Retired homeowners dissave more slowly than renters, which suggests that homeownership affects retirees' saving decisions. We investigate empirically and theoretically the life-cycle patterns of housing and total assets in retirement. Using an estimated structural model of saving and housing...

This paper develops a simple macroeconomic model of systemic risk in the form of financial accelerator effects: adverse developments in financial markets and in the real economy mutually reinforce each other and lead to a feedback cycle of falling asset prices, deteriorating balance sheets and...

This study uses a combined measure of financial literacy or financial knowledge that includes both a test score of actual financial knowledge and a self-assessment of overall financial knowledge. The combined measure provides greater understanding about how financial knowledge affects financial...

This paper discusses the impact of aging on the financial equilibrium of the Tunisian retirement system and the macroeconomic implications of reform and introduces capitalized pillars. Using a stylized, closed economy, overlapping generation model to analyze the impact of the introduction of a...

Down-payment or closing cost assistance is a commonly used and effective program in addressing the wealth constraints of underserved homebuyers. This paper estimates the impact of the city of Dallas Mortgage Assistance Program (MAP) on neighborhood home values. We define neighborhoods for each...

This study explores the relationship between financial social learning opportunities and financial behaviors of college students. Data was collected from current college students age 18 and over throughout the United States during spring and fall of 2008. Results suggest important relationships...

We examine the determinants of stock market and bank liquidity in an economy in a SUR framework in which stock market turnover and available bank credit denoting access to long and short term capital respectively are interdependent and the errors are correlated. The SUR results suggest that...

The state of Indiana has had a major foreclosure problem, especially since the 2001 recession. As the nation confronts an emerging surge in foreclosures associated with an explosion of subprime loans in 2004-06, the Indiana foreclosure rate is likely to surge to record territory. Two neighboring...

Networks Financial Institute (NFI) believes that high school students, in order to be ready for a competitive world when they graduate, need to have a deep understanding of personal financial literacy. Skills involved in personal financial literacy include budgeting, saving, investing, filing...

Personal economic issues such as credit card debt, home foreclosures, the collapse of the sub-prime lending market, and escalating numbers of personal bankruptcy have focused the nation’s attention on the importance of financial education. As a collective, we know that something is wrong with...