| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5410 |
| DP5410 Consumer Lending When Lenders are More Sophisticated Than Households | |
| Roman Inderst | |
| 发表日期 | 2006-01-12 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | In this paper we entertain the hypothesis that observed variations in income shares are the result of changes in the balance of power between workers and capital owners in labour relations. We show that this view implies that income share variations represent a risk factor of first-order importance for the owners of capital and, consequently, are a crucial determinant of the return to equity. When both risks are calibrated to observations, this distribution risk dominates in importance the usual systematic risk for the pricing of assets. We also show that distribution risks may originate in non-traded idiosyncratic income shocks. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Income shares Distribution risk Equity premium Limited market participation |
| URL | https://cepr.org/publications/dp5410 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534296 |
| 推荐引用方式 GB/T 7714 | Roman Inderst. DP5410 Consumer Lending When Lenders are More Sophisticated Than Households. 2006. |
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