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Séminaire de Naomi COHEN

Séminaire de Naomi COHEN

Séminaire de Naomi COHEN

ombre public de dos conférencier en fond flouté

Le prochain séminaire du GAINS aura lieu le 12 mars 2024 de 10h30 à 12h00 en salle T204. Naomi Cohen (Sciences Po Paris) présentera un papier intitulé "International risk-sharing and inequality transmission: an application to the Euro area".


Bilateral holdings of financial assets serve as a smoothing mechanism, aiming to alleviate the correlation between fluctuations in consumption and national output for both countries in the case of country-specific shocks. However, financial assets are concentrated at the top of the wealth distribution, and the concentration is even more pronounced in the ability to own foreign assets. In the case of a country-specific shock, how does portfolio diversification impact the consumption of households at different levels of the wealth distribution? Additionally, how does it spill over between two financially related asymmetric countries? I study this interaction between inequality and portfolio holdings in the case of the transmission of country-specific shocks to inequality in the euro area. I first build a two-country Two Agent New Keynesian (TANK) model, within a monetary union, which I calibrate as the Core and the Periphery of the euro area. I focus on consumption responses of different agents and countries when faced with a country-specific shock. I intend to extend this model to a two-country Heterogeneous Agents New Keynesian model (HANK) to capture the complete heterogeneity in wealth distribution. Within those frameworks, I will compare several portfolio diversification scenarios, both with respect to the magnitude of diversification and the accessibility to different types of households, to assess the benefits and costs of holding foreign assets between countries and households.

Un lien zoom est disponible pour ceux qui ne peuvent pas assister au séminaire en présentiel:

Meeting ID: 987 5284 3401
Passcode: 277760

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