资产价格再分配

Journal of Political Economy · 2025 · [{"name": "Andreas Fagereng", "affiliation": ["BI Norwegian Business School"]}, {"name": "Matthieu Gomez", "affiliation": ["Columbia University"]}, {"name": "Émilien Gouin-Bonenfant", "affiliation": ["Columbia University"]}, {"name": "Martin Blomhoff Holm", "affiliation": ["University of Oslo"]}, {"name": "Benjamin Moll", "affiliation": ["London School of Economics and Political Science"]}, {"name": "Gisle James Natvik", "affiliation": ["BI Norwegian Business School"]}]

中文摘要

在过去几十年中，许多资产类别的资产估值大幅上升。这些不断上涨的估值对财富分配产生了重要影响。然而，关于其对福利分配的影响，我们知之甚少。为推进这一问题的研究，我们推导出资产估值变化的（货币度量）福利效应的充分统计量，该统计量取决于个人净资产出售的现值：资产价格上升使潜在卖方受益，并损害潜在买方。我们使用覆盖1994年至2019年挪威全部金融交易的面板微观数据估计这一统计量。我们发现，资产估值上升具有很大的再分配效应：它们将福利从年轻人再分配给老年人，并从贫困者再分配给富裕者。

Abstract

Over 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 wealthy