Purpose The present study examines the linkage between financial literacy and financial
fragility during COVID-19. It further examines if financial literacy has a differential impact on …

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

This paper documents the share of investable wealth that middle-class US investors hold in
the stock market over their working lives. This share rises modestly early in life and falls …

The current COVID-19 crisis teaches organizations and households harsh lessons about the
necessity of having buffers, to deal with the consequences of the COVID-19 virus. The …

We model visibility bias in the social transmission of consumption behavior. When
consumption is more salient than nonconsumption, people perceive that others are …

Despite its importance, little is known about how individuals save for retirement through tax-
advantaged vehicles over their working lives. Using Thailand's population of tax returns, this …

In a rich, calibrated life-cycle model, we show that well-designed mandatory pension plans
significantly improve the welfare of individuals procrastinating on savings, and even improve …

While much research has documented stark racial gaps in total net worth, few studies have
examined the development of racial gaps across different types of assets using longitudinal …

Various studies have examined investor behavioral biases and the perceived value financial
advisors provide to their clients. However, the academic literature examining behavioral …

Do households make errors when forming retirement expectations, and if so, are they
economically important? Leveraging nearly three decades of panel data, we reveal that …