This paper investigates the efficiency of household investment decisions in a unique dataset containing the …

The entitlement to social security retirement benefits is a major component of aggregate household wealth. This paper … focuses on the impact of social security annuities on household portfolio allocation, extending existing optimizing models of …

This paper explores the relationship between household marginal income tax rates, the set of assets that households own … surveys. The empirical findings suggest that a household's marginal tax rate has an important effect its asset allocation … decisions. The probability that a household owns tax-advantaged assets is strongly related to its tax rate on ordinary income …

If household portfolios are constrained by borrowing and short-sales restrictions asset markets, then alternative … retirement savings systems may affect household welfare by relaxing these constraints. This paper uses a calibrated partial …

related or not, even with the best data. We thus look at household finances and find that individuals delever upon retirement …

individual-pre-tax and household-post-tax earnings and across administrative (Social Security Administration) and survey (Panel … Study of Income Dynamics) data. We estimate two alternative processes for household after-tax earnings and study their …

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 …