NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Jaromir Nosal

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Working Papers and Chapters

June 2014Investor Sophistication and Capital Income Inequality
with Marcin Kacperczyk, Luminita Stevens: w20246
What contributes to the growing income inequality across U.S. households? We develop an information- based general equilibrium model that links capital income derived from financial assets to a level of investor sophistication. Our model implies income inequality between sophisticated and unsophisticated investors that is growing in investors' aggregate and relative sophistication in the market. We show that our model is quantitatively consistent with the data from the U.S. market. In addition, we provide supporting evidence for our mechanism using a unique set of cross-sectional and time-series predictions on asset ownership and stock turnover.
February 2013Uncertainty as Commitment
with Guillermo OrdoƱez: w18766
Time-inconsistency of no-bailout policies can create incentives for banks to take excessive risks and generate endogenous crises when the government cannot commit. However, at the outbreak of financial problems, usually the government is uncertain about their nature, and hence it may delay intervention to learn more about them. We show that intervention delay leads to strategic restraint banks endogenously restrict the riskiness of their portfolio relative to their peers in order to avoid being the worst performers and bearing the cost of such delay. These novel forces help to avoid endogenous crises even when the government cannot commit. We analyze the effect of government policies from the perspective of this new result.
June 2010The Nontradable Goods' Real Exchange Rate Puzzle
with Lukasz A. Drozd
in NBER International Seminar on Macroeconomics 2009, Lucrezia Reichlin and Kenneth D. West, organizers

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers only

 
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