This chapter reviews the theoretical and empirical issues dealing with Social Security
pensions. The first part of the chapter discusses pure pay-as-you-go plans. It considers the …

Purpose The purpose of this literature review paper is to define consumer finance, describe
the scope of consumer finance and discuss its future research directions …

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 …

We propose that stock‐market participation is influenced by social interaction. In our model,
any given “social” investor finds the market more attractive when more of his peers …

This article solves a realistically calibrated life cycle model of consumption and portfolio
choice with non-tradable labor income and borrowing constraints. Since labor income …

This paper investigates the efficiency of household investment decisions using
comprehensive disaggregated Swedish data. We consider two main sources of inefficiency …

This paper asks how a household should choose between a fixed-rate (FRM) and an
adjustable-rate (ARM) mortgage. In an environment with uncertain inflation a nominal FRM …

This paper investigates the dynamics of individual portfolios in a unique data set containing
the disaggregated wealth of all households in Sweden. Between 1999 and 2002, we …

We show that a life‐cycle model with realistically calibrated uninsurable labor income risk
and moderate risk aversion can simultaneously match stock market participation rates and …

We exploit the restrictions of intertemporal portfolio choice in the presence of nonfinancial
income risk to test hedging using the information contained in the actual portfolio of the …