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Depressed Demand
(2020-02-14)
Using a survey of Dutch households, we find that individuals who have experienced higher national unemployment rates over their lifetime save more and borrow less, after controlling for aggregate shocks, income, wealth, ...
Higher-Order Income Risk over the Business Cycle: A Parametric Approach
(2020-03-24)
We extend the canonical income process with persistent and transitory risk to shock distributions with left-skewness and excess kurtosis, to which we refer as higher- order risk. We estimate our extended income process by ...
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 ...
On the (ir)relevance of monetary incentives in risk preference elicitation experiments
(2020-08-31)
Incentivized experiments in which individuals receive monetary rewards according to the outcomes of their decisions are regarded as the gold standard for preference elicitation in experimental economics. These task-related ...
Evaluating the Effectiveness of Policies Against a Pandemic
(2020-11-12)
We develop a novel empirical approach to identify the effectiveness of policies against a pandemic. The essence of our approach is the insight that epidemic dynamics are best tracked over stages, rather than over time. We ...
Risk Taking, Preferences, and Beliefs: Evidence from Wuhan
(2020-03-24)
We study risk taking in a panel of subjects in Wuhan, China - before, during the COVID-19 crisis, and after the country reopened. Subjects in our sample traveled for semester break in January, generating variation in ...