JRC – Joint Research Centre – European Commission (JRC)

The Joint Research Centre is the European Commission's in-house science service and provides EU policies with independent, evidence-based scientific and technical support throughout the whole policy cycle. Working in close cooperation with policy Directorates-General, the JRC addresses key societal challenges while stimulating innovation through developing new methods, tools and standards, and sharing its know-how with the Member States, the scientific community and international partners. For instance, the JRC contributes to the goals of the Europe 2020 Strategy by providing integrated socio-economic and policy support on macro-economic policies, structural reform, employment, education and skills, research and innovation.

The Unit Financial and Economic Analysis at the JRC develops mathematical models and computational tools in support to the EU policies in the domains of economics and finance. Its activities focus on basic and applied research on statistics and econometrics, macroeconomic and financial modelling. The unit supports the DG Economic and Financial Affairs (ECFIN) in the development of QUEST III, the DSGE model used by the Commission for macroeconomic policy analysis and research. The unit has also developed and maintains the Program GAP, which is the software used by ECFIN and Member States to estimate the Output Gap in the context of the Stability and Growth Pact. The JRC has developed toolboxes for the sensitivity and identification analysis of DSGE models and to parallelize DSGE model estimation that were funded by the FP7 MONFISPOL project. The unit also contributes to Commission efforts on addressing financial risk, mostly by using the model SYMBOL (the Systemic Model of Banking Originated Losses).

Main tasks in the project

JRC will lead and be the main contributor to WP8.

More information

https://ec.europa.eu/jrc/en/research-topic/financial-and-economic-analysis

https://ec.europa.eu/jrc/

Key researchers and other contacts

Team leader

  • Marco Ratto is senior scientist at the Joint Research Centre of the European Commission. He holds a PhD in engineering from the University of Genoa and carries out research on applied macroeconomics, with focus on non-linear dynamical modelling and methods for the solution simulation and estimation of DSGE models.

Researchers

  • Christophe Planas is senior scientist at the Joint Research Centre of the European Commission. He holds a PhD in Economics from the European University Institute and he carries out research in econometric methodologies, particularly in time series analysis and state space modelling.
  • Alessandro Rossi is senior scientist at the Joint Research Centre of the European Commission. He holds a PhD in applied statistics from the University of Florence and he carries out research in Bayesian econometrics, time series analysis, and state-space modelling.
  • Beatrice Pataracchia holds a PhD in Economics from the University of Tilburg. She is a fellow scientist at the Joint Research Centre of the European Commission and she carries out scientific research in macroeconomic modelling, financial economics and econometrics.
  • Jukka Heikkonen is  senior scientist at the Joint Research Centre of the European Commission. He holds a PhD in computer science and applied mathematics from the Lappeenranta University of Technology, Finland,  and he carries out research in applied macroeconomics with the focus on DSGE models.
  • Peter Benczur holds a PhD in Economics from Massachusetts Institute of Technology. He is a fellow scientist at the Joint Research Centre of the European Commission and carries out applied research in international macroeconomics, taxation, banking and finance.