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  1. Household economic decisions under the shadow of terrorism
    Author: Christelis, Dimitris; Georgarakos, Dimitris
    Published: 2009
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Edition: Version January 4, 2009
    Series: Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2008,56
    Subjects: Haushalt; Anlageverhalten; Verbraucherverhalten; Terrorismus; USA; Haushalt; Internationaler Terrorismus; Ausgaben; Geschichte 2002
    Other subjects: (stw)Privater Haushalt; (stw)Anlageverhalten; (stw)Konsumentenverhalten; (stw)Terrorismus; (stw)USA; Terrorism; Expectations; Household Finance; Demand Analysis; Arbeitspapier; Graue Literatur; Buch; Online-Publikation
    Scope: Online-Ressource
  2. Differences in portfolios across countries
    economic environment versus household characteristics
    Author: Christelis, Dimitris; Georgarakos, Dimitris; Chaliasos, Michaēl
    Published: 2010
    Publisher:  MEA, Mannheim

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: MEA discussion papers ; 204
    Subjects: Älterer Mensch; Haushalt; Kapitalanlage; Anlageverhalten; :z Geschichte 2004-2005
    Other subjects: (stw)2004-2005; (stw)Ältere Menschen; (stw)Privater Haushalt; (stw)Kapitalanlage; (stw)Anlageverhalten; (stw)Europa; (stw)USA; Online-Publikation; Graue Literatur; Buch; Arbeitspapier; Als Aufsatz endgültig erschienen
    Scope: 50 S., 30 cm
    Notes:

    Literaturangaben
  3. Monetary policy and household inequality
    Author: Ampudia, Miguel; Georgarakos, Dimitris; Slacalek, Jirka; Tristiani, Oreste; Vermeulen, Philip; Violante, Giovanni L.
    Published: [2018]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper considers how monetary policy produces heterogeneous effects on euro area households, depending on the composition of their income and on the components of their wealth. We first review the existing evidence on how monetary policy affects... more

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    This paper considers how monetary policy produces heterogeneous effects on euro area households, depending on the composition of their income and on the components of their wealth. We first review the existing evidence on how monetary policy affects income and wealth inequality. We then illustrate quantitatively how various channels of transmission - net interest rate exposure, intertemporal substitution and indirect income channels - affect individual euro area households. We find that the indirect income channel has an overwhelming importance, especially for households holding few or no liquid assets. The indirect income channel is therefore also a substantial driver of changes in consumption at the aggregate level.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289932752
    Other identifier:
    hdl: 10419/183352
    Series: Array ; no 2170 (July 2018)
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  4. Monetary policy transmission to mortgages in a negative interest rate environment
    Author: Amzallag, Adrien; Calza, Alessandro; Georgarakos, Dimitris; Sousa, João
    Published: [2019]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Do negative policy rates hinder banks' transmission of monetary policy? To answer this question, we examine the behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher ratios of... more

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    Do negative policy rates hinder banks' transmission of monetary policy? To answer this question, we examine the behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher ratios of retail overnight deposits to total assets charge more on new fixed rate mortgages. This suggests that the funding structure of banks may matter for the transmission of negative policy rates, especially for long-maturity illiquid assets. Nevertheless, the aggregate economic implications for households are small, suggesting that concerns about inefficient monetary policy transmission to households under modestly negative rates are likely overstated.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289935050
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    hdl: 10419/208277
    Series: Working paper series / European Central Bank ; no 2243 (February 2019)
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  5. Monetary policy transmission to consumer financial stress and durable consumption
    Author: Georgarakos, Dimitris; Tatsiramos, Konstantinos
    Published: May 2019
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    We examine the effects of monetary policy on household self-assessed financial stress and durable consumption using panel data from eighteen annual waves of the British Household Panel Survey. For identification, we exploit random variation in... more

