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Differences in euro-area household finances and their relevance for monetary-policy transmission
Hintermaier, Thomas; Koeniger, Winfried - 2019
-cycle incomplete-markets model with a financial asset and housing to match the large heterogeneity of households asset portfolios … substantially across countries, and within countries by household characteristics such as age, housing tenure, and asset positions …
Persistent link: https://www.econbiz.de/10012142941
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Net worth and housing equity in retirement
Sinai, Todd; Souleles, Nicholas S. - Center for Financial Studies - 2007
This paper documents the trends in the life-cycle profiles of net worth and housing equity between 1983 and 2004. The … net worth of older households significantly increased during the housing boom of recent years. However, net worth grew by … more than housing equity, in part because other assets also appreciated at the same time. Moreover, the younger elderly …
Persistent link: https://www.econbiz.de/10010986413
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The role of labor-income risk in household risk-taking?
Hubar, Sylwia; Koulovatianos, Christos; Li, Jian - 2020
In fifteen European countries, China, and the US, stocks and business equity as a share of total household assets are represented by an increasing and convex function of income/wealth. A parsimonious model fitted to the data shows why background labor-income risk can explain much of this...
Persistent link: https://www.econbiz.de/10012254821
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Fitting parsimonious household- portfolio models to data
Hubar, Sylwia; Koulovatianos, Christos; Li, Jian - 2014
US data and new stockholding data from fifteen European countries and China exhibit a common pattern: stockholding shares increase in household income and wealth. Yet, there is a multitude of numbers to match through models. Using a single utility function across households (parsimony), we...
Persistent link: https://www.econbiz.de/10010426998
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Fitting parsimonious household- portfolio models to data
Hubar, Sylwia; Koulovatianos, Christos; Li, Jian - Center for Financial Studies - 2014
US data and new stockholding data from fifteen European countries and China exhibit a common pattern: stockholding shares increase in household income and wealth. Yet, there is a multitude of numbers to match through models. Using a single utility function across households (parsimony), we...
Persistent link: https://www.econbiz.de/10010986432
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Saving rates and portfolio choice with subsistence consumption
Achury, Carolina; Hubar, Sylwia; Koulovatianos, Christos - Center for Financial Studies - 2011
We analytically show that a common across rich/poor individuals Stone-Geary utility function with subsistence consumption in the context of a simple two-asset portfolio-choice model is capable of qualitatively and quantitatively explaining: (i) the higher saving rates of the rich, (ii) the...
Persistent link: https://www.econbiz.de/10010958742
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Home ownership and monetary policy transmission
Koeniger, Winfried; Ramelet, Marc-Antoine - 2018
find that housing tenure reacts more strongly to unexpected changes in the policy rate in Germany and Switzerland - the ….6 percentage points in Switzerland. The response of non-housing consumption in Switzerland is less heterogeneous across renters and …
Persistent link: https://www.econbiz.de/10011936367
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The heterogeneous response of real estate asset prices to a global shock
Heiniger, Sandro; Koeniger, Winfried; Lechner, Michael - 2022
We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate market by causal machine learning, using new granular data at the municipal level for Germany. We exploit differences in the incidence of Covid infections or short-time work at the...
Persistent link: https://www.econbiz.de/10014493084
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Financial literacy and suboptimal financial decisions at older ages
Fong, Joelle H.; Koh, Benedict SK.; Mitchell, Olivia S.; … - 2019
Over the life-cycle, wealth holdings tend to be highest in the early part of retirement. The quality of financial decisions among older adults is therefore an important determinant of their financial security during the asset drawdown phase. This paper assesses how financial literacy shapes...
Persistent link: https://www.econbiz.de/10012113998
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Simplifying choices in defined contribution retirement plan design: A case study
Mitchell, Olivia S.; Keim, Donald B. - 2017
The growth and popularity of defined contribution pensions, along with the government's increasing attention to retirement plan costs and investment choices provided, make it important to understand how people select their retirement plan investments. This paper shows how employees in a large...
Persistent link: https://www.econbiz.de/10011729741