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Asset Pricing with Countercyclical Household Consumption Risk
Constantinides, George M. - 2015
We present evidence that shocks to household consumption growth are negatively skewed, persistent, countercyclical, and drive asset prices. We construct a parsimonious model where heterogeneous households have recursive preferences. A single state variable drives the conditional cross-sectional...
Persistent link: https://www.econbiz.de/10013034190
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On the role of capital gains in Swedish income inequality
Roine, Jesper; Waldenström, Daniel - 2011
Realized capital gains are typically disregarded in the study of income inequality. We show that in the case of Sweden … this severely underestimates the actual increase in inequality and, in particular, top income shares during recent decades …. Using micro panel data to average incomes over longer periods and re-rank individuals according to income excluding capital …
Persistent link: https://www.econbiz.de/10009006702
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On the role of capital gains in Swedish income inequality
Roine, Jesper; Waldenström, Daniel - 2011
Realized capital gains are typically disregarded in the study of income inequality. We show that in the case of Sweden … this severely underestimates the actual increase in inequality and, in particular, top income shares during recent decades …. Using micro panel data to average incomes over longer periods and re-rank individuals according to income excluding capital …
Persistent link: https://www.econbiz.de/10009269225
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On the Role of Capital Gains in Swedish Income Inequality
Roine, Jesper - 2012
Realized capital gains are typically disregarded in the study of income inequality. We show that in the case of Sweden … this severely underestimates the actual increase in inequality and, in particular, top income shares during recent decades …. Using micro panel data to average incomes over longer periods and re-rank individuals according to income excluding capital …
Persistent link: https://www.econbiz.de/10013107001
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Does Initial Mispricing Imply Equilibrium Price Overreaction and Wealth Divide?
Miceli, Maria-Augusta - 2013
We discover that letting agents pairwise sequentially exchange at "wrong" prices has a robust effect on prices at convergence. If the initial relative price for a good is cheaper than the equilibrium walrasian price due to initial endowments, the initial excess demand effect pushes resource...
Persistent link: https://www.econbiz.de/10013081713
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Heterogeneity and Persistence in Returns to Wealth
Fagereng, Andreas - 2019
We provide a systematic analysis of the properties of individual returns to wealth using twenty years of population data from Norway's administrative tax records. We document a number of novel results. First, in a given cross-section, individuals earn markedly different returns on their assets,...
Persistent link: https://www.econbiz.de/10012901496
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Heterogeneity and Persistence in Returns to Wealth
Fagereng, Andreas - 2018
We provide a systematic analysis of the properties of individual returns to wealth using twelve years ofpopulation data from Norway's administrative tax records. We document a number of novel results.First, during our sample period individuals earn markedly different average returns on their...
Persistent link: https://www.econbiz.de/10012912494
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Heterogeneity and Persistence in Returns to Wealth
Fagereng, Andreas - 2018
We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population data from Norway's administrative tax records. We document a number of novel results. First, during our sample period individuals earn markedly different average returns on their...
Persistent link: https://www.econbiz.de/10012913195
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On the Role of Capital Gains in Swedish Income Inequality
Roine, Jesper; Waldenström, Daniel - 2011
Realized capital gains are typically disregarded in the study of income inequality. We show that in the case of Sweden … this severely underestimates the actual increase in inequality and, in particular, top income shares during recent decades …. Using micro panel data to average incomes over longer periods and re-rank individuals according to income excluding capital …
Persistent link: https://www.econbiz.de/10010320194
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On the role of capital gains in Swedish income inequality
Roine, Jesper; Waldenström, Daniel - 2011
Realized capital gains are typically disregarded in the study of income inequality. We show that in the case of Sweden … this severely underestimates the actual increase in inequality and, in particular, top income shares during recent decades …. Using micro panel data to average incomes over longer periods and re-rank individuals according to income excluding capital …
Persistent link: https://www.econbiz.de/10010321442