This paper studies why investors buy dividend-paying assets and how they time their consumption accordingly. We combine administrative bank data linking customers' consumption transactions and income to detailed portfolio data and survey responses on financial behavior. We find that private...

This paper uses two decades of individual level information from Danish administrative registers to show that a 1-dollar increase in pension wealth leads to a 26-cent rise in total debt. We exploit time-sector variation in mandatory pension contribution rates to isolate the effect of pension...

This paper offers new empirical evidence on the marginal propensity to consume out of an unanticipated liquidity shock. A Danish 2012 policy reform reduced the incentive to retire early in order to increase labour supply but at the same time the policy released a substantial amount of savings...