The Supply Side of Household Finance (original) (raw)

Three Essays in Household Finance

2012

This thesis contains three chapters relating to the field of household finance. In the first chapter household life cycle investment behaviour is investigated using a panel of Norwegian administrative data and tax records. Dealing with selection and identification issues, the data suggests a double adjustment as people age: a rebalancing of the portfolio away from stocks as households approach retirement, and a peak in stock market participation around the time when they reach retirement.

MACRO IMPLICATIONS OF HOUSEHOLD FINANCE Preliminary and Incomplete

2007

Abstract Our paper examines the impact of heterogeneous trading opportunities on the distribution of asset shares and wealth in an equilibrium model. We distinguish between “passive” traders who hold fixed portfolios of equity and bonds, and “active” traders who adjust their portfolios to changes in the investment opportunity set.

Households at the Frontiers of Monetary Development

Behemoth : a Journal on Civilisation, 2016

The Global Financial Crisis and its aftermath has been an extraordinary period of innovation in monetary policy. There has been a dramatic expansion in the scale and scope of monetary intervention (quantitative and qualitative easing (QE and QQE). Moreover, this intervention has evolved so as to target finance itself through central banks coming to operate as ‘liquidity providers of last resort’ and producers of so-called ‘safe assets’ for investors. Policy innovation continues to run ahead of theory, and finance and monetary theorists are still absorbing and debating the implications of these policy innovations. Underlying the new debates about the impacts of particular policies there remains the more abstract question of how money and finance is anchored in the material world and how that anchoring supposedly connects to notions of ‘stability’. This paper suggests that, beyond the technical policy innovations like QE, one such anchor for monetary stability is being actively sought...