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DTSTART:20240331T010000
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DTSTART;TZID=Europe/Helsinki:20240513T121500
DTEND;TZID=Europe/Helsinki:20240513T133000
DTSTAMP:20260710T194545
CREATED:20231117T101325Z
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SUMMARY:Sylvain CATHERINE (University of Pennsylvania) "Interest-rate risk and household portfolios"
DESCRIPTION:Macro seminar\nTime : 12h15 – 13h30 \nDate : 13 Mai 2023 \nSalle 3001 \nSylvain CATHERINE (University of Pennsylvania) “Interest-rate risk and household portfolios” \nAbstract: How are households exposed to interest-rate risk? When rates fall\, house-holds face lower future expected returns but those holding long-term assets— disproportionately the wealthy and middle-aged—experience capital gains. We study the hedging demand for long-term assets in a portfolio choice model.\nThe optimal interest-rate sensitivity of wealth is hump-shaped over the life cy-cle. Within cohorts\, it increases with wealth and earnings. These predictions fit observed patterns in the United States\, suggesting a relatively efficient dis-tribution of interest-rate risk. By protecting workers from rate fluctuations\, Social Security limits the welfare consequences of rising wealth inequality when rates fall. \nJoint work : Max Miller (Harvad University)\, James D. Paron (University of Pennsylvania)\, Natasha Sarin (Yale Law School). \nJean-Baptiste MICHAU (CREST) \n
URL:https://crest.science/event/sylvain-catherine-university-of-pennsylvania-t-b-a/
CATEGORIES:Macroeconomics,Seminars
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