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- W1539004712 abstract "This paper considers the role that information heterogeneity can play in generating wealth inequality. We solve a model where households face both aggregate and idiosyncratic shocks to returns and wages under two assumptions about information – fully-informed (FI) economies have agents who observe all states while partially-informed (PI) economies have agents that must rely on the Kalman filter to extract estimates of the states based on observed prices. We find that the PI economy has higher aggregate activity (output, consumption, investment) and larger fluctuations in output and investment. Quantitatively, we find that the most important factor is the gap between the PI agents’ beliefs about the state of the world and the true state; the other two factors at play, the heterogeneity of forecasts tomorrow and the higher risk faced by PI agents, generate only small changes in behavior." @default.
- W1539004712 created "2016-06-24" @default.
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- W1539004712 date "2008-01-01" @default.
- W1539004712 modified "2023-09-29" @default.
- W1539004712 title "Information Heterogeneity in the Macroeconomy" @default.
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