The demand for risky assets: Sample selection and household portfolios

被引：19

作者：

Perraudin, WRM

Sorensen, BE

机构：

[1] Fed Reserve Bank, Econ Res Dept, Kansas City, MO 64198 USA

[2] Birkbeck Coll, London, England

[3] Bank England, London, England

来源：

JOURNAL OF ECONOMETRICS | 2000年 / 97卷 / 01期

关键词：

discrete-continuous model; consumer finances; monitoring costs; incomplete portfolios; logit model;

D O I：

10.1016/S0304-4076(99)00069-X

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We estimate a microeconomic model of household asset demands that allows for the fact that households typically have zero holdings of most assets. The adjustments for non-observed heterogeneity generalize methods developed by Dubin and McFadden (1984. Econometrica 52, 345-362). Simulating our model using a random sample of US households, we examine distributional and demographic effects on macroeconomic demands for money, stocks and bonds. (C) 2000 Elsevier Science S.A. All rights reserved. JEL classification: C35; E41; G11.

引用

页码：117 / 144

页数：28

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