Browsing Centre for Household Finance and Macroeconomic Research (HOFIMAR) by Issue Date

Now showing items 1-13 of 13

    • 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 ...

    • Down-payment requirements: Implications for portfolio choice and consumption 

      Balke, Kasper Kragh; Karlman, Markus; Kinnerud, Karin (HOFIMAR Working Paper Series;3/2024, Working paper, 2024-05)
      This paper considers optimal taxation of housing capital. To this end, we employ a life-cycle model calibrated to the U.S. economy, where asset holdings and labor productivity vary across households, and tax reforms lead ...

    • Saving after Retirement and Preferences for Residual Wealth 

      Fella, Giulio; Holm, Martin B.; Pugh, Thomas M. (HOFIMAR Working Paper Series;1/2024, Working paper, 2024-05)
      We use administrative data for Norway to estimate an incomplete-market life-cycle model of retired singles and couples with a bequest motive, health-dependent utility, and uncertain longevity and health. We allow the ...

    • Joint Search over the Life Cycle 

      Bacher, Annika; Grübener, Philipp; Nord, Lukas (HOFIMAR Working Paper Series;5, Working paper, 2024-05-09)
      This paper provides novel evidence that the added worker effect – labor force entry upon spousal job loss – is substantially stronger for young than old households. Using a life cycle model of two-member households in a ...

    • Winners and Losers from Property Taxation 

      Balke, Kasper Kragh; Karlman, Markus; Kinnerud, Karin (HOFIMAR Working Paper Series;4/2024, Working paper, 2024-06-21)
      This paper studies how down-payment requirements for house purchases affect households’ saving and housing decisions, and the implications for macroeconomic policy. Using a quantitative model, we find that households not ...

    • Estimating the Elasticity of Intertemporal Substitution using Dividend Tax News Shocks 

      Holm, Martin B.; Jamilov, Rustam; Jasinski, Marek; Nenov, Plamen (HOFIMAR Working Paper Series;2/2024, Working paper, 2024-07)
      This paper studies the spending response to news about a dividend tax reform to estimate the elasticity of intertemporal substitution (EIS). The Norwegian dividend tax reform was proposed in 2003, announced in 2004, and ...

    • The housing channel of intergenerational wealth persistence 

      Getz Wold, Ella; Aastveit, Knut Are; Eylands Brandsaas, Eirik; Enger Juelsrud, Ragnar; James Natvik, Gisle (HOFIMAR Working Paper Series;6/2024, Working paper, 2024-09)
      We use Norwegian micro data and a life-cycle model with housing to study how wealth transmits across generations through the housing market. A mediation analysis reveals large housing gaps based on parental wealth. A ...