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BEGIN:VEVENT
UID:ec36bd9d7107e6e84044d5bd77c22b84
CATEGORIES:Seminars
CREATED:20190502T145524
SUMMARY:Lunch Seminar: Moritz Lenel  - Princeton University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><strong><span style="font-size: 11pt; font-family: 'Calibri','sans-serif
 ';">Redistribution, Risk Premia, and the Macroeconomy </span></strong><span
  style="font-size: 11pt; font-family: 'Calibri','sans-serif';">joint with R
 ohan Kekre</span></p><p style="text-align: justify;"><span style="font-size
 : 11pt; font-family: 'Calibri','sans-serif';">Abstract: </span></p><p style
 ="text-align: justify;"><span style="font-size: 11pt; font-family: 'Calibri
 ','sans-serif';">We study the effects of redistribution on risk premia and 
 investment in a heterogeneous agent New Keynesian environment.  Heterogenei
 ty in agents' marginal propensity to take risk (MPR) summarizes differences
  in risk aversion, constraints, rules of thumb, and background risk relevan
 t for portfolio choice on the margin.  Shocks which redistribute to agents 
 with high MPRs reduce risk premia and, absent a monetary policy tightening,
  raise investment.  We quantitatively evaluate the role of this mechanism f
 or the transmission of conventional monetary policy in the U.S. economy.  A
 n unexpected reduction in the nominal interest rate redistributes to agents
  with high MPRs and lowers the risk premium.  This rationalizes the relativ
 e roles of dividend growth, risk-free rates, and excess returns in generati
 ng an increase in the stock market and contributes substantially to the tra
 nsmission of monetary policy through investment.</span></p>
DTSTAMP:20260404T232345Z
DTSTART:20190607T130000Z
DTEND:20190607T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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