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UID:event-13035@www.amse-aixmarseille.fr
DTSTAMP:20260414T114410Z
CREATED:20260414T114410Z
LAST-MODIFIED:20260414T114410Z
STATUS:CONFIRMED
SEQUENCE:0
SUMMARY:Macro and labor market seminar - Jonas Gathen
DTSTART:20260212T133000Z
DTEND:20260212T143000Z
DESCRIPTION:In high-income economies like the US\, households allocate a la
 rge share of their savings to financial assets that fund productive investm
 ent. In contrast\, household balance sheets in developing countries are dom
 inated by non-financial and often unproductive assets such as gold. This pa
 per quantifies the development costs of unproductive savings. We focus on t
 he case of gold in India\, where private gold holdings account for nearly o
 ne-fifth of aggregate assets. We develop an equilibrium model of households
 ’ portfolio choice and entrepreneurial investment in the presence of fina
 ncial frictions. The model incorporates three main reasons for holding gold
  (social norms\, hedging and returns\, and liquidity) and matches key macro
  and micro moments of the Indian economy. We find that unproductive savings
  matter\, but policies that narrowly focus on discouraging gold holdings wi
 ll backfire. If idle gold could be utilized productively\, output would inc
 rease by 13%. However\, taxing gold leads to welfare losses and no output g
 ains.\\n\\nContact: Marco Fongoni: marco.fongoni[at]univ-amu.frAlexandros L
 oukas: alexandros.loukas[at]univ-amu.fr\n\nPlus d'informations: https://www
 .amse-aixmarseille.fr/en/events/jonas-gathen
LOCATION:Îlot Bernard du Bois - Salle 21\, AMU - AMSE\, 5-9 boulevard Maur
 ice Bourdet\, 13001 Marseille
URL;VALUE=URI:https://www.amse-aixmarseille.fr/en/events/jonas-gathen
CONTACT:Marco Fongoni: marco.fongoni[at]univ-amu.frAlexandros Loukas: alexa
 ndros.loukas[at]univ-amu.fr
TRANSP:OPAQUE
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