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Working paper
The Impact of Homeowners' Housing Wealth Misestimation on Consumption and Saving Decisions
In: Real Estate Economics, Forthcoming
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Information disclosure and the choice between arm's-length and inside debt
In: Journal of Monetary Economics, Band 117, S. 1008-1022
Financial Crisis and the U.S. Mortgage Markets – A Review
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FinTech, Lending and Payment Innovation: A Review
In: Asia-Pacific Journal of Financial Studies, 2020
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Effects of Government Bail-Out on Mortgage Modification
In: Journal of Banking and Finance, Band 93
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Effects of Government Bailouts on Mortgage Modification
In: Georgetown McDonough School of Business Research Paper No. 2479349
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Working paper
Effects of Government Bailouts on Mortgage Modification
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Working paper
The Impact of Housing Credit on Personal Bankruptcy
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Working paper
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Working paper
Access to Home Equity and Consumption: Evidence from a Policy Experiment
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Working paper
Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore
In: American economic review, Band 104, Heft 12, S. 4205-4230
ISSN: 1944-7981
This paper uses a unique panel dataset of consumer financial transactions to study how consumers respond to an exogenous unanticipated income shock. Consumption rose significantly after the fiscal policy announcement: during the ten subsequent months, for each $1 received, consumers on average spent $0.80. We find a strong announcement effect—19 percent of the response occurs during the first two-month announcement period via credit cards. Subsequently, consumers switched to debit cards after disbursement before finally increasing spending on credit cards in the later months. Consumers with low liquid assets or with low credit card limit experienced stronger consumption responses. (JEL D12, D14, E21)
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Working paper
Cognitive abilities and household financial decision making
We analyze the effects of cognitive abilities on two examples of consumer financial decisions where suboptimal behavior is well defined. The first example refers to consumers who transfer the entire balance from an existing credit card account to a new account, but use the new card for convenience transactions, resulting in higher interest charges. The second example refers to consumers who face higher APRs because they inaccurately estimate their property value on a home equity loan or line of credit application. We match individuals from the US military for whom we have detailed test scores from the Armed Services Vocational Aptitude Battery test (ASVAB), to administrative datasets of retail credit from a large financial institution. We show that our matched samples are reasonably representative of the universes from which they are drawn. We find that consumers with higher overall composite test scores, and specifically those with higher math scores, are substantially less likely to make a financial mistake later in life. These mistakes are generally not associated with the non-mathematical component scores. We also conduct some complementary analyses using two other data sources. We use the National Longitudinal Survey of Youth (NLSY) to show that higher ASVAB math scores are associated with lower subjective discount rates. Finally, we use the Health and Retirement Survey (HRS) to demonstrate that particular forms of cognitive ability matter for specific types of suboptimal behavior. We find that the mathematical component of the test is what matters most for financial decision making and financial wealth. In contrast, non-mathematical aptitudes appear to matter for non-financial forms of suboptimal behavior (e.g. failure to take medicine). The HRS results also demonstrate the large ramifications of low math ability on long-term economic success.
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