Sém. 26/01/17 L. Clain

SEMINAIRE DE RECHERCHE EN ECONOMIE - GATE Lyon Saint-Etienne : Lise Clain-Chamosset-Yvrard

10h45 - 12h00

Salle de réunion 009 GATE Lyon Saint-Etienne
10, Rue Tréfilerie
42023 Saint Etienne Cedex 2

Campus Tréfilerie - GATE LSE - Maison de l'Université Bâtiment B

Lise Clain-Chamosset-Yvrard, GATE Lyon Saint-Etienne, University Lumière Lyon 2 présentera un séminaire intitulé : Asset Price Volatility, Wealth Distribution and Spirit of Capitalism : The Role of Heterogeneity.

Thème de recherche / Main topics : Asset Pricing Model, Spirit of Capitalism, Heterogeneity, Indeterminacy.

Lise Clain-Chamosset-Yvrard

Résumé / abstract  : We are interested in the role of investors’ heterogeneity on asset price volatility in a spirit-of-capitalism model. Our paper extends the asset pricing model developed by Lucas (1978) by introducing preferences for wealth and heterogeneity in preferences, income and initial wealth. Our model provides an explanation for a non-degenerate stationary wealth distribution and the occurrence of asset price fluctuations, driven by the volatility of agents’ expectations. Investigating the role of heterogeneity, we show that heterogeneity in preferences, but also in income, can heighten social inequalities in the long run, and asset price volatility in the short run by promoting local indeterminacy.

Asset Price Volatility, Wealth Distribution and Spirit of Capitalism : The Role of Heterogeneity