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dc.contributor.authorFagereng, Andreas
dc.contributor.authorGomez, Matthieu
dc.contributor.authorGouin-Bonenfant, Emilien
dc.contributor.authorHolm, Martin
dc.contributor.authorMoll, Benjamin
dc.contributor.authorNatvik, Gisle
dc.date.accessioned2024-04-04T11:12:12Z
dc.date.available2024-04-04T11:12:12Z
dc.date.issued2023
dc.identifier.issn2704-1980
dc.identifier.urihttps://hdl.handle.net/11250/3124840
dc.description.abstractOver the last several decades, there has been a large increase in asset valuations across many asset classes. These rising valuations had important effects on the distribution of wealth. However, little is known regarding their effect on the distribution of welfare. To make progress on this question, we derive a sufficient statistic for the (money metric) welfare effect of a change in asset valuations, which depends on the present value of an individual’s net asset sales: rising asset prices benefit prospective sellers and harm prospective buyers. We estimate this quantity using panel microdata covering the universe of financial transactions in Norway from 1994 to 2019. We find that rising asset valuations had large redistributive effects: they redistributed from the young towards the old and from the poor towards the wealthyen_US
dc.language.isoengen_US
dc.publisherBI Norwegian Business Schoolen_US
dc.relation.ispartofseriesHOFIMAR Working Paper Series;2/2023
dc.titleAsset-Price Redistributionen_US
dc.typeWorking paperen_US
dc.source.pagenumber87en_US


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