We estimate the causal effect of 334 different types of health shocks on a set of economic and health outcomes: medical expenses, mortality, disability, labor market participation, labor earnings, and the need for nursing home care. To this end, we examine detailed data on 6.9 million people...

One of the most important financial choices households make is to decide whether to rent or buy a home. This paper uses a life-cycle model to analyze a financial contract that transforms investing in housing from binary to multinomial choice. The financial contract is called Partial Ownership...

We construct a panel of global equity yields by modifying the model of Giglio et al. (2021) so it works internationally. We revisit stylized facts about equity yields, primarily based on US data, and provide several new results. On old facts, we study the dynamics of global equity yields, their...

We develop a methodology to estimate households’ exposure to systematic income risk and its causal effect on portfolio decisions. The identification strategy relies on household fixed effects and a novel instrument based on major corporate events. We apply it to a Dutch administrative panel...

Financial data is characterized by a low signal-to-noise ratio making it difficult to identify robust functional forms that map the characteristics of financial securities to expected returns (Lettau and Pelger, 2020). In this paper, we modify the standard prediction problem in empirical asset...

This paper investigates how mortgage credit conditions affect housing market outcomes and household welfare. Using unique transaction data from China, I estimate a structural model of housing demand and supply in secondary housing markets, characterizing the illiquidity of housing markets and...