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    We examine the effects of monetary policy on household self-assessed financial stress and durable consumption using panel data from eighteen annual waves of the British Household Panel Survey. For identification, we exploit random variation in household exposure to interest rates generated by the random timing of household interview dates with respect to policy rate changes. After accounting for household and month-year-of-interview fixed effects, we uncover significant heterogeneities in the way monetary policy affects household groups that differ in housing and saving status. In particular, an increase in the interest rate induces financial stress among mortgagors and renters, while it lessens financial stress of savers. We find symmetric effects on durable consumption, mainly driven by mortgagors with high debt burden or limited access to liquidity and younger renters who are prospective home buyers.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/202705
    Series: Discussion paper series / IZA ; no. 12359
    Scope: 1 Online-Ressource (circa 33 Seiten)
  6. Monetary policy transmission to consumer financial stress and durable consumption
    Author: Georgarakos, Dimitris; Tatsiramos, Konstantinos
    Published: [2019]
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We examine the effects of monetary policy on household self-assessed financial stress and durable consumption using panel data from eighteen annual waves of the British Household Panel Survey. For identification, we exploit random variation in... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We examine the effects of monetary policy on household self-assessed financial stress and durable consumption using panel data from eighteen annual waves of the British Household Panel Survey. For identification, we exploit random variation in household exposure to interest rates generated by the random timing of household interview dates with respect to policy rate changes. After accounting for household and month-year-of-interview fixed effects, we uncover significant heterogeneities in the way monetary policy affects household groups that differ in housing and saving status. In particular, an increase in the interest rate induces financial stress among mortgagors and renters, while it lessens financial stress of savers. We find symmetric effects on durable consumption, mainly driven by mortgagors with high debt burden or limited access to liquidity and younger renters who are prospective home buyers.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/201897
    Series: Array ; no. 7671 (May 2019)
    Scope: 1 Online-Ressource (circa 33 Seiten)
  7. How does consumption respond to news about inflation?
    field evidence from a randomized control trial
    Author: Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, Yuriy; Rooij, Maarten van
    Published: [2019]
    Publisher:  De Nederlandsche Bank NV, Amsterdam, the Netherlands

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 604
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    Media type: Book
    Format: Online
    Series: Working paper / De Nederlandsche Bank NV ; no. 651 (August 2019)
    Subjects: Inflationsrate; Privater Haushalt; Inflationserwartung; Privater Konsum; Niederlande
    Scope: 1 Online-Ressource (circa 65 Seiten), Illustrationen
  8. Wealth shocks and MPC heterogeneity
    Author: Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, Tullio; Pistaferri, Luigi; Rooij, Maarten van
    Published: June 2019
    Publisher:  National Bureau of Economic Research, Cambridge, MA

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 1 (25999)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper series / National Bureau of Economic Research ; 25999
    Subjects: Privater Konsum; Sparquote; Immobilienpreis; Schock; Niederlande
    Scope: 27 Seiten
    Notes:

    Erscheint auch als Online-Ausgabe
  9. How does consumption respond to news about inflation?
    field evidence from a randomized control trial
    Author: Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, Yuriy; Rooij, Maarten van
    Published: July 2019
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    We implement a survey of Dutch households in which random subsets of respondents receive information about inflation. The resulting exogenously generated variation in inflation expectations is used to assess how expectations affect subsequent monthly... more

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    We implement a survey of Dutch households in which random subsets of respondents receive information about inflation. The resulting exogenously generated variation in inflation expectations is used to assess how expectations affect subsequent monthly consumption decisions relative to those in a control group. The causal effects of elevated inflation expectations on non-durable spending are imprecisely estimated but there is a sharp negative effect on durable spending. We provide evidence that this is likely driven by the fact that Dutch households seem to become more pessimistic about their real income as well as aggregate spending when they increase their inflation expectations. There is little evidence to support the idea that the degree to which respondents change their beliefs or their spending in response to information treatments depends on their level of cognitive or financial constraints.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/207324
    Series: Discussion paper series / IZA ; no. 12498
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  10. Household debt and social interactions
    Author: Georgarakos, Dimitris; Chaliasos, Michaēl; Pasini, Giacomo
    Published: [2013]
    Publisher:  SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    Can concern with relative standing, which has been shown to influence consumption and labor supply, also increase borrowing and the likelihood of financial distress? We find that perceived peer income contributes to debt and the likelihood of... more

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    Can concern with relative standing, which has been shown to influence consumption and labor supply, also increase borrowing and the likelihood of financial distress? We find that perceived peer income contributes to debt and the likelihood of financial distress among those who consider themselves poorer than their peers. We use unique responses describing perceived peer characteristics from a Dutch population-wide survey to handle major challenges of uncovering social interaction effects on borrowing: (i) debts, unlike conspicuous consumption, are often hidden from peers, and (ii) location is missing in anonymized data. We employ several approaches to uncover exogenous, rather than correlated, effects.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/203263
    Series: SAFE working paper series ; no. 1
    Scope: 1 Online-Ressource (circa 51 Seiten)
  11. How does consumption respond to news about inflation?
    field evidence from a randomized control trial
    Author: Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, Yuriy; Rooij, Maarten van
    Published: July 2019
    Publisher:  National Bureau of Economic Research, Cambridge, MA

