This paper studies how peers’ financial behaviour affects individuals’ own investment choices. To identify the peer effect, we exploit the composition of the Luxembourg population and use the differ-ences in stock market participation across various immigrant groups to study the effect on...

Reliable macroeconomic housing and wealth statistics and counterfactual analyses require hypothetical but realistic sales and rent prices for properties off the market, representing the housing stock and reflecting current market conditions. Therefore, we replace subjectively reported prices in...