Alp Simsek on a Risk-Centric View of Demand, Recession, and Speculation
Macro Musings with David Beckworth
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Why Do High Valuations Matter in the Macro Economy?
There's a lot of heterogeneity in risk Hogeneity and what we call heterogeneous valuations in risk markets. This naturally matters for for finance for asset pricing for risk pricing but once because of our bridge It actually matters for the macro economy as well. We find that these belief differences make the wealth share held by the high valuation investor very important State variable for the macroeconomy.
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