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Economics and Politics of Alternative Institutional Reforms

Caselli, Francesco - 2007

firms (entrepreneurship) and the average quality of management (meritocracy). Legal reform also reduces financial … constraints on entry, but in addition it facilitates transfers of control of incumbent firms, from untalented to talented managers … improve meritocracy at the expense of entrepreneurship. As a result, legal reform encounters less political opposition than …

Persistent link: https://www.econbiz.de/10012465823

Does Saving Cause Borrowing?

Medina, Paolina C.; Pagel, Michaela - National Bureau of Economic Research - 2021

We study whether savings nudges have the unintended consequence of additional borrowing in high-interest credit. We use data from a pre-registered experiment that encouraged 3.1 million bank customers to save via SMS messages and train a machine learning algorithm to predict individual-level...

Persistent link: https://www.econbiz.de/10012585440

Household Financial Transaction Data

Baker, Scott; Küng, Lorenz - National Bureau of Economic Research - 2021

The growth of the availability and use of detailed household financial transaction microdata has dramatically expanded the ability of researchers to understand both household decision-making as well as aggregate fluctuations across a wide range of fields. This class of transaction data is...

Persistent link: https://www.econbiz.de/10012599317

The Evolution from Life Insurance to Financial Engineering

Koijen, Ralph S. J.; Yogo, Motohiro - National Bureau of Economic Research - 2021

Since the mid-1980s, the share of household net worth intermediated by US financial institutions has shifted from defined benefit plans to life insurers and defined contribution plans. Life insurers have primarily grown through variable annuities, which are mutual funds with longevity insurance,...

Persistent link: https://www.econbiz.de/10012599320

Wealth and Insurance Choices : Evidence from US Households

Gropper, Michael J.; Kuhnen, Camelia M. - National Bureau of Economic Research - 2021

Theoretically, wealthier people should buy less insurance, and should self-insure through saving instead, as insurance entails monitoring costs. Here, we use administrative data for 63,000 individuals and, contrary to theory, find that the wealthier have better life and property insurance...

Persistent link: https://www.econbiz.de/10012599359

Present Bias Amplifies the Household Balance-Sheet Channels of Macroeconomic Policy

Laibson, David I.; Maxted, Peter; Moll, Benjamin - National Bureau of Economic Research - 2021

We study the effects of monetary and fiscal policy in a heterogeneous-agent model where households have present-biased time preferences and naive beliefs. The model features a liquid asset and illiquid home equity, which households can use as collateral for borrowing. Because present bias...

Persistent link: https://www.econbiz.de/10012599384

The Endowment Effect and Collateralized Loans

Carney, Kevin; Kremer, Michael; Lin, Xinyue; Rao, Gautam - National Bureau of Economic Research - 2022

Collateral requirements play an important role in credit markets. This paper shows that the endowment effect--the phenomenon where owing a good increases one's valuation of it--inhibits demand for loans which use a borrower's existing assets as collateral. Using a field experiment in Kenya, we...

Persistent link: https://www.econbiz.de/10013210101

Measuring Valuation of Liquidity with Penalized Withdrawals

Coyne, David; Fadlon, Itzik; Porzio, Tommaso - National Bureau of Economic Research - 2022

We propose using penalized withdrawals from retirement savings accounts, identified from U.S. tax records, as a revealed-preference tool to characterize households' valuation of liquidity. A simple dynamic model formalizes the notion that the prevalence of withdrawals can be used to characterize...

Persistent link: https://www.econbiz.de/10013191101

Consumption and Saving after Retirement

Christensen, Bent Jesper; Kallestrup-Lamb, Malene; … - National Bureau of Economic Research - 2022

The paper analyzes consumption decisions of retired workers, using Danish register data. A major puzzle, which motivates much of the analysis below, is that wealth actually increases for a large fraction of the people in our data. One would expect that wealth accumulated before retirement would...

Persistent link: https://www.econbiz.de/10013172126

Cognitive Decline, Limited Awareness, Imperfect Agency, and Financial Well-being

Ameriks, John; Caplin, Andrew; Lee, Minjoon; Shapiro, … - National Bureau of Economic Research - 2022

Cognitive decline may lead older Americans to make poor financial decisions. Preventing poor decisions may require timely transfer of financial control to a reliable agent. Cognitive decline, however, can develop unnoticed, creating the possibility of suboptimal timing of the transfer of...

Persistent link: https://www.econbiz.de/10012814409

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