NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Pricing Assets in an Economy with Two Types of People

Roger E.A. Farmer

NBER Working Paper No. 22228
Issued in May 2016

---- Acknowledgements ----

I would like to thank Fernando Alvarez, Markus K. Brunnermeir, Zeno Enders, Emmanuel Farhi, Leland E. Farmer, Xavier Gabaix, Nicolae Gârleanu, Valentin Haddad, Lars Peter Hansen, Nobuhiro Kiyotaki, Robert E. Lucas Jr., N. Gregory Mankiw, Stavros Panageas, Nancy L. Stokey, Harald Uhlig, Ivan Werning and Pawel Zabczyk for their comments on earlier versions of the ideas contained in this paper. I would also like to thank participants at the NBER Economic Fluctuations and Growth Meeting in February of 2014, the NBER 2014 summer workshop on Asset pricing, the 2014 summer meetings of the Society for Economic Dynamics in Toronto Canada, and the Brigham Young University Computational Public Economics Conference in Park City Utah, December 2014. Earlier versions of this work were presented at the Bank of England, the Board of Governors of the Federal Reserve, Harvard University, the International Monetary Fund, the Barcelona GSE 2015 Summer Forum, the London School of Economics, the London Business School, Penn State University, the University of Chicago, the Wharton School and Warwick University. I would especially like to thank Leland E. Farmer for detailed comments that considerably improved the final version. Thanks also to C. Roxanne Farmer for her editorial assistance. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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