We examine the causal effect of education on financial outcomes related to stock markets and retirement savings … to influence behavioral biases or heuristics in retirement plans. The reform leads to a 3% increase in pension savings …

in retirement. Using an estimated structural model of saving and housing decisions, we find, first, that homeowners …

We study workers' idiosyncratic earnings risk over the life-cycle using a German administrative data set. Positive and … incomplete markets model. Moreover, age-varying risk implies a linear increase in consumption inequality late in working life …

This paper empirically investigates the effects of changes in the interest rate as well as transitory income … significant effects of precautionary savings on the consumption-savings decision. As a result of a doubling of transitory income …

We study workers' idiosyncratic earnings risk over the life-cycle using a German administrative data set. Positive and … incomplete markets model. Moreover, age-varying risk implies a linear increase in consumption inequality late in working life. …

Was the increase in income inequality in the US due to permanent shocks or merely to an increase in the variance of … repeated cross-section data on consumption and income to decompose idiosyncratic changes in income into predictable life … evolution of consumption and income inequality well and delivers two main results. First, we find that permanent changes in …

This paper aims to fill the gaps in the analysis of risk‐sharing channels at the microlevel, both within and across … households. Using data from the Bank of Italy's Survey on Household Income and Wealth covering the financial crisis, we are able … to quantify in a unified and consistent framework several risk‐sharing mechanisms that so far have been documented …

We investigate whether US households possess advance information about their future income and what this means for … requires only panel data on consumption and income. Using the Panel Study of Income Dynamics, we find-in contrast to the … incomplete markets model and find that advance information reduces households' income forecast errors by 15%. Our estimation …

Idiosyncratic labor incomes are typically modeled either by stochastic processes with heterogeneous income profiles … (HIPs) or restricted income profiles (RIPs). The HIP assumes that individual labor income grows deterministically at an … unobserved rate and contains a persistent but stationary component, while the RIP assumes that income contains a random walk, a …