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UID:ec36bd9d7107e6e84044d5bd77c22b84
CATEGORIES:Seminars
CREATED:20190502T145524
SUMMARY:Lunch Seminar: Moritz Lenel  - Princeton University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nRedistribution, Risk Premia, and the Macroeconomy joint with Rohan Kekr
 e\nAbstract: \nWe study the effects of redistribution on risk premia and in
 vestment in a heterogeneous agent New Keynesian environment.  Heterogeneity
  in agents' marginal propensity to take risk (MPR) summarizes differences i
 n risk aversion, constraints, rules of thumb, and background risk relevant 
 for portfolio choice on the margin.  Shocks which redistribute to agents wi
 th high MPRs reduce risk premia and, absent a monetary policy tightening, r
 aise investment.  We quantitatively evaluate the role of this mechanism for
  the transmission of conventional monetary policy in the U.S. economy.  An 
 unexpected reduction in the nominal interest rate redistributes to agents w
 ith high MPRs and lowers the risk premium.  This rationalizes the relative 
 roles of dividend growth, risk-free rates, and excess returns in generating
  an increase in the stock market and contributes substantially to the trans
 mission of monetary policy through investment.\n
DTSTAMP:20260404T232444Z
DTSTART:20190607T130000Z
DTEND:20190607T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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