Why do Household Portfolio Shares Rise in Wealth?

Motohiro Yogo and Jessica A. Wachter ()

No 929, 2007 Meeting Papers from Society for Economic Dynamics

Abstract: expenditure share for basic goods declines in total consumption, and the variance of consumption growth rises in the level of consumption. When calibrated to match these two predictions in household consumption data, the model explains portfolio shares that rise in wealth.

Date: 2007
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Journal Article: Why Do Household Portfolio Shares Rise in Wealth? (2010)
Working Paper: Why Do Household Portfolio Shares Rise in Wealth? (2010)
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