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Consumption and Savings with Unemployment Risk: Implications for Employment Contracts
Pissarides, Christopher - C.E.P.R. Discussion Papers - 2002
This Paper derives optimal employment contracts when workers are risk-averse and there are employment and unemployment risks. Without income insurance, consumption rises during employment and falls during unemployment. Optimal employment contracts offer severance compensation to smooth...
Persistent link: https://www.econbiz.de/10005124282
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The Impact of Financial Education for Youth in Ghana
Berry, James; Karlan, Dean S.; Pradhan, Menno - C.E.P.R. Discussion Papers - 2015
We evaluate, using a randomized trial, two school-based financial literacy education programs in government-run primary and junior high schools in Ghana. One program integrated financial and social education, whereas the second program only offered financial education. Both programs included a...
Persistent link: https://www.econbiz.de/10011249377
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Keeping it Simple: Financial Literacy and Rules of Thumb
Drexler, Alejandro; Fischer, Greg; Schoar, Antoinette S - C.E.P.R. Discussion Papers - 2010
Individuals and business owners engage in an increasingly complex array of financial decisions that are critical for their success and well-being. Yet a growing literature documents that in both developed and developing countries, a large fraction of the population is unprepared to make these...
Persistent link: https://www.econbiz.de/10008611017
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Personal Pensions with Risk sharing: Affordable, Adequate and Stable Private Pensions in Europe
Bovenberg, A Lans; Nijman, Theo E - C.E.P.R. Discussion Papers - 2015
Private pension provision faces the challenging task of providing stable income streams during retirement. The … illiquid capital, complementing public retirement provision, reducing the interest-rate sensitivity of pensions and smoothing …
Persistent link: https://www.econbiz.de/10011252616
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Household Credit in the New Europe: Lending Boom or Sustainable Growth?
Coricelli, Fabrizio; Mucci, Fabio; Revoltella, Debora - C.E.P.R. Discussion Papers - 2006
Retail lending grew very fast in the New Europe region in the last years, prompting a debate on whether such a rapid growth can be considered sustainable. This paper investigates the main determinants of retail lending growth throughout the region. It tries to identify episodes of credit boom...
Persistent link: https://www.econbiz.de/10005792276
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How Much Can Financial Literacy Help?
Guiso, Luigi; Viviano, Eliana - C.E.P.R. Discussion Papers - 2013
We merge survey data on a sample of individual investors containing test-based measures of financial literacy with administrative records on their assets holding and trades before, during and after the financial crisis of September 2008. This dataset allows us to design three tests of the...
Persistent link: https://www.econbiz.de/10011083388
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Financial Literacy and Savings Account Returns
Deuflhard, Florian; Georgarakos, Dimitris; Inderst, Roman - C.E.P.R. Discussion Papers - 2014
Savings accounts are owned by most households, but little is known about the performance of households’ investments. We create a unique dataset by matching information on individual savings accounts from the DNB Household Survey with market data on account-specific interest rates and...
Persistent link: https://www.econbiz.de/10011083539
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Cross Sectional Facts for Macroeconomists
Krueger, Dirk; Perri, Fabrizio; Pistaferri, Luigi; … - C.E.P.R. Discussion Papers - 2009
cycle, of several dimensions of economic inequality, including wages, labor earnings, income, consumption, and wealth. After …
Persistent link: https://www.econbiz.de/10008509469
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Consumption, Aggregate Wealth and Expected Stock Returns
Lettau, Martin; Ludvigson, Sydney - C.E.P.R. Discussion Papers - 1999
This paper studies the role of detrended wealth in predicting stock returns. We call a transitory movement in wealth … we find that these trend deviations in wealth are strong predictors of both real stock returns and excess returns over a …. Why should wealth, detrended in this way, forecast asset returns? We show that a wide class of optimal models of consumer …
Persistent link: https://www.econbiz.de/10005123769
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Inequality, Leverage and Crises
Kumhof, Michael; Rancière, Romain - C.E.P.R. Discussion Papers - 2011
The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2007 both exhibited a large increase in the income share of the rich, a large increase in leverage for the remainder, and an eventual financial...
Persistent link: https://www.econbiz.de/10008784720