Micro and Macro Implications of Household Behaviour and Financial Decision-Making is a cross-disciplinary seminar series covering research at the intersection of household finance, macro and labour economics. It represents a collaboration between universities and research networks and centres.
 
Seminars are held on Zoom each month and run for 90 minutes including a discussion panel.
 
Our eighth meeting will be on Friday 18th March from 3:30pm-5:00pm GMT and  featuring Matthieu Gomez (Columbia University) presenting "Asset-Price Redistribution" with A. Fagereng, E. Gouin-Bonenfant, M. Holm, B. Moll, and G. Natvik. Discussion by Clara Martinez-Toledano (Imperial College London and CEPR) and Ian Martin (LSE and CEPR).

Registration Link: Meeting Registration - Zoom

Organisers: Richard Blundell, Michael Haliassos, Christopher Hansman, Yigitcan Karabulut, Peter Levell, Benjamin Moll, Tarun Ramadorai, and Polly Simpson.
            
Abstract: Over the past forty years, many advanced countries have seen large increases in aggregate wealth-to-income ratios and top wealth inequality. Empirically, a large fraction of these trends is due to changing asset prices, and in particular changing asset valuations rather than cashflows. In this paper, we quantify the welfare effects of such asset-price changes. To do so, we develop a sufficient statistic approach and implement it using panel microdata covering the universe of Norwegians from 1994 to 2015; a period marked by declining interest rates and rising house prices. We find that rising asset valuations have generated large welfare gains and losses (in units of consumption). They have redistributed welfare from the young towards the old, and from the poor towards the wealthy.