Portfolio Rebalancing in General Equilibrium

We thank seminar participants at Columbia University, the Federal Reserve Bank of Minneapolis, Utah State University, the University of Windsor, the University of Southern California, the University of California at San Diego, the University of Michigan, the Bank of Japan, and the 2012 Society for Economic Dynamics meeting for helpful comments. We are grateful for the financial support provided by National Institute on Aging grant 2-P01-AG026571. The views expressed here are those of the authors and do not necessarily represent those of the Federal Reserve Bank of Chicago, the Federal Reserve System, or its Board of Governors. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.