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dc.contributor.authorSkott, Peteren_US
dc.date.accessioned2011-11-11en_US
dc.date.accessioned2012-09-25T07:18:13Z-
dc.date.available2012-09-25T07:18:13Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/64181-
dc.description.abstractRising inequality affects the composition of asset demands as well as aggregate demand. The poor have few financial assets and their portfolio is skewed towards fixed-income assets. The rich, by contrast, hold a large proportion of their wealth in stocks. Thus, an increase in inequality tends to raise the demand for stocks. This generates capital gains, and these gains can fuel a bubble, as desired portfolios shift further towards stocks.en_US
dc.language.isoengen_US
dc.publisherUniv. of Massachusetts, Dep. of Economics Amherst, Mass.en_US
dc.relation.ispartofseriesWorking Paper, University of Massachusetts, Department of Economics 2011-20en_US
dc.subject.jelE11en_US
dc.subject.jelE21en_US
dc.subject.ddc330en_US
dc.subject.keywordearnings inequalityen_US
dc.subject.keywordportfolio compositionen_US
dc.subject.keywordfinancial instabilityen_US
dc.titleIncreasing inequality and financial instabilityen_US
dc.typeWorking Paperen_US
dc.identifier.ppn671999680en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Working Papers, Department of Economics, University of Massachusetts

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