| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22838 |
| 来源ID | Working Paper 22838 |
| Pseudo-wealth and Consumption Fluctuations | |
| Martin Guzman; Joseph E. Stiglitz | |
| 发表日期 | 2016-11-21 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper provides an explanation for situations in which the state variables describing the economy do not change, but aggregate consumption experiences significant changes. We present a theory of pseudo-wealth—individuals’ perceived wealth that is derived from heterogeneous beliefs and expectations of gains in a bet. This wealth is divorced from real assets that may exist in society. The creation of a market for bets will imply positive pseudo-wealth. Changes in the differences of prior beliefs will lead to changes in expected wealth and hence to changes in consumption, implying ex-post intertemporal individual and aggregate consumption misallocations and instabilities. Thus, in the environment we describe, completing markets increases macroeconomic volatility, raising unsettling welfare questions. |
| 主题 | Microeconomics ; Welfare and Collective Choice ; Economics of Information ; Macroeconomics ; Consumption and Investment ; Business Cycles |
| URL | https://www.nber.org/papers/w22838 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580512 |
| 推荐引用方式 GB/T 7714 | Martin Guzman,Joseph E. Stiglitz. Pseudo-wealth and Consumption Fluctuations. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22838.pdf（383KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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