| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20684 |
| 来源ID | Working Paper 20684 |
| Household Finance over the Life-Cycle: What does Education Contribute? | |
| Russell Cooper; Guozhong Zhu | |
| 发表日期 | 2014-11-17 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper studies household financial choices: why are these decisions dependent on the education level of the household? A life-cycle model is constructed to understand a rich set of facts about decisions of households with different levels of educational attainment regarding stock market participation, the stock share in wealth, the stock adjustment rate and the wealth-income ratio. Model parameters, including preferences, the cost of stock market participation and portfolio adjustment costs, are estimated to match the financial decisions of different education groups. Based on the estimated model, education affects household finance mainly through increased average income. The estimation also finds evidence that higher educational attainment is associated with a lower stock market entry cost and a larger discount factor. Education specific differences in income risks, medical expenses, mortality risks and the life-cycle pattern of income explain relatively little of the observed differences in household financial choices. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w20684 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578358 |
| 推荐引用方式 GB/T 7714 | Russell Cooper,Guozhong Zhu. Household Finance over the Life-Cycle: What does Education Contribute?. 2014. |
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