【主题】Wealth Inequality, Aggregate Consumption, and Macroeconomic Trends Under Incomplete Markets
【报告人】Byoungchan Lee（香港科技大学助理教授）
【时间】9月1日（星期二）3:30-5:00 PM
【参会链接】https://zoom.com.cn/j/64806205953 密码：612142
【语言】英文
【摘要】The U.S. economy has been undergoing long-run changes since the 1980s. This paper investigates the role of rising wealth inequality as a driving force for other prominent macroeconomic trends. I document that the rising wealth inequality since the 1980s can rationalize a large amount of concurrent trend-level changes in real interest rates, productivity growth rates, capital to income ratios, and consumption to wealth ratios. I highlight a channel from rising wealth inequality to reduced aggregate demand to the major macroeconomic changes through the lens of analytically tractable heterogeneous agent models.
