TY  - UNPD
A1  - Gomes, Francisco
A1  - Haliassos, Michael
A1  - Ramadorai, Tarun
T1  - Household finance
T2  - Working paper series / Institute for Monetary and Financial Stability ; 138
N2  - Household financial decisions are complex, interdependent, and heterogeneous, and central to the functioning of the financial system. We present an overview of the rapidly expanding literature on household finance (with some important exceptions) and suggest directions for future research. We begin with the theory and empirics of asset market participation and asset allocation over the lifecycle. We then discuss house-hold choices in insurance markets, trading behavior, decisions on retirement saving, and financial choices by retirees. We survey research on liabilities, including mortgage choice, refinancing, and default, and household behavior in unsecured credit markets, including credit cards and payday lending. We then connect the household to its social environment, including peer effects, cultural and hereditary factors, intra-household financial decision making, financial literacy, cognition and educational interventions. We also discuss literature on the provision and consumption of financial advice.
T3  - Working paper series / Institute for Monetary and Financial Stability - 138 
KW  - household finance
Y1  - 2020
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/53262
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-532626
UR  - https://www.imfs-frankfurt.de/fileadmin/user_upload/IMFS_WP/IMFS_WP_138.pdf
IS  - March 10, 2020
PB  - Johann Wolfgang Goethe-Univ., Inst. for Monetary and Financial Stability
CY  - Frankfurt am Main
ER  -