Intrahousehold Disagreement about Macroeconomic Expectations

Da Ke

Journal of Finance, 2025, vol. 80, issue 3, 1647-1689

Abstract: This paper highlights the simple fact that households typically consist of multiple members who may hold divergent views, a fact that existing approaches to measuring and modeling household macroeconomic expectations largely abstract from. Using unique data on the macroeconomic expectations of both spouses, I document substantial intrahousehold disagreement about inflation, economic recessions, and stock market returns. I further show that household asset allocation decisions are shaped by disagreement between spouses about future stock returns, and a preregistered randomized survey experiment confirms the causal impact of such disagreement on portfolio choice.

Date: 2025
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https://doi.org/10.1111/jofi.13437

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Persistent link: https://EconPapers.repec.org/RePEc:bla:jfinan:v:80:y:2025:i:3:p:1647-1689

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