Investor sophistication and capital income inequality
成果类型：
Article
署名作者：
Kacperczyk, Marcin; Nosal, Jaromir; Stevens, Luminita
署名单位：
Imperial College London; Centre for Economic Policy Research - UK; Boston College; University System of Maryland; University of Maryland Baltimore
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2018.11.002
发表日期：
2019
页码：
18-31
关键词：
摘要：
Capital income inequality is large and growing fast, accounting for a significant portion of total income inequality. We study its growth in a general equilibrium portfolio choice model with endogenous information acquisition and heterogeneity across household sophistication and asset riskiness. The model implies capital income inequality that grows with aggregate information technology. Investors differentially adjust both the size and the composition of their portfolios, as unsophisticated investors retrench from trading risky securities and shift their portfolios to safer assets. Technological progress also reduces aggregate returns and increases the volume of transactions, features that are consistent with recent U.S. data. (C) 2018 Elsevier B.V. All rights reserved.
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