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Investment in financial literacy and saving decisions

Jappelli, Tullio; Padula, Mario - Center for Financial Studies - 2011

We present an intertemporal consumption model of consumer investment in financial literacy. Consumers benefit from such … depreciates over time and has a cost in terms of current consumption, the model determines an optimal investment in literacy. The … aggregate data, we find a strong effect of financial literacy on wealth accumulation and national saving, and also show that …

Persistent link: https://www.econbiz.de/10010958490

Investment in financial literacy, social security and portfolio choice

Jappelli, Tullio; Padula, Mario - Center for Financial Studies - 2013

consumption, investors simultaneously choose how much to save, the portfolio allocation, and the optimal investment in literacy …

Persistent link: https://www.econbiz.de/10010958759

Dissecting saving dynamics: Measuring wealth, precautionary, and credit effects

Carroll, Christopher D.; Slacalek, Jiri; Sommer, Martin - Center for Financial Studies - 2012

We argue that the US personal saving rate's long stability (1960s-1980s), subsequent steady decline (1980s-2007), and … recent substantial rise (2008-2011) can be interpreted using a parsimonious buffer stock model of consumption in the presence … of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between target and actual …

Persistent link: https://www.econbiz.de/10010958787

The reaction of consumer spending and debt to tax rebates: Evidence from consumer credit data

Lusardi, Annamaria; Mitchell, Olivia S. - Center for Financial Studies - 2007

, whereas debt declined most (so saving rose most) for unconstrained consumers. More generally, the results suggest that there …

Persistent link: https://www.econbiz.de/10010986371

The benefits of panel data in consumer expenditure surveys

Carroll, Christopher D.; Parker, Jonathan A.; Souleles, … - Center for Financial Studies - 2014

This paper explains why the collection of panel (reinterview) data on a comprehensive measure of household expenditures is of great value both for measuring budget shares (the core mission of a Consumer Expenditure survey) and for the most important research and public policy uses to which CE...

Persistent link: https://www.econbiz.de/10010958557

The method of endogenous gridpoints for solving dynamic stochastic optimization problems

Carroll, Christopher D. - Center for Financial Studies - 2005

This paper introduces a method for solving numerical dynamic stochastic optimization problems that avoids rootfinding operations. The idea is applicable to many microeconomic and macroeconomic problems, including life cycle, buffer-stock, and stochastic growth problems. Software is provided.

Persistent link: https://www.econbiz.de/10010958628

Cognitive abilities and portfolio choice

Christelis, Dimitris; Jappelli, Tullio; Padula, Mario - Center for Financial Studies - 2008

We study the relation between cognitive abilities and stockholding using the recent Survey of Health, Ageing and Retirement in Europe (SHARE), which has detailed data on wealth and portfolio composition of individuals aged 50+ in 11 European countries and three indicators of cognitive abilities:...

Persistent link: https://www.econbiz.de/10010958649

Economic literacy: An international comparison

Jappelli, Tullio - Center for Financial Studies - 2010

Many studies show that most people are not financially literate and are unfamiliar with even the most basic economic concepts. However, the evidence on the determinants of economic literacy is scant. This paper uses international panel data on 55 countries from 1995 to 2008, merging indicators...

Persistent link: https://www.econbiz.de/10010958669

Awareness and stock market participation

Guiso, Luigi; Jappelli, Tullio - Center for Financial Studies - 2005

The paper documents lack of awareness of financial assets in the 1995 and 1998 Bank of Italy Surveys of Household Income and Wealth. It then explores the determinants of awareness, and finds that the probability that survey respondents are aware of stocks, mutual funds and investment accounts is...

Persistent link: https://www.econbiz.de/10010958724

Financial advisors: A case of babysitters?

Hackethal, Andreas; Haliassos, Michael; Jappelli, Tullio - Center for Financial Studies - 2009

We merge administrative information from a large German discount brokerage firm with regional data to examine if financial advisors improve portfolio performance. Our data track accounts of 32,751 randomly selected individual customers over 66 months and allow direct comparison of performance...

Persistent link: https://www.econbiz.de/10010958743