Regulation of investor access to financial products is often based on product familiarity indicated by previous use. The underlying premise that lack of familiarity with a product class causes unwarranted participation is difficult to test. This paper uses household-level data from the...

Savings accounts are owned by most households, but little is known about the performance of households’ investments. We create a unique dataset by matching information on individual savings accounts from the DNB Household Survey with market data on account-specific interest rates and...

Does a shortage of safe assets sow the seeds of instability in a financial system? This paper empirically explores the hypothesis of safe asset shortage-induced excess credit booms and financial instability. As an alternative step forward from the assumption of growth- or wealth-based demands...

This paper introduces state dependent utility into the standard Mehra and Prescott (1985) economy by allowing the representative agents coefficient of relative risk aversion to vary with the underlying economys growth rate. Existence of equilibrium is proved and its asymptotic properties...

By tracing the history of the links of financialization to consumer behaviors and marketer actions in the 20th century, this paper aims to show that consumer market phenomena are often shaped by the imperatives of finance. The paper employs selective historical overviews, mainly focusing on the...

We study asset-pricing implications of innovation in a general-equilibrium overlapping- generations economy. Innovation increases the competitive pressure on existing firms and workers, reducing the profits of existing firms and eroding the human capital of older workers. Due to the lack of...

Does a shortage of safe assets sow the seeds of instability of financial system? This paper empirically explores the hypothesis of safe asset shortage-induced excess credit booms and financial instability. As an alternative step forward from the assumption of growth- or wealth-based demand for...

In his recent article, Keen resumes the debate with Krugman about the effects of debt upon the economy. It is hard to see how the question can be settled as long as all participants apply their idiosyncratic models. Hence the issue boils down, as Krugman rightly put it, to the deeper question:...

The research question is to investigate if supplementary tethered currencies might reduce financial system risks and provide a superior fallback position to Bitcoin in a crisis? To investigate the question, a hypothetical $Z supplementary cost carrying currency is considered whose value is...

Even if Keynes makes an error with its investment multiplier, he has à good intuition investment is the key lever. The main mistake in order to manage economy is due to Friedman who stars with the right result to obtain : maximize Wealth, but he confuses wealth created with a permanent income...