Inequality Aversion, Populism, and the Backlash Against Globalization
NBER WORKING PAPER SERIES INEQUALITY AVERSION, POPULISM, AND THE BACKLASH AGAINST GLOBALIZATION Lubos Pastor Pietro Veronesi Working Paper 24900 http://www.nber.org/papers/w24900 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 August 2018 The views in this paper are the responsibility of the authors, not the institutions with which they are affiliated, nor the National Bureau of Economic Research. For helpful comments, we are grateful to our discussants Raquel Fernandez, Eitan Goldman, Hanno Lustig, and Alp Simsek, but also to Luca Anderlini, John Cochrane, Pierre-Olivier Gourinchas, Cam Harvey, Andrew Karolyi, Paymon Khorrami, Hong Liu, Yao Zeng, conference participants at the 2018 ESSFM, 2019 Spring NBER Asset Pricing meeting, 2019 Spring NBER Political Economy meeting, 2019 WFA, 2019 MFA, 2019 MIT-FARFE Capital Markets Research Workshop, 2019 Czech and Slovak Economic Associations Meeting, 2019 PHBS Workshop in Macroeconomics and Finance, 2020 AFA, 2020 Jackson Hole Finance Conference, and seminar audiences at Bocconi, Carnegie Mellon, CERGE-EI, Chicago, Colorado, EIEF, Harvard, Imperial, LSE, McGill, Stanford, Washington, WU Vienna, Yale, and the National Bank of Slovakia. We are grateful to Will Cassidy, Mihir Gandhi, and Blair Vorsatz for outstanding research assistance and to the Fama-Miller Center for Research in Finance and the Center for Research in Security Prices for research support. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2018 by Lubos Pastor and Pietro Veronesi. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.
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