演講者簡介 : Dr. Chien received his Ph.D. in Economics from University of California, Los Angeles in 2006. He is currently a Senior Economist at Research Division in Federal Reserve Bank of St. Louis. His primary research fields are Macroeconomics, Household Finance and Asset Pricing, and secondary research fields are Asymmetric Information and Dynamic Contracting.
演講摘要 : The recent data finds that many households do not use asset markets as our standard theory would predict: both the extent of the assets they use and how they use these assets differ in important ways. First, many households do not use all of the available assets. Second, even households that hold equities make very few adjustments in their financial positions. Third, many households that do adjust their portfolios seem to systematically mistime the market. This pattern of asset usage by households is potentially important since it creates a form of market segmentation that can have wide-ranging implications for many aspects of predictions on the macroeconomy, such as household consumption behavior, the distribution of wealth, and, most directly, asset prices.
