In this paper we investigate Oswald's hypothesis according to which higher homeownership rates increase aggregate … following an (exogenous) increase in homeownership rates. We show that (1) Oswald's hypothesis does not always hold as it … depends crucially on the importance of mobility costs; (2) while higher homeownership may harm macroeconomic labour market …

homeownership and declining unemployment are linked and that the causality runs from high homeownership leading to high unemployment … and mortgaged homeownership. Generally, the evidence that a declining homeownership rate contributes to a lower …

I show that individuals whose unemployment risk tends to increase more when local home prices fall optimally invest …

This paper measures risk in the present value of workers’ remaining lifetime earnings. Building upon a common earnings … risk is only moderately correlated with those annual risks and is a much stronger predictor of several major life decisions …. Unlike annual risk, it is often larger for relatively affluent groups. It also has many other covariates, including …

the internal margin, i.e., the strength, of loss aversion, and empirically study the relation between income risk …-income population of Bogotá, characterized by limited financial education and subject to substantial income risk. In line with the … theoretical predictions, we find that an increase in income risk is associated with higher savings for loss-averse individuals …

the internal margin, i.e., the strength, of loss aversion, and empirically study the relation between income risk …-income population of Bogotá, characterized by limited financial education and subject to substantial income risk. In line with the … theoretical predictions, we find that an increase in income risk is associated with higher savings for loss-averse individuals …

empirically study the relation between income risk, experimentally elicited loss aversion, and precautionary savings. We do so … subject to substantial income risk. In line with the theoretical predictions, we find that an increase in income risk is … aversion. An accompanying laboratory experiment confirms that an exogenous increase in income risk causally leads to this …