The Panel on Household Finances (PHF) is a new panel survey on household finances and wealth in Germany conducted by the Deutsche Bundesbank. It covers the balance sheets, pension claims, savings, incomes and work histories of households, together with some information on consumption patterns,...

We study the role of household saving behaviour, of individual motives for saving and that of perceived liquidity constraints in 15 Euro Area countries. The empirical analysis is based on the Household Finance and Consumption Survey, a new harmonized data set collecting detailed information on...

Wealth in addition to income determines to a large degree an individual’s consumption opportunities and economic situation, which should in turn affect their subjective well-being. We analyse empirically the relationship between life satisfaction as an indicator of subjective well being and...

This paper studies the aggregate and distributional effects of raising the top marginal income tax rate in the presence of tax avoidance. To this end, we develop a quantitative macroeconomic model with heterogeneous agents and occupational choice in which entrepreneurs can avoid taxes in two...