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    Home > Biochemistry News > Biotechnology News > Assistant Professor Wang Yicheng's collaborative paper published in Review of Economic Dynamics

    Assistant Professor Wang Yicheng's collaborative paper published in Review of Economic Dynamics

    • Last Update: 2022-04-18
    • Source: Internet
    • Author: User
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    When households and other investors face imperfect financial markets and individualized shocks, how do they adjust consumption, investment, and positions in different types of financial assets? Neoclassical macro models assume that financial markets are complete and thus cannot provide an answer to this question


    Yicheng Wang, Assistant Professor of Economics at Peking University HSBC Business School, and his collaborators Professor Yongsung Chang and Jay Hong of Seoul University, South Korea, Marios Karabarbounis, Senior Economist at Richmond Fed, and Tao Zhang, Senior Economist at the University of Oslo, in a recent paper A new empirical and quantitative analysis of this issue is presented in " Income Volatility and Portfolio Choices


    Review of Economic Dynamics is a quarterly peer-reviewed academic journal published by Elsevier on behalf of Society for Economic Dynamics


    In the study, the authors collected official Norwegian government tax data over the past 30 years, wealth data, labor market employer-employee matching data, and financial market investment data, to construct information about household income, wealth, and the different components of wealth, Using panel data of specific information on consumption and labor market, and using a series of measurement tools such as instrumental variable analysis and double-difference analysis, the causal relationship between the individual fluctuation shock of labor income and risk assets is studied


    Research shows that when individual income risk doubles, households reduce risky financial assets by 5%


    The paper makes three contributions to the study of income volatility shocks


    Wang Yicheng, Assistant Professor at Peking University HSBC Business School, Ph.


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