We review an empirical literature that studies the role of social interactions in driving
economic and financial decision-making. We first summarize recent work that documents an …

This article reviews the literature on international comparative household finance. It presents
summary statistics on household balance sheets for 13 developed countries and uses these …

This paper studies whether, in the consumer credit market, peer-to-peer (P2P) lending
platforms serve as substitutes for banks or instead as complements. I develop a conceptual …

We document that finance companies and FinTech lenders increased lending to small
businesses after the 2008 financial crisis. We show that most of the increase substituted for a …

As economists increasingly help governments design new policies and regulations, they
take on an added responsibility to engage with the details of policy making and, in doing so …

We document the economywide extent of misconduct among financial advisers and the
associated labor market consequences. Seven percent of advisers have misconduct …

We study the personal credit market using unique individual-level data covering fintech and
traditional lenders. We show that fintech lenders acquire market share by lending first to …

In this essay, we discuss the emerging literature in macroeconomics that combines
heterogeneous agent models, nominal rigidities, and aggregate shocks. This literature …

Banks have no time for complacency. They need to re-evaluate their competitive advantages
in light of profound changes driven by advances in information technology (IT) and …

We use sizable lottery prizes in Norwegian administrative panel data to explore how
transitory income shocks are spent and saved over time and how households' marginal …