BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//AMSE//Event Calendar//FR
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
UID:event-8772@www.amse-aixmarseille.fr
DTSTAMP:20260421T200355Z
CREATED:20260421T200355Z
LAST-MODIFIED:20260421T200355Z
STATUS:CONFIRMED
SEQUENCE:0
SUMMARY:job market seminar - Margaret Davenport
DTSTART:20220127T103000Z
DTEND:20220127T114500Z
DESCRIPTION:How do demographic differences between regions affect external 
 positions in safe and risky assets? We answer this question focusing on the
  US vis-a-vis 15 European countries. ` The US bilateral position is charact
 erized by risky assets alongside safe liabilities. At the same time\, the U
 S population is relatively younger. We present a structural general equilib
 rium model of life-cycle portfolio choice with two regions\, which differ b
 y the age structure of their populations. We show that the younger region h
 as a higher relative demand for risky assets\, inducing international asset
  trades. In a simulation starting in 1990\, we replicate the observed posit
 ions between the US and the European countries and predict the risk asymmet
 ry to persist until the end of the century. Demographic aging also accounts
  for about one-fifth of the observed decline in real interest rates observe
 d in the data from 1990 to 2020. In a decomposition exercise\, we show that
  the decline in the share of workers in the economy and increasing longevit
 y produce the strongest demographic drivers of households’ financial deci
 sions.\\n\\nContact: Frédéric Deroïan : frederic.deroian[at]univ-amu.fr
 \n\nPlus d'informations: https://www.amse-aixmarseille.fr/fr/evenements/mar
 garet-davenport
URL;VALUE=URI:https://www.amse-aixmarseille.fr/fr/evenements/margaret-davenport
CONTACT:Frédéric Deroïan :&nbsp\;frederic.deroian[at]univ-amu.fr
TRANSP:OPAQUE
END:VEVENT
END:VCALENDAR