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All HBS Web
(302)
- News (63)
- Research (200)
- Multimedia (3)
- Faculty Publications (113)
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- 2018
- Chapter
Behavioral Household Finance
By: John Beshears, James J. Choi, David Laibson and Brigitte C. Madrian
This chapter provides an overview of household finance. The first part summarizes key facts regarding household financial behavior, emphasizing empirical regularities that are inconsistent with the standard classical economic model and discussing extensions of the...
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Keywords:
Personal Finance;
Global Range;
Household;
Behavior;
Strategy;
Governing Rules, Regulations, and Reforms;
Product Design;
Welfare
Beshears, John, James J. Choi, David Laibson, and Brigitte C. Madrian. "Behavioral Household Finance." In Handbook of Behavioral Economics: Foundations and Applications 1, edited by B. Douglas Bernheim, Stefano DellaVigna, and David Laibson, 177–276. Amsterdam: Elsevier, 2018.
- Awards
NBER Household Finance Grant Award
Received an NBER Household Finance Working Group Grant from the National Bureau of Economic Research in 2016.
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- August 2023
- Article
Can Security Design Foster Household Risk-Taking?
By: Laurent Calvet, Claire Célérier, Paolo Sodini and Boris Vallée
This paper shows that securities with a non-linear payoff design can foster household risk-taking. We demonstrate this effect empirically by exploiting the introduction of capital guarantee products in Sweden from 2002 to 2007. The fast and broad adoption of these...
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Keywords:
Financial Innovation;
Household Finance;
Structured Products;
Stock Market Participation;
Finance;
Innovation and Invention;
Household;
Personal Finance;
Risk and Uncertainty;
Behavior;
Market Participation
Calvet, Laurent, Claire Célérier, Paolo Sodini, and Boris Vallée. "Can Security Design Foster Household Risk-Taking?" Journal of Finance 78, no. 4 (August 2023): 1917–1966.
- October 22, 2012
- Article
Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging
By: Marco Di Maggio, Amir Kermani, Benjamin Keys, Tomasz Piskorski, Rodney Ramcharan, Amit Seru and Vincent Yao
Exploiting variation in the timing of resets of adjustable-rate mortgages (ARMs), we find that a sizable decline in mortgage payments (up to 50%) induces a significant increase in car purchases (up to 35%). This effect is attenuated by voluntary deleveraging. Borrowers...
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Keywords:
Monetary Policy;
Household Finance;
Refinancing;
Contract Rigidities;
Debt Rigidity;
MPC;
Deleveraging;
Personal Finance;
Household;
Policy;
Borrowing and Debt;
Macroeconomics
Di Maggio, Marco, Amir Kermani, Benjamin Keys, Tomasz Piskorski, Rodney Ramcharan, Amit Seru, and Vincent Yao. "Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging." American Economic Review 107, no. 11 (November 2017): 3550–3588. (Note: this is a combined version of working papers Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging by M. Di Maggio, A. Kermani and R. Ramcharan previously Revise & Resubmit at American Economic Review and Mortgage Rates, Household Balance Sheets, and the Real Economy by B. Keys, T. Piskorski, A. Seru, and V. Yao previously Revise and Resubmit at Journal of Political Economy.)
- 2023
- Working Paper
The Effects of Cryptocurrency Wealth on Household Consumption and Investment
By: Darren Aiello, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson and Jason Kotter
This paper uses transaction-level data across millions of accounts to identify cryptocurrency investors and evaluate how fluctuations in individual crypto wealth affect household consumption, equity investment, and local real estate markets. We estimate an MPC out of...
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Keywords:
Cryptocurrency;
Marginal Propensity To Consume;
Household Balance Sheet;
Real Estate;
Etherium;
Bitcoin;
Investment;
Housing;
Spending
Aiello, Darren, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson, and Jason Kotter. "The Effects of Cryptocurrency Wealth on Household Consumption and Investment." Harvard Business School Working Paper, No. 23-077, June 2023.
- July 28, 2020
- Article
Economic Vulnerability of Households with Essential Workers
By: Grace McCormack, Christopher Avery, Ariella Kahn-Lang Spitzer and Amitabh Chandra
The label of “essential worker” reflects society’s needs but does not mean that society has compensated those workers for additional risks incurred on the job during the current pandemic. When an essential worker contracts severe acute respiratory syndrome coronavirus...
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McCormack, Grace, Christopher Avery, Ariella Kahn-Lang Spitzer, and Amitabh Chandra. "Economic Vulnerability of Households with Essential Workers." JAMA, the Journal of the American Medical Association 324, no. 4 (July 28, 2020): 388–390.
- 16 Oct 2019
- News
Amazon Under Attack, and Household Financial Stress
- Fall 2011
- Article
A Brief Postwar History of U.S. Consumer Finance
By: Gunnar Trumbull and Peter Tufano
In this brief history of U.S. consumer finance since World War II, the sector is defined based on the functions delivered by firms in the form of payments, savings and investing, borrowing, managing risk, and providing advice. Evidence of major trends in consumption,...
