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Increasingly, individuals are in charge of their own financial security and are confronted with ever more complex financial instruments. However, there is evidence that many individuals are not well-equipped to make sound saving decisions. This paper demonstrates widespread financial illiteracy More information...
Audience: Researcher
Type of Resource: Working paper
Date: 6/1/2008
Individuals are increasingly in charge of their own financial security after retirement. But how well-equipped are individuals to make saving decisions; do they possess adequate financial literacy, are they informed about the most important components of saving plans, do they even plan for More information...
Audience: Researcher
Type of Resource: Working paper
Date: 2/1/2008
Most married men claim Social Security benefits at age 62 or 63, well short of both Social Security’s Full Retirement Age and the age that maximizes the household’s expected present value of benefits (EPVB). This results in a loss of less than 4 percent in household EPBV. But essentially the entire More information...
Audience: Researcher
Type of Resource: Working paper
Date: 10/1/2007
A key issue in designing any individual accounts program is how many and what mix of investment options to provide to participants. While standard economic theory suggests that more choice is always better, this paper provides evidence from 401(k) plans that more choice does not necessarily lead More information...
Audience: Researcher
Type of Resource: Working paper
Date: 12/1/2005
This article models respondent behavior in a financial survey with a framework explicitly integrating a respondent’s knowledge of and willingness to reveal his or her financial status. Whether a respondent provides a valid answer, a “don’t know”, or a “refusal” to a financial question depends on More information...
Audience: Researcher
Type of Resource: Working paper
Date: 4/1/2005
Abstract: I test the credit-market effects of housing wealth shocks by estimating the consumption elasticity of house price shocks among households in different age quintiles. Younger households face faster expected income growth and hence would like to borrow more than older households. I estimate More information...
Audience: Researcher
Type of Resource: Working paper
Date: 10/1/2004
Abstract: It is well accepted that households increase consumption of goods and services in response to an unexpected increase in wealth. Consensus estimates of this wealth effect are in the range of 3 to 5 cents of additional consumption spending in the long run for each additional dollar of More information...
Audience: Researcher
Type of Resource: Working paper
Date: 6/1/2003
Abstract: This paper investigates the composition of households' assets and liabilities in the United States. Using aggregate and survey data, we document major trends in household portfolios in the past 15 years. We show that, despite the broad array of financial products available, the portfolio More information...
Audience: Researcher
Type of Resource: Working paper
Date: 4/1/2000