We investigate a novel determinant of household financial delinquency, namely, people's subjective expectations regarding the cost-benefit trade-off in default decisions. These expectations are determined by individuals' self-efficacy, which is a non-cognitive ability that measures how strongly...

We show that individuals' macroeconomic expectations are influenced by their socioeconomic status (SES). People with higher income or higher education are more optimistic about future macroeconomic developments, including business conditions, the national unemployment rate, and stock market...

We show that individuals' macroeconomic expectations are influenced by their socioeconomic status (SES). People with higher income or higher education are more optimistic about future macroeconomic developments, including business conditions, the national unemployment rate, and stock market...

We investigate a novel determinant of household financial delinquency, namely, people's subjective expectations regarding the cost-benefit trade-off in default decisions. These expectations are determined by individuals' self-efficacy, which is a non-cognitive ability that measures how strongly...

We investigate a novel determinant of financial distress, namely individuals' self-efficacy, or belief that their actions can influence the future. Individuals with high self-efficacy are more likely to take precautions that mitigate adverse financial shocks. They are subsequently less likely to...

We show that individuals' macroeconomic expectations are influenced by their socioeconomic status (SES). People with higher income or higher education are more optimistic about future macroeconomic developments, including business conditions, the national unemployment rate, and stock market...