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We document five effects of providing individuals with crowdsourced spending information about their peers (individuals with similar characteristics) through a FinTech app. First, users who spend more than their peers reduce their spending significantly, whereas users who spend less keep...
Persistent link: https://www.econbiz.de/10011982228
How can retirement savings be increased? We explore a unique policy change in the context of the German pension system … these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide … evidence that this is not due to a crowding-out of other forms of savings. We also show that labor earnings, i.e. the most …
Persistent link: https://www.econbiz.de/10011782119
of long-term care subsidies on savings is far from clear. In this paper we take advantage of a policy intervention to … study the effect on savings and savings behaviour of the progressive introduction of a public long-term care subsidy … Spanish old-age dependants to obtain care support, and was orthogonal to household savings. We draw on a difference …
Persistent link: https://www.econbiz.de/10011547941
Public pay-as-you-go pensions still form the dominant pillar of old-age provision in Germany. This is in marked contrast to the situation in Anglo-Saxon countries. It has advantages if labour markets are strong, e.g., following a quick recovery from the Great Recession. It has disadvantages, as...
Persistent link: https://www.econbiz.de/10011429583
This paper shows that households with positional concerns and convex status utility use gambling to attempt leapfrogging in the social hierarchy. We test this theoretical prediction relying on household data that is representative for Germany, proxying the status orientation of households by...
Persistent link: https://www.econbiz.de/10009724024
The recent house price experiences within an individual's social network affect her perceptions of the attractiveness of property investments, and through this channel have large effects on her housing market activity. Our data combine anonymized social network information from Facebook with...
Persistent link: https://www.econbiz.de/10011476018
We leverage the small open economy Switzerland as a testing ground for basic premises of macroeconomic models of endogenous information acquisition, using tailored surveys of firms and households. First, we show that firms perceive a greater exposure to exchange rate movements than households,...
Persistent link: https://www.econbiz.de/10012697102
We conduct an experiment with a representative sample from the US to study households’ demand for macroeconomic information. Respondents who learn of a higher personal exposure to unemployment risk during recessions increase their demand for an expert forecast about the likelihood of a...
Persistent link: https://www.econbiz.de/10012300259
Evaluating a new survey dataset of German consumers, we test whether individual consumption plans are formed according to an Euler equation derived from consumption life-cycle models. Estimating several consumption Euler equations, the results are mostly in line with the theory: We find evidence...
Persistent link: https://www.econbiz.de/10011573880
We propose a method to measure people's subjective models of the macroeconomy. Using a sample of 2,200 households representative of the US population and a sample of more than 1,000 experts, we measure beliefs about how the unemployment rate and the inflation rate respond to four different...
Persistent link: https://www.econbiz.de/10012104048