This paper studies household financial choices: why are these decisions dependent on the education level of the … household? A life cycle model is constructed to understand a rich set of facts about decisions of households with different …

This paper studies the implications of household financial choices for the effects of monetary policy on consumption … heterogeneity in consumption responses, monetary policy, operating through its effects on household income and asset market returns …

pattern to irrationality, particularly overconfidence. In contrast, we find that household financial choices generated from a …

This paper studies household financial choices: why are these decisions dependent on the education level of the … household? A life-cycle model is constructed to understand a rich set of facts about decisions of households with different …, education affects household finance mainly through increased average income. The estimation also finds evidence that higher …

This paper uses a lifecycle model to study household finance in China, focusing on the high savings rate, the low stock … estimation of structural parameters, and examine their impacts on household finance patterns. Relative to the US, the distinctive …

-convex portfolio adjustment costs. The goal is to understand a household's response to income and return shocks. The model includes the … multiple assets, a household can buffer some income fluctuations through the asset without adjustment costs and engage in …