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Keywords:
Consumer Finance;
Consumer Credit;
U.s. History;
Consumer Behavior;
Personal Finance;
Credit;
Trends;
History;
United States
Trumbull, Gunnar, and Peter Tufano. "A Brief Postwar History of U.S. Consumer Finance." Business History Review 85, no. 3 (Fall 2011): 461–498.
- 15 May 2009
- Working Paper Summaries
Barriers to Household Risk Management: Evidence from India
- Research Summary
Overview
By: Olivia S. Kim
My research examines how firms and households make financial decisions, with a focus on the role of the family. My work evaluates how financial regulations shape credit and consumption disparities within the household and the extent to which business owners' family...
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- 15 Feb 2018
- Working Paper Summaries
Can Financial Innovation Solve Household Reluctance to Take Risk?
- September 2010 (Revised December 2010)
- Case
Santander Consumer Finance
By: J. Gunnar Trumbull, Elena Corsi and Andrew Barron
A Spanish company has to decide if they should expand into the fragmented European consumer finance market and has to make important organizational strategy decisions in the midst of the world economic downturn that followed the 2007 U.S. credit crunch. Since 2002, the...
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Keywords:
Borrowing and Debt;
Financial Markets;
International Finance;
Personal Finance;
Consolidation;
Corporate Strategy;
Expansion;
Financial Services Industry;
European Union;
Spain
Trumbull, J. Gunnar, Elena Corsi, and Andrew Barron. "Santander Consumer Finance." Harvard Business School Case 711-015, September 2010. (Revised December 2010.)
- Article
Credit Access and Social Welfare: The Rise of Consumer Lending in the United States and France
By: Gunnar Trumbull
Research into the causes of the 2008 financial crisis has drawn attention to a link between growing income inequality in the United States and high household indebtedness. Most accounts trace the U.S. idea of credit-as-welfare to the period of wage stagnation and...
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Keywords:
Household Finance;
Welfare State;
Credit;
Personal Finance;
Welfare;
Borrowing and Debt;
France;
United States
Trumbull, Gunnar. "Credit Access and Social Welfare: The Rise of Consumer Lending in the United States and France." Politics & Society 40, no. 1 (March 2012).
- November 2020
- Article
Accelerator or Brake? Cash for Clunkers, Household Liquidity, and Aggregate Demand
By: Daniel Green, Brian Melzer, Jonathan Parker and Arcenis Rojas
This paper evaluates the Car Allowance Rebate System (CARS) by comparing the vehicle purchases and disposals of households with eligible "clunkers" to those of households with similar, but ineligible, vehicles. CARS caused roughly 500,000 purchases during the program...
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Keywords:
Automobiles;
Purchasing;
Government Incentives;
Household;
Financial Liquidity;
Income;
Behavior
Green, Daniel, Brian Melzer, Jonathan Parker, and Arcenis Rojas. "Accelerator or Brake? Cash for Clunkers, Household Liquidity, and Aggregate Demand." American Economic Journal: Economic Policy 12, no. 4 (November 2020): 178–211.
- 07 Dec 2014
- News
Connecting Low-Income Households with Financial Services
- 28 Oct 2009
- Lessons from the Classroom
HBS Begins Teaching Consumer Finance
Tufano recently talked about the course and his determination to make consumer finance a broadly accepted academic pursuit. Roger Thompson: Why did you want to teach a course in consumer finance? Peter Tufano: The View Details
- 31 Aug 2020
- Working Paper Summaries
The Pass-Through of Uncertainty Shocks to Households
- July 2022
- Article
The Pass-Through of Uncertainty Shocks to Households
By: Marco Di Maggio, Amir Kermani, Rodney Ramcharan, Vincent Yao and Edison Yu
Using new employer-employee matched data, this paper investigates the impact of uncertainty, as measured by idiosyncratic stock market volatility, on individual outcomes. We find that firms provide at best partial insurance to their workers. An increase in firm-level...
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Keywords:
Employment Risk;
Consumption;
Employment;
Risk and Uncertainty;
System Shocks;
Insurance;
Household;
Spending
Di Maggio, Marco, Amir Kermani, Rodney Ramcharan, Vincent Yao, and Edison Yu. "The Pass-Through of Uncertainty Shocks to Households." Journal of Financial Economics 145, no. 1 (July 2022): 85–104. (2023 Fama-DFA Prize for the Best Paper Published in the Journal of Financial Economics in Asset Pricing, 2nd place.)
- September 2019
- Article
Household Matters: Revisiting the Returns to Capital Among Female Microentrepreneurs
By: Arielle Bernhardt, Erica Field, Rohini Pande and Natalia Rigol
Multiple field experiments report positive financial returns to capital shocks for male and not female microentrepreneurs. But these analyses overlook the fact that female entrepreneurs often reside with male entrepreneurs. Using data from experiments in India, Sri...
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Bernhardt, Arielle, Erica Field, Rohini Pande, and Natalia Rigol