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Financial Education for the Disadvantaged? A Review
(2018-04-20)
In contrast to the popularity of financial education interventions worldwide, studies on the economic effects of those interventions report mixed results. With a focus on the effect on disadvantaged groups, we review both ...
The Geography of Alternative Work
(2018-04-27)
The increase in alternative working arrangements has sparked a debate over the positive impact of increased flexibility against the negative impact of decreased financial security. We study the prevalence and determinants ...
Financial Literacy and Socialist Education: Lessons from the German Reunification
(2018-07-01)
A growing body of literature shows the importance of financial literacy in households' financial decisions. However, fewer studies focus on understanding the determinants of financial literacy. Our paper fills this gap by ...
Explaining Intra-Monthly Consumption Patterns: The Timing of Income or the Timing of Consumption Commitments?
(2018-11-01)
A number of recent studies have concluded that consumer spending patterns over the month are closely linked to the timing of income receipt. This correlation is interpreted as evidence of hyperbolic discounting. I re-examine ...
Smoking Hot Portfolios? Self-Control and Investor Decisions
(2019-03-01)
Self-control failure is among the major pathologies (Baumeister et al. (1994)) affecting individual investment decisions which has hardly been measurable in empirical research. We use cigarette addiction identified from ...
Job Loss Expectations, Durable Consumption and Household Finances: Evidence from Linked Survey Data
(2019-03-01)
Job security is important for durable consumption and household savings. Using surveys, workers express a probability that they will lose their job in the next 12 months. In order to assess the empirical content of these ...
Inflation Expectations and Choices of Households
(2019-04-01)
Do household inflation expectations affect consumption-savings decisions? We link survey data on quantitative inflation expectations to administrative data on income and wealth. We document that households with higher ...
Financial Literacy and Self-Control in FinTech: Evidence from a Field Experiment on Online Consumer Borrowing
(2019-10-14)
We report the results of a longitudinal intervention with students across five universities in China designed to reduce online consumer debt. Our research design allocates individuals to either a financial literacy treatment, ...
Consuming Dividends
(2020-05-01)
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 ...
Exposure to the COVID-19 Stock Market Crash and its Effect on Household Expectations
(2020-05-21)
We survey a representative sample of US households to study how exposure to the COVID-19 stock market crash affects expectations and planned behavior. Wealth shocks are associated with upward adjustments of expectations ...