| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 966931 | Journal of Monetary Economics | 2012 | 16 Pages |
Abstract
⺠What can asset markets tell us about status concerns and consumption externalities? ⺠Model nonseparable utility defined over both absolute and relative consumption. ⺠Status concerns consistent with negative risk premium for assets that hedge inequality. ⺠Cyclicality of risk premium identifies substitutability between two utility inputs. ⺠U.S. evidence consistent with status mattering more in bad states.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Timothy C. Johnson,