This lecture considers the case for consumer financial regulation in an environment where
many households lack the knowledge to manage their financial affairs effectively. The …

Household financial decisions are complex, interdependent, and heterogeneous, and
central to the functioning of the financial system. We present an overview of the rapidly …

Reverse mortgages allow elderly homeowners to unlock and consume home equity without
leaving their homes. Relative to the number of elderly homeowners with limited financial …

Purpose This paper links the literatures on the life-cycle hypothesis, homeownership, home
equity and pensions. Empirically, the focus is on the EU and USA. The paper aims to explore …

We study the role of housing wealth in financing retirement consumption. In our model
retirees: 1. derive utility benefits from remaining in their home (aging in place); and 2 …

The primary goal of this article is to inform assumptions used by researchers and
policymakers to model the demand for and takeup of reverse mortgages. Our article …

We use comparable data from the US and England to examine similarities and differences in
the level and trajectories of assets among households aged 70 and over. We find that in the …

Collateral requirements play an important role in credit markets. This paper shows that the
endowment effect—the phenomenon where owing a good increases one's valuation of it …

Few retirees use reverse mortgages. In this paper, we investigate how financial literacy and
prior knowledge of the product influence take-up by conducting a stated-preference …

We solve for optimal consumption and portfolio choice in a life-cycle model with short-sales
and borrowing constraints; undiversifiable labor income risk; and a predictable, time-varying …