We study how and to what extent private households are affected by the recent financial crisis and how their financial decisions are in uenced by this shock. Our analysis reveals that individuals with low levels of financial literacy are less likely to have invested in the stock market and thus...

We study taxable wealth in unique Swedish administrative data, annually following a large sample of households over a period of almost 40 years. The main data limitation is non-observability of wealth for those below the tax exemption level. This implies that much of the focus of the paper is on...

The number of new dwellings built in Spain more than doubled between 1997 and 2004. Provisional estimates indicate that the figure might currently be over 800,000. Strikingly, this impressive response of supply to demand has not put a brake on housing prices, which have also doubled in real...