Most households persistently invest in riskless assets but not stocks, and may do so because they perceive the information required for market participation to be costly relative to expected benefits. In a CCAPM, increased risk aversion, income risk, and lower resources reduce the information...

In the last decade, households have tended to shift out of bank deposits and money market funds and into stocks and bonds. Some analysts and journalists worry that the shift could be destabilizing to the economy and financial markets. Consumption spending, it is argued, might fluctuate more...

This paper examines the effects of intergenerational transfers on saving behavior by examining private wealth transfers targeted toward first-time home purchases. The study of transfer behavior in the housing market is advantageous for a number of reasons: the down payment requirement associated...

What began several years ago as a network of matched savings programs to encourage low-income Texans to save has blossomed into a statewide, comprehensive asset-building movement now known as RAISE Texas.