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 1 (26106)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper series / National Bureau of Economic Research ; 26106
    Subjects: Inflationsrate; Privater Haushalt; Inflationserwartung; Privater Konsum; Niederlande
    Scope: 60 Seiten, Illustrationen
    Notes:

    Erscheint auch als Online-Ausgabe
  12. ECB Consumer Expectations Survey
    an overview and first evaluation
    Author: Bańkowska, Katarzyna; Borlescu, Ana Maria; Charalambakis, Evangelos; Silva, António Dias da; Di Laurea, Davide; Dossche, Maarten; Georgarakos, Dimitris; Honkkila, Juha; Kennedy, Neale O.; Kenny, Geoff; Kolndrekaj, Aleksandra; Meyer, Justus; Rusinova, Desislava; Teppa, Federica; Törmälehto, Veli-Matti
    Published: [2021]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The Consumer Expectations Survey (CES) is an important new tool for analysing euro area household economic behaviour and expectations. This new survey covers a range of important topical areas including consumption and income, inflation and gross... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    The Consumer Expectations Survey (CES) is an important new tool for analysing euro area household economic behaviour and expectations. This new survey covers a range of important topical areas including consumption and income, inflation and gross domestic product (GDP) growth, the labour market, housing market activity and house prices, and consumer finance and credit access. The CES, which was launched as a pilot in January 2020, is a mixed frequency modular survey, which is conducted online. The survey structure and centralised data collection ensures the collection of harmonised quantitative and qualitative euro area information in a timely manner that facilitates direct cross-country comparisons. During the pilot phase, it was conducted for the six largest euro area countries and contained 10,000 individual respondents. In the context of the coronavirus (COVID-19) pandemic, the CES has been used to gather useful information on the impact of the crisis on the household sector and the effectiveness of policy measures to mitigate the effects of the pandemic. The CES also collects information on the public’s overall trust in the ECB, their knowledge about its objectives and the channels through which they learn about its monetary policy and other central bank-related topics. This paper describes the key features of this new ECB survey – including its statistical properties – and offers a first evaluation of the results from the pilot phase. It also identifies a number of areas where the survey can be usefully developed further. Overall, the experience with the CES has been very positive, and the pilot survey is considered to have achieved its main objectives.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289948418
    Other identifier:
    hdl: 10419/262132
    Series: Occasional paper series / European Central Bank ; no 287 (December 2021)
    Subjects: household surveys; expectations; consumer behaviour; micro data set,euro area
    Scope: 1 Online-Ressource (137 Seiten), Illustrationen
  13. Portfolio inertia and stock market fluctuations
    Author: Bilias, Yannis; Georgarakos, Dimitris; Haliassos, Michalis
    Published: 2009
    Publisher:  Centre for Economic Policy Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 32 (7239)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Array ; 7239
    Subjects: Privater Haushalt; Bildungsniveau; Einkommen; Kapitalanlage; Portfolio-Management; Aktienmarkt; USA
    Scope: 36 S., graph. Darst.
  14. Immigrant self-employment
    does intermarriage matter?
    Author: Georgarakos, Dimitris; Tatsiramos, Konstantinos
    Published: 2009
    Publisher:  Forschungsinst. zur Zukunft der Arbeit, Bonn

    This paper investigates the effect of a native spouse on the transitions into and out of entrepreneurship of male immigrants in the U.S. We find that those married to a native are less likely to start up a business compared to those married to an... more

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    This paper investigates the effect of a native spouse on the transitions into and out of entrepreneurship of male immigrants in the U.S. We find that those married to a native are less likely to start up a business compared to those married to an immigrant. This finding is robust when the endogeneity of being married to a native is taken into account. We also show that immigrants married to a native are significantly less likely to exit from entrepreneurship compared to their counterparts who are married to an immigrant. Our results point to an interesting asymmetric role of being intermarried in deciding to become an entrepreneur and for survival in entrepreneurship, which is consistent with a network effect. On the one hand, intermarriage reduces the chance of starting up a business possibly because better access to local networks can help transitions into other forms of employment (e.g. paid employment). On the other hand, superior access to local networks through marriage to a native spouse facilitates business survival. -- Business ownership ; migration ; native spouse ; social networks

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/36233
    Series: Discussion paper series / Forschungsinstitut zur Zukunft der Arbeit ; 4350
    Subjects: Migranten; Selbstständige; Ehe; Interkulturelle Beziehungen; Soziales Netzwerk; USA
    Scope: Online-Ressource (24 S.)
  15. Household economic decisions under the shadow of terrorism
    Author: Christelis, Dimitris; Georgarakos, Dimitris
    Published: 04 Jan. 2009
    Publisher:  Center for Financial Studies, Frankfurt, Main

    We investigate, using the 2002 US Health and Retirement Study, the factors influencing individuals' insecurity and expectations about terrorism, and study the effects these last have on households' portfolio choices and spending patterns. We find... more

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    We investigate, using the 2002 US Health and Retirement Study, the factors influencing individuals' insecurity and expectations about terrorism, and study the effects these last have on households' portfolio choices and spending patterns. We find that females, the religiously devout, those equipped with a better memory, the less educated, and those living close to where the events of September 2001 took place worry a lot about their safety. In addition, fear of terrorism discourages households from investing in stocks, mostly through the high levels of insecurity felt by females. Insecurity due to terrorism also makes single men less likely to own a business. Finally, we find evidence of expenditure shifting away from recreational activities that can potentially leave one exposed to a terrorist attack and towards goods that might help one cope with the consequences of terrorism materially (increased use of car and spending on the house) or psychologically (spending on personal care products by females in couples). -- Terrorism ; Expectations ; Household Finance ; Demand Analysis

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/43262
    Series: CFS working paper ; 2008,56
    Subjects: Privater Haushalt; Anlageverhalten; Konsumentenverhalten; Terrorismus; USA
    Scope: Online-Ressource (37 S.)
  16. Stockholding
    from participation to location and to participation spillovers
    Author: Christelis, Dimitris; Georgarakos, Dimitris; Chaliasos, Michaēl
    Published: Mar. 2009
    Publisher:  Center for Financial Studies, Frankfurt, Main

    This paper provides a joint analysis of household stockholding participation, stock location among stockholding modes, and participation spillovers, using data from the US Survey of Consumer Finances. Our multivariate choice model matches observed... more

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    This paper provides a joint analysis of household stockholding participation, stock location among stockholding modes, and participation spillovers, using data from the US Survey of Consumer Finances. Our multivariate choice model matches observed participation rates, conditional and unconditional, and asset location patterns. Financial education and sophistication strongly affect direct stockholding and mutual fund participation, while social interactions affect stockholding through retirement accounts only. Household characteristics influence stockholding through retirement accounts conditional on owning retirement accounts, unlike what happens with stockholding through mutual funds. Although stockholding is more common among retirement account owners, this fact is mainly due to their characteristics that led them to buy retirement accounts in the first place rather than to any informational advantages gained through retirement account ownership itself. Finally, our results suggest that, taking stockholding as given, stock location is not arbitrary but crucially depends on investor characteristics. -- Stockholding ; Asset Location ; Retirement Accounts ; Household Finance ; Multivariate Probit ; Simulated Maximum Likelihood

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/43227
    Series: CFS working paper ; 2009,02
    Subjects: Privater Haushalt; Anlageverhalten; Aktionäre; Private Altersvorsorge; USA
    Scope: Online-Ressource (50 S.), graph. Darst.
  17. Mortgage indebtedness and household financial distress
    Author: Georgarakos, Dimitris; Lojschova, Adriana; Ward-Warmedinger, Melanie
    Published: 2009
    Publisher:  IZA, Bonn

    Using comparable survey data from twelve European countries we investigate households' attitudes towards mortgage indebtedness. We find that a given debt burden creates much higher distress in Southern countries, France and Belgium, where fewer... more

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    Using comparable survey data from twelve European countries we investigate households' attitudes towards mortgage indebtedness. We find that a given debt burden creates much higher distress in Southern countries, France and Belgium, where fewer households have a mortgage outstanding relative to countries where a sizeable part of the population uses mortgage debt, like the UK, the Netherlands, and Denmark. This is the case after taking into account ppp-adjusted income levels, a rich set of socioeconomic characteristics, housing traits, country-specific constant terms, and household unobserved heterogeneity. We attribute part of this asymmetry to cross-country differences in the expansion of credit markets, which facilitate differential access to liquidity. Household's reported distress is also affected by excess indebtedness relative to the debt load of reference households, and crucially so in countries with less expanded mortgage markets. Thus it appears that households evaluate their own debt burden partly in comparison with the debt position of their peer group and in a way consistent with social stigma considerations which lessen in significance as markets expand. Households' assessment of a debt burden therefore tends to diminish in more expanded credit markets and this process can be reinforced by reference to other households in a growing pool of debt holders. -- Mortgage debt ; credit markets ; financial distress ; household finance ; peer effects

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/36368
    Series: Discussion paper series / Forschungsinstitut zur Zukunft der Arbeit ; 4631
    Subjects: Hypothek; Private Verschuldung; Liquiditätsbeschränkung; Soziale Beziehungen; Kreditmarkt; Marktliquidität; Europa
    Scope: Online-Ressource (53 S.)
  18. Investing at home and abroad
    different costs, different people
    Author: Christelis, Dimitris; Georgarakos, Dimitris
    Published: 2009
    Publisher:  Center for Financial Studies, Frankfurt, Main

    We investigate US households' direct investment in stocks, bonds and liquid accounts and their foreign counterparts, in order to identify the different participation hurdles affecting asset investment domestically and overseas. To this end, we... more

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    We investigate US households' direct investment in stocks, bonds and liquid accounts and their foreign counterparts, in order to identify the different participation hurdles affecting asset investment domestically and overseas. To this end, we estimate a trivariate probit model with three further selection equations that allows correlations among unobservables of all possible asset choices. Our results point to the existence of a second hurdle that stock owners need to overcome in order to invest in foreign stocks. Among stockholders, we show that economic resources, willingness to assume greater financial risks, shopping around for the best investment opportunities all increase the probability to invest in foreign stocks. Furthermore, we find that households who seek financial advice from relatives, friends and work contacts are less likely to invest in foreign stocks. This result corroborates the conjecture by Hong et al. (2004) that social interactions should discourage investment in foreign stocks, given their limited popularity. On the other hand, we find little evidence for additional pecuniary or informational costs associated with investment in foreign bonds and liquid accounts. Finally, we show that ignoring correlations of unobservables across different asset choices can lead to very misleading results. -- Foreign Assets ; Household Finance ; Stockholding ; Multivariate Probit ; Simulated Maximum Likelihood ; Selection

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/43267
    Series: CFS working paper ; 2009,28
    Subjects: Kapitalanlage; Portfolio-Investition; Privater Haushalt; Anlageverhalten; Schätzung; USA
    Scope: Online-Ressource (55 S.), graph. Darst.
  19. Trust, sociability and stock market participation
    Author: Georgarakos, Dimitris; Pasini, Giacomo
    Published: 2009
    Publisher:  Center for Financial Studies, Frankfurt, Main

    We investigate the effects of both trust and sociability for stock market participation, the role of which has been examined separately by existing finance literature. We use internationally comparable household data from the Survey of Health, Ageing... more

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    DS 108 (2009,29)
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    We investigate the effects of both trust and sociability for stock market participation, the role of which has been examined separately by existing finance literature. We use internationally comparable household data from the Survey of Health, Ageing and Retirement in Europe supplemented with regional information on generalized trust from the World Value Survey and on specific trust to financial institutions from Eurobarometer. We show that trust and sociability have distinct and sizeable positive effects on stock market participation and that sociability is likely to partly balance the discouragement effect on stockholding induced by low generalized trust in the region of residence. We also show that specific trust in advice given by financial institutions represents a prominent factor for stock investing, compared to other tangible features of the banking environment. Probing further into various groups of households, we find that sociability can induce stockholding among the less well off in Sweden, Denmark, and Switzerland where stock market participation is widespread. On the other hand, the effect of generalized trust is strong in countries with limited participation and low average trust like Austria, Spain, and Italy, offering an explanation for the remarkably low participation rates of the wealthy living therein. -- Trust ; Sociability ; Household Finance ; Stockholding

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/43235
    Series: CFS working paper ; 2009,29
    Subjects: Anlageverhalten; Kapitalanlage; Aktie; Soziale Beziehungen; Vertrauen; Anlageberatung; Schätzung; Europa
    Scope: Online-Ressource (45 S.), graph. Darst.
  20. Mortgage indebtedness and household financial distress
    Author: Georgarakos, Dimitris; Lojschova, Adriana; Ward-Warmedinger, Melanie
    Published: 2010
    Publisher:  European Central Bank, Frankfurt am Main

    Using comparable survey data from twelve European countries from 1994 to 2001 we investigate households’ attitudes towards mortgage indebtedness. We find that a given debt burden creates much higher distress in countries with fewer mortgage holders... more

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    Staats- und Universitätsbibliothek Bremen
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 534 (1156)
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    Using comparable survey data from twelve European countries from 1994 to 2001 we investigate households’ attitudes towards mortgage indebtedness. We find that a given debt burden creates much higher distress in countries with fewer mortgage holders relative to countries where a significant part of households uses mortgage debt. This effect is net of ppp-adjusted income levels, various socioeconomic characteristics, housing traits, country-specific constant terms, and household unobserved heterogeneity. We show that households evaluate their own debt burden partly in comparison with the debt position of their peer group and in a way consistent with social stigma considerations which lessen in significance as markets expand. - Mortgage debt ; credit markets ; financial distress ; household finance ; peer effects

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/153590
    Series: Working paper series / European Central Bank ; 1156
    Subjects: Hypothek; Private Verschuldung; Liquiditätsbeschränkung; Soziale Beziehungen; Kreditmarkt; Marktliquidität; Europa
    Scope: Online-Ressource, (57 S., 1,13 MB)
  21. Differences in portfolios across countries
    economic environment versus household characteristics
    Author: Christelis, Dimitris; Georgarakos, Dimitris; Chaliasos, Michaēl
    Published: 2010
    Publisher:  MEA, Mannheim

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 1463 (204)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: MEA discussion papers ; 204-2010
    Subjects: Ältere Menschen; Privater Haushalt; Kapitalanlage; Anlageverhalten; Europa; USA
    Scope: 50 S.
  22. Economic policy uncertainty and stock market participation
    Author: Gábor-Tóth, Enikő; Georgarakos, Dimitris
    Published: [2018]
    Publisher:  Center for Financial Studies, Goethe University, Frankfurt am Main, Germany

    Does economic policy uncertainty affect household stockholding? To answer this question we create a novel measure of household exposure to economic policy uncertainty news by combining survey information on the hours a household spends in reading... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 108 (590)
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    Does economic policy uncertainty affect household stockholding? To answer this question we create a novel measure of household exposure to economic policy uncertainty news by combining survey information on the hours a household spends in reading newspapers and the frequency of such news in the popular press during a household's pre-interview period. After controlling for household fixed effects, month-year fixed effects and time-varying cognitive skills, we find that households with a higher exposure to economic policy uncertainty news are less likely to invest in stocks held directly or through mutual funds. This effect is independent from the market volatility index and household (first-moment) expectations about the stock market index.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/176703
    Edition: This version: 21 February 2018
    Series: CFS working paper series ; no. 590
    CFS Working Paper ; No. 590
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  23. Wealth shocks and portfolio choice
    Author: Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, Tullio; Kenny, Geoff
    Published: September 2022
    Publisher:  CSEF, Centre for Studies in Economics and Finance, Department of Economics, University of Naples, Naples, Italy

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 660
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / CSEF, Centre for Studies in Economics and Finance ; no. 652
    Subjects: Household finance; Stock market participation; Risk aversion; Consumer Expectations Survey
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  24. Trust in the central bank and inflation expectation
    Author: Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, Tullio; Rooij, Maarten van
    Published: [2020]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Using micro data from the 2015 Dutch CentERpanel, we examine whether trust in the European Central Bank (ECB) influences individuals' expectations and uncertainty about future inflation, and whether it anchors inflation expectations. We find that... more

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    Resolving-System (kostenfrei)

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    DS 534
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    Using micro data from the 2015 Dutch CentERpanel, we examine whether trust in the European Central Bank (ECB) influences individuals' expectations and uncertainty about future inflation, and whether it anchors inflation expectations. We find that higher trust in the ECB lowers inflation expectations on average, and significantly reduces uncertainty about future inflation. Moreover, results from quantile regressions suggest that trusting the ECB increases (lowers) inflation expectations when the latter are below (above) the ECB's inflation target. These findings hold after controlling for people's knowledge about the objectives of the ECB.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289940184
    Other identifier:
    hdl: 10419/228989
    Series: Working paper series / European Central Bank ; no 2375 (February 2020)
    Subjects: Inflationserwartung; Risiko; Verbrauchereinstellung; Geldpolitik; Vertrauen; Zentralbank; EU-Staaten
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  25. DP17784 Credibility gains from communicating with the public
    evidence from the ECB's new monetary policy strategy
    Author: Ehrmann, Michael; Georgarakos, Dimitris; Kenny, Geoff
    Published: 05 January 2023
    Publisher:  Centre for Economic Policy Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    LZ 161
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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17784
    Subjects: monetary policy; central bank communication; credibility; inflation expectations,financial literacy; randomised control trial; Consumer Expectations Survey
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen