| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15934 |
| DP15934 Information and Wealth Heterogeneity in the Macroeconomy | |
| Tobias Broer; Alexandre Kohlhas; Kurt Mitman; Kathrin Schlafmann | |
| 发表日期 | 2021-03-17 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We document systematic differences in macroeconomic expectations across U.S. households and rationalize our findings with a theory of information choice. We embed this theory into an incomplete-markets model with aggregate risk. Our model is quantitatively consistent with the pattern of expectation heterogeneity in the data. Relative to a full-information counterpart, our model implies substantially increased macroeconomic volatility and inequality. We show through the example of a wealth tax that neglecting the information channel leads to erroneous conclusions about the effects of policies. While in the model without information choice a wealth tax reduces wealth inequality, in our framework it reduces information acquired in the economy, leading to increased volatility and higher wealth inequality in equilibrium. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Heterogenous information Unemployment Incomplete markets Precautionary savings |
| URL | https://cepr.org/publications/dp15934 |
| 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/544925 |
| 推荐引用方式 GB/T 7714 | Tobias Broer,Alexandre Kohlhas,Kurt Mitman,et al. DP15934 Information and Wealth Heterogeneity in the Macroeconomy. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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