegia, i.e. anthologies that they used to excerpt and reinvent the patristic canon, a corpus of Greek Christian works of the 2nd–6th centuries shared by European and Middle Eastern Christian cultures. A Greco-centric bias has prevented scholars from viewing these florilegia as laboratories of cultural creativity. FLOS will reverse the state of the art through two groundbreaking endeavours: 1) open-access digital editions of a set of Syriac florilegia of the 8th–10th centuries; 2) a study of many neglected writings of Syriac and Christian Arabic authors of the 8th–11th centuries. These tremendously important writings drew from Syriac patristic florilegia to pinpoint topics like incarnation and the Trinity against other Christians or Islam, showing how patristic sources were used to create new knowledge for the entangled environment of the Abbasid era. FLOS will thus dramatically improve our understanding of the cultural dynamics of Late Antiquity; patristic Christianity will emerge as a bridge between the intellectual history of Europe and of the Middle East. By studying how this shared patrimony was transformed in situations of interreligious interaction, especially with Islam, FLOS will facilitate the comprehension of Europe’s current religious discourses, and the preservation of the endangered cultural heritage of the Syriac Christians.
Summary
FLOS will focus on the metamorphoses of Greek Christian thought in Syriac (Aramaic) and Arabic in Late Antiquity, within the timeframe of the first millennium CE. Syriac Christianity was a pivotal mediator of culture in the Late Antique epistemic space, but is little-known today. FLOS aims to bring to light for the first time a body of highly relevant Syriac and Christian Arabic sources that have hardly ever been studied before. At the end of the millennium, in Islamic-ruled Syria, Mesopotamia, and Iran, Syriac Christians strived to define their religious identity. One of their strategies was the production of florilegia, i.e. anthologies that they used to excerpt and reinvent the patristic canon, a corpus of Greek Christian works of the 2nd–6th centuries shared by European and Middle Eastern Christian cultures. A Greco-centric bias has prevented scholars from viewing these florilegia as laboratories of cultural creativity. FLOS will reverse the state of the art through two groundbreaking endeavours: 1) open-access digital editions of a set of Syriac florilegia of the 8th–10th centuries; 2) a study of many neglected writings of Syriac and Christian Arabic authors of the 8th–11th centuries. These tremendously important writings drew from Syriac patristic florilegia to pinpoint topics like incarnation and the Trinity against other Christians or Islam, showing how patristic sources were used to create new knowledge for the entangled environment of the Abbasid era. FLOS will thus dramatically improve our understanding of the cultural dynamics of Late Antiquity; patristic Christianity will emerge as a bridge between the intellectual history of Europe and of the Middle East. By studying how this shared patrimony was transformed in situations of interreligious interaction, especially with Islam, FLOS will facilitate the comprehension of Europe’s current religious discourses, and the preservation of the endangered cultural heritage of the Syriac Christians.
Max ERC Funding
1 343 175 €
Duration
Start date: 2018-03-01, End date: 2023-02-28
Project acronym GOPG
Project Globalization, Optimal Policies and Growth
Researcher (PI) Gino Gancia
Host Institution (HI) Centre de Recerca en Economia Internacional (CREI)
Call Details Starting Grant (StG), SH1, ERC-2009-StG
Summary This project studies the challenges that policy makers face in a world where globalization is proceeding at high speed and knowledge creation is the key to prosperity. It consists of two main parts: one focuses on optimal growth policies, the other on policy externalities induced by market integration. The first part builds on the premise that fostering innovation requires appropriate regulations on product market competition and on Intellectual Property Rights. The following questions will be addressed. What are the optimal competition and IPR policies when economic growth requires both innovation and technology diffusion? Are competition and IPR policies complements or substitutes? How does the optimal policy mix change with economic development? How do optimal contractual relationships evolve with development? What are the misallocations created by market power when sectors and firms are heterogeneous in technology and in the exposure to foreign competition? Are trade liberalization and competition policy complements or substitutes? The second part studies the consequences of and remedies to the growing mismatch between economic and political borders created by globalization. The following questions will be addressed: Why does the size of governments increase with globalization? Does higher international factor mobility lead to a race to the bottom in taxation? What is the effect of trade openness on pollution and environmental regulations? Can globalization induce governments to adopt more stringent environmental regulations? Does market integration call for a reorganization of the world political structure? Can the tendency to reinforce supra-national entities and the process of political fragmentation within states be complementary reactions to globalization?
Summary
This project studies the challenges that policy makers face in a world where globalization is proceeding at high speed and knowledge creation is the key to prosperity. It consists of two main parts: one focuses on optimal growth policies, the other on policy externalities induced by market integration. The first part builds on the premise that fostering innovation requires appropriate regulations on product market competition and on Intellectual Property Rights. The following questions will be addressed. What are the optimal competition and IPR policies when economic growth requires both innovation and technology diffusion? Are competition and IPR policies complements or substitutes? How does the optimal policy mix change with economic development? How do optimal contractual relationships evolve with development? What are the misallocations created by market power when sectors and firms are heterogeneous in technology and in the exposure to foreign competition? Are trade liberalization and competition policy complements or substitutes? The second part studies the consequences of and remedies to the growing mismatch between economic and political borders created by globalization. The following questions will be addressed: Why does the size of governments increase with globalization? Does higher international factor mobility lead to a race to the bottom in taxation? What is the effect of trade openness on pollution and environmental regulations? Can globalization induce governments to adopt more stringent environmental regulations? Does market integration call for a reorganization of the world political structure? Can the tendency to reinforce supra-national entities and the process of political fragmentation within states be complementary reactions to globalization?
Max ERC Funding
450 000 €
Duration
Start date: 2009-09-01, End date: 2014-08-31
