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Autor:innen: 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Working Paper No. 2011-20
Verlag: 
University of Massachusetts, Department of Economics, Amherst, MA
Zusammenfassung: 
Rising 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.
Schlagwörter: 
earnings inequality
portfolio composition
financial instability
JEL: 
E11
E21
Dokumentart: 
Working Paper

Datei(en):
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