BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Memento EPFL//
BEGIN:VEVENT
SUMMARY:Dissecting the Aggregate Market Elasticity
DTSTART:20261201T121500
DTEND:20261201T131500
DTSTAMP:20261109T180218Z
UID:c12a0bcf3bff9ca3824d3fb9bf1a4541aa107e031c28d874997a5875
CATEGORIES:Conferences - Seminars
DESCRIPTION:Goutham Gopalakrishna - University of Toronto\nWe study aggre
 gate market elasticity\, the inverse price impact of portfolio flows\, in 
 general equilibrium with heterogeneous investors and passive demand. Once 
 interest rates adjust\, elasticity is governed by how flows shift the cons
 umption–wealth relation\, not by individual demand elasticities. At the 
 efficient allocation\, interest-rate movements offset risk-premium respons
 es\, making the aggregate claim infinitely elastic. Risk misallocation gen
 erates finite price impact\, amplified by preference heterogeneity\, lever
 age constraints\, and cash-flow leverage. A perturbation method characteri
 zes this mechanism analytically. Quantitatively\, the baseline reaches the
  lower end of empirical estimates\, while an extension with belief distort
 ions raises price impact to the upper end.
LOCATION:UNIL\, Extranef\, room 126
STATUS:CONFIRMED
END:VEVENT
END:VCALENDAR