کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959709 929351 2013 20 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Inequality, stock market participation, and the equity premium
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Inequality, stock market participation, and the equity premium
چکیده انگلیسی

The last 30 years saw substantial increases in wealth inequality and stock market participation, smaller increases in consumption inequality and the fraction of indebted households, a decline in interest rates and the expected equity premium, as well as a prolonged stock market boom. In an incomplete markets, overlapping generations model I jointly explain these trends by the observed rise in wage inequality, decrease in participation costs, and loosening of borrowing constraints. After accounting for these changes, I show that the stock market played a major role in increasing wealth inequality. Crucially, these phenomena must be considered jointly; studying one independently leads to counterfactual predictions about others.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 107, Issue 3, March 2013, Pages 740–759
نویسندگان
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