Doctoral School in Finance and Economics
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1 Doctoral School in Finance and Economics Course ID Household Finance with Special Focus in Labor Market, Inequality and Migration 1. Course details Semester: 2 Credit rating: 2 ECTS Teaching units 30 Pre-requisite(s): Lecturer(s): Administrator: Dr. Jian Li Roswitha Glorieux Tutor(s): Seminar times and rooms: Tutorial times and rooms: None Communications It is important that students should regularly read their University e- mails, as important information will be communicated this way. Mode of TBD assessment: Examination Periods: Course WebPage: Moodle.uni.lu
2 2. Aims and objectives Aims This course (or seminar) presents topics in the modern and rapidly growing area of Household Finance, on the interface between Macroeconomics and Finance, and with special focus of its interactions with the research fields related with Labor Market, Inequality and Migration. This is not only an active area of frontier academic research, but also interesting and useful to people working in the financial and policy sector, including international institutions, central banks, commercial banks, insurance companies, etc. The broad overall theme of the topics presented is household financial behavior, namely analysis of household demand for assets and for loans. Gone are the days when household portfolios consisted of a bank account and a home for the vast majority of households. Households now build much more elaborate portfolios, not least in order to supplement the limited pension given by the social security system; and they are willing to undertake a lot more risk than before, sometimes with detrimental consequences, including financial crises. Understanding what determines household asset and debt choices and behavior is of paramount importance for academics and practitioners alike, and has been made much easier by the recent introduction of a number of data sources. Recently, a lot of interaction between household finance and other research fields has been taken place, especially in the research fields related with labor market, inequality and migration. Three most pressing questions are raised constantly in the corresponding research, such as, 1) What is the relationship between labor income risk and household risk-taking? 2) What is the contribution of asset return heterogeneity to the observed enlarged wealth inequality in the past several decades? 3) For migrants from developing countries to developed countries, would they access and process better financial knowledge compared with their peers in the home country? There exist lots of open research questions to ask. This course (or seminar) should appeal to a wide range of students, from those interested in understanding household preferences regarding financial products that can be of use in financial sector jobs, to those who are more academically oriented and who want to study the interaction of intertemporal portfolio selection with their research focus in labor market, inequality and migration. Learning Objectives On completion of this course unit successful students will be able to: 3. Plan of semester CL BCE May 02 2 hours 09:00-11:00 Class May 09 2 hours 09:00-11:00 Class May 11 2 hours 09:00-11:00 Class May 16 2 hours 09:00-11:00 Class May 18 2 hours 09:00-11:00 Class ^ Seminar Presentation May 25 2 hours 09:00-11:00 Class ^ Seminar Presentation 4. Course details (by topics) 1) What is the relationship between labor income risk and household risk-taking?
3 2) What is the contribution of asset return heterogeneity to the observed enlarged wealth inequality in the past several decades? 3) For migrants from developing countries to developed countries, would they access and process better financial knowledge compared with their peers in the home country? 5. Reference list/ Bibliography 1. Literature Review: Household Finance Haliassos, Michael, Stockholding: Recent Lessons from Theory and Computations in Guiso, Luigi, Michael Haliassos, and Tullio Jappelli (Eds.), StockholdingPalgrave Macmillan, **Campbell, John Y. (2006). Household Finance, Journal of Finance, 61, *Guiso, Luigi and Sodini, Paolo (2012). Household Finance: an Emerging Field,Handbook of the Economics of Finance, edited by Constandinides, G., M. Harris and R. Stulz, Elsevier. 2. Labor Market Focus: The Role of Labor Income Risk and Household portfolio changes over the life cycle Ameriks, J. and S. Zeldes, How Do Household Portfolios Vary with Age?,mimeo, Columbia University. Gollier, Christian, What Does Theory have to Say about Household Portfolios? in Guiso, Luigi, Michael Haliassos, and Tullio Jappelli (Eds.), Household Portfolios, Cambridge, MA: MIT Press, Cocco, J., Gomes, F., Maenhout, P Consumption and portfolio choice over the life-cycle, Review of Financial Studies, 18, Jagannathan, Ravi and Narayana Kocherlakota, Why Should Older People Invest Less in Stocks than Younger People?, Federal Reserve Bank of Minneapolis Quarterly Review, 20(3), Gomes, F., and A. Michaelides (2005). Optimal Life-Cycle Asset Allocation: Understanding the Empirical Evidence,Journal of Finance, LX, Fagereng, A., C. Gottlieb, and L. Guiso (2016). Asset Market Participation and Portfolio Choice over the Life-Cycle, Journal of Finance. Hubar, S., C. Koulovatianos, and J. Li (2017) The Role of Labor-Income Risk in Household Risk-Taking, Working Paper. 3. Wealth Inequality Focus: What are the main changes in household asset and debt holdings over the fiscal crisis and what are possible factors explaining international differences in wealth holdings? **Christelis, Dimitris, Dimitris Georgarakos, and Michael Haliassos, Differences in Portfolios Across Countries: Economic Environment versus Household Characteristics,Review of Economics and Statistics, 95(1), March 2013, pp The Eurosystem Household Finance and Consumption Survey: Results from the Second Wave, ECB Statistics Paper No. 18, December (Available from: cd8d3db4b77e8891ahttps://
4 f?d a25c444cd8d3db4b77e8891a). Guiso, L., M. Haliassos and T. Jappelli, Introduction in Household Portfolios. Guiso, L., M. Haliassos and T. Jappelli, Stockholding in Europe: Where Do We Stand and Where Do We Go?,Economic Policy, April 2003, Badarinza, C., J.Y.Campbell, and T. Ramadorai (2016). International Comparative Household Finance, Annual Review of Economics, vol Wealth Inequality Focus: In what sense is running a private business a way to get ahead of your peers? Dynan, K., J. Skinner, and S. Zeldes, Do the Rich Save More?,Journal of Political Economy, vol. 112, pp Carroll, Chris, Portfolios of the Rich,in Household Portfolios. **Nikolai Roussanov (2010). Diversification and its Discontents: Idiosyncratic and Entrepreneurial Risk in the Quest for Social Status,Journal of Finance. Wachter, Jessica A. and Motohiro Yogo (2010). Why Do Household Portfolio Shares Rise in Wealth?,Review of Financial Studies, 23(11): Heaton, John and Deborah Lucas, Portfolio Choice and Asset Prices: The Importance of Entrepreneurial Risk,Journal of Finance, 55, Wealth Inequality Focus: Is financial literacy important for wealth accumulation and inequality? **Lusardi, A. and O.S. Mitchell (2014). The Economic Importance of Financial Literacy: Theory and Evidence,Journal of Economic Literature, 52(1), Lusardi, A., P-C. Michaud, O.S. Mitchell (2017). Optimal Financial Knowledge and Wealth Inequality,Journal of Political Economy, 125(2), Calvet LE, Campbell JY, Sodini P. (2009). Measuring the financial sophistication of households,american Economic Review, 99(2): Calvet, Laurent, John Y. Campbell, and Paolo Sodini (2007). Down or Out: Assessing the Welfare Costs of Household Investment Mistakes,Journal of Political Economy, 115, pp Lusardi, Annamaria and Olivia S. Mitchell (2007). Baby Boomer Retirement Security: The roles of planning, financial literacy, and housing wealth, Journal of Monetary Economics, 54, Rooij, M. van, A. Lusardi and R. Alessie (2011), Financial literacy and stock market participation,journal of Financial Economics, 101(2), pp
5 Choi J, Laibson D, Madrian B. (2011). $100 bills on the sidewalk: suboptimal investment in 401(k) plans,review of Economics and Statistics 93(3): Rooij, M. van, Lusardi A, Alessie R. (2012). Financial literacy, retirement planning, and wealth accumulation, Economic Journal, 122(5): Migration Focus on Migrants Financial Wellbeing: Are financial education programs for households likely to be effective? **Hastings, Justine, Brigitte Madrian, and William Skimmyhorn (2012). Financial Literacy, Financial Education, and Economic Outcomes,NBER Working Paper Lusardi, A. and O.S. Mitchell (2014). The Economic Importance of Financial Literacy: Theory and Evidence, Jo^^^inal o;f Eco~no~^-ic 52(1), Lusardi, Annamaria and Olivia Mitchell (2007). Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education,Business Economics, vol. 42(1) pp (Available from alusardi/papers/financial Literacy.pdf) Lusardi, Annamaria and Olivia Mitchell (2008). "Planning and Financial Literacy: How Do Women Fare?", American Economic Review, 98(2), pp Willis LE. (2011). The financial education fallacy, American Economic Review Papers and Proceedings, 101(3): Beshears J, Choi J, Laibson D, Madrian BC (2008). The importance of default options for retirement saving outcomes: evidence from the United States. In Lessons from Pension Reform in the Americas, ed. S. Kay, T. Sinha. pp Oxford: Oxford University Press. 7. Migration Focus on Peer Effects: How can peers influence household financial behavior? Hong, H., J. Kubik and J. Stein (2004). Social Interaction and Stock-Market Participation, Journal offinance, 59, **Duflo, Esther, and Emmanuel Saez (2002). "Participation and Investment Decisions in a Retirement Plan: the Influence of Colleagues' choices", Journal ofpublic Economics, 85, Kuhn, P., Kooreman, P., A. Soetevent, and Kapteyn, A. (2011). The Effects of Lottery Prizes on Winners and Their Neighbors: Evidence from the Dutch Postcode Lottery, American Economic Review, 101, Georgarakos, Dimitris, Michael Haliassos, and Giacomo Pasini (2014). Household Debt and Social Interactions, Review of Financial Studies, 27(5),, pp Kaustia, M. and S. Knupfer (2012). Peer Performance and Stock Market Entry, Journal of Financial Economics,
6 104(2), Further information about assessment Examination(s) TBD Weighting: 50% attendance 50% presentation Date: Length: Structure: Pass/Fail Pass/Fail
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