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DTSTART:20241027T030000
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RDATE:20251026T030000
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UID:calendar.136895.field_date.0@www.tse-fr.eu
DTSTAMP:20260308T095638Z
CREATED:20250225T081001Z
DESCRIPTION:Riccardo Cioffi (Paris School of  Economics)\, “Heterogeneous R
 isk Exposure and the Dynamics of Wealth Inequality”\, Macroeconomics Semin
 ar\, TSE\, May 6\, 2025\, 14:00–15:30\, room Auditorium 4.\n\nI propose a 
 quantitative theory for the dynamics of wealth inequality based on househo
 lds' heterogeneous exposure to aggregate risk in asset returns. I develop 
 an optimal portfolio choice model building on evidence that housing is a n
 ecessary good which replicates the main features of portfolio shares along
  the wealth distribution: as households get wealthier they shift their por
 tfolios away from safe assets\, first towards housing\, and then towards e
 quity. Since households in different parts of the wealth distribution are 
 exposed to different sources of aggregate risk\, the model has strong impl
 ications for the evolution of inequality. In particular\, I show that temp
 orary shocks in equity returns have large and persistent effects on top we
 alth inequality and that the observed rise in U.S. top wealth shares since
  the 1980s was mostly due to abnormal equity returns. Finally I also show 
 that\, to the extent that these changes were transitory\, inequality is li
 kely to revert back to lower levels.
DTSTART;TZID=Europe/Paris:20250506T150000
DTEND;TZID=Europe/Paris:20250506T163000
LAST-MODIFIED:20260113T095129Z
LOCATION:TSE\, May 6\, 2025\, 14:00–15:30\, room Auditorium 4
SUMMARY:Macroeconomics Seminar
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2025-heterogeneous-risk-exposur
 e-and-dynamics-wealth-inequality
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