| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14390 |
| DP14390 Inflation and the Price of Real Assets | |
| Matteo Leombroni; Monika Piazzesi; Ciaran Rogers; Martin Schneider | |
| 发表日期 | 2020-02-05 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | In the 1970s, U.S. asset markets witnessed (i) a 25% dip in the ratio of aggregate household wealth relative to GDP and (ii) negative comovement of house and stock prices that drove a 20% portfolio shift out of equity into real estate. This study uses an overlapping generations model with uninsurable nominal risk to quantify the role of structural change in these events. We attribute the dip in wealth to the entry of baby boomers into asset markets, and to the erosion of bond portfolios by surprise inflation, both of which lowered the overall propensity to save. We also show that the Great Inflation led to a portfolio shift by making housing more attractive than equity. Disagreement about inflation across age groups matters for the size of tax effects, the volume of nominal credit, and the price of housing as collateral. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp14390 |
| 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/543284 |
| 推荐引用方式 GB/T 7714 | Matteo Leombroni,Monika Piazzesi,Ciaran Rogers,et al. DP14390 Inflation and the Price of Real Assets. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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