| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12870 |
| DP12870 Investor Sophistication and Capital Income Inequality | |
| Marcin Kacperczyk; Jaromir Nosal | |
| 发表日期 | 2018-04-15 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Capital income inequality is large and growing fast, accounting for a significant portion of total income inequality. We study its determinants in a general equilibrium portfolio choice model with endogenous information acquisition and heterogeneity across household sophistication and asset riskiness. The model implies capital income inequality that grows with aggregate information technology. Investors differentially adjust both the size and composition of their portfolios, as unsophisticated investors retrench from trading risky securities and shift their portfolios toward safer assets. Technological progress also reduces aggregate returns and increases the volume of transactions, features that are consistent with recent U.S. data. |
| 主题 | Financial Economics ; Macroeconomics and Growth |
| URL | https://cepr.org/publications/dp12870 |
| 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/541681 |
| 推荐引用方式 GB/T 7714 | Marcin Kacperczyk,Jaromir Nosal. DP12870 Investor Sophistication and Capital Income Inequality. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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