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Incompatible European Partners? Cultural Predispositions and Household Financial Behavior
The Eurozone fiscal crisis has created pressure for institutional harmonization, but skeptics argue that cultural predispositions can prevent convergence in behavior. Our paper derives a robust cultural classification of ...
Does Product Familiarity Matter for Participation?
"Household access to financial products is often conditioned on previous use. However, banning access when learning is possible may be discriminatory or counterproductive. The ""experiment"" of German reunification ...
On the Optimal Provision of Social Insurance
In this paper we compute the optimal tax and education policy transition in an economy where progressive taxes provide social insurance against idiosyncratic wage risk, but distort the education decision of households. ...
Aggregate and Distributional Effects of Increasing Taxes on Top Income Earners
We analyze the macroeconomic implications of increasing the top marginal income tax rate using a dynamic general equilibrium framework with heterogeneous agents and a fiscal structure resembling the actual U.S. tax system. ...
On the Distributive Effects of Inflation
This paper undertakes a quantitative investigation of the effects of anticipated inflation on the distribution of household wealth and welfare. Consumer Finance Data on household financial wealth suggests that about a third ...
Gender Differences in Financial Advice
We show that financial advisors recommend more costly products to female clients, based onminutes from about 27,000 real-world advisory meetings and client portfolio data. Funds recommended to women have higher expense ...