Life-cycle portfolio choice models capture the role of human capital, housing, borrowing
constraints, background risk, and several other crucial ingredients for determining the …

This paper surveys the academic literature on optimal saving and investment over an
individual's life cycle. We start out with a simple benchmark model with separable and …

This paper evaluates the impact of quantitative easing on income and wealth of individual
euro area households. We first estimate the aggregate effects of a quantitative easing (QE) …

Relying on comprehensive measures of financial knowledge, we provide evidence of a
strong positive association between financial literacy and net worth, even after controlling for …

As firms switch from defined-benefit plans to defined-contribution plans, employees bear
more responsibility for making decisions about how much to save. The employees who fail …

The study of household finance is challenging because household behavior is difficult to
measure, and households face constraints not captured by textbook models. Evidence on …

We investigate whether individual experiences of macroeconomic shocks affect financial risk
taking, as often suggested for the generation that experienced the Great Depression. Using …

Household finance—the normative and positive study of how households use financial
markets to achieve their objectives—has gained a lot of attention over the past decade and …

An updated and refreshed edition of the groundbreaking book that shows how people can
be nudged toward decisions that will improve their lives" If you've read Nudge and think you …

This short volume originates in the need to provide a scientific foundation for the advice
offered by financial planners to long-term investors-individuals saving for retirement, or …