Centre for Household Finance and Macroeconomic Research (HOFIMAR)

 

Working paper series from Centre for Household Finance and Macroeconomic Research (HOFIMAR)

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  • The Gender Investment Gap over the Life-Cycle 

    Bacher, Annika (HOFIMAR Working Paper Series;3/2023, Working paper, 2023)
    Single women hold less risky financial portfolios than single men. This paper analyzes the determinants of the “gender investment gap” based on a structural life-cycle framework. The model is able to rationalize the ...

  • The leverage-liquidity trade-of mortgage regulation 

    Aastveit, Knut Are; Enger Juelsrud, Ragnar; Getz Wold, Ella (HOFIMAR Working Paper Series;4/2023, Working paper, 2023)
    We evaluate the impact of loan-to-value restrictions on household financial vulnerability. Using Norwegian tax data, we first document a beneficial leverage effect, in which households respond to the regulation by reducing ...

  • How Does Monetary Policy Affect Household Indebtedness? 

    Fagereng, Andreas; Gulbrandsen, Magnus A. H.; Holm, Martin B.; Natvik, Gisle J. (HOFIMAR Working Paper Series;5/2023, Working paper, 2023)
    Growth in household debt-to-income ratios can be attributed to nominal debt changes or mechanical “Fisher effects” from interest income and expenses, real income growth, and inflation. With microdata covering the universe ...

  • The importance of unemployment risk for individual savings 

    Juelsrud, Ragnar E.; Getz Wold, Ella (HOFIMAR Working Paper Series;6/2023, Working paper, 2023)
    In this paper we use a novel natural experiment and Norwegian tax data to quantify the causal impact of unemployment risk on individual savings. We show theoretically that higher unemployment risk increases liquid savings ...

  • The Finance Uncertainty Multiplier 

    Alfaro, Iván; Bloom, Nicholas; Lin, Xiaoji (HOFIMAR Working Paper Series; 1/2023, Working paper, 2023)
    We show how real and financial frictions amplify, prolong and propagate the negative impact of uncertainty shocks. We first use a novel instrumentation strategy to address endogeneity in estimating the impact of uncertainty ...

  • Why Are the Wealthiest So Wealthy? A Longitudinal Empirical Investigation 

    Ozkan, Serdar; Hubmer, Joachim; Salgado, Sergio; Halvorsen, Elin (HOFIMAR Working Paper Series;7/2023, Working paper, 2023)
    We use Norwegian administrative panel data on wealth and income between 1993 and 2015 to study lifecycle wealth dynamics, focusing on the wealthiest households. On average, the wealthiest start their lives substantially ...

  • Asset-Price Redistribution 

    Fagereng, Andreas; Gomez, Matthieu; Gouin-Bonenfant, Emilien; Holm, Martin; Moll, Benjamin; Natvik, Gisle (HOFIMAR Working Paper Series;2/2023, Working paper, 2023)
    Over the last several decades, there has been a large increase in asset valuations across many asset classes. These rising valuations had important effects on the distribution of wealth. However, little is known regarding ...