Title of article
Inattention,wealthinequalityandequilibriumassetprices
Author/Authors
Daria Finocchiaro، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2011
Pages
10
From page
146
To page
155
Abstract
Heterogeneityinplanningpropensityaffectswealthinequalityandassetprices.This
paperpresentsaneconomywhereattentiveagentsplantheirconsumptionperiodby
period,whileinattentiveagentsplaneveryotherperiod.Inattentiveconsumersfacemore
uncertaintyandtradeatunfavorableprices.Iftheonlysourceofuncertaintyisfuture
income,inattentiveconsumersaccumulatemorewealth.Incontrast,withuncertainasset
returnsinattentiveinvestorsaccumulatelesswealth.Assetpricesmustinduceattentive
consumerstovoluntarilybeartheburdenofadjustingtoaggregateshocksand,asa
result,aremuchmorevolatilethaninarepresentativeagentmodelwithfullattention
Journal title
Journal of Monetary Economics
Serial Year
2011
Journal title
Journal of Monetary Economics
Record number
846461
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