Title of article :
Inattention,wealthinequalityandequilibriumassetprices
Author/Authors :
Daria Finocchiaro، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2011
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
Journal title :
Journal of Monetary Economics
