Inattention, wealth inequality and equilibrium asset prices
成果类型：
Article
署名作者：
Finocchiaro, Daria
署名单位：
Sveriges Riksbank
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.03.002
发表日期：
2011
页码：
146-155
关键词：
摘要：
Heterogeneity in planning propensity affects wealth inequality and asset prices. This paper presents an economy where attentive agents plan their consumption period by period, while inattentive agents plan every other period. Inattentive consumers face more uncertainty and trade at unfavorable prices. If the only source of uncertainty is future income, inattentive consumers accumulate more wealth. In contrast, with uncertain asset returns inattentive investors accumulate less wealth. Asset prices must induce attentive consumers to voluntarily bear the burden of adjusting to aggregate shocks and, as a result, are much more volatile than in a representative agent model with full attention. (C) 2011 Elsevier B.V. All rights reserved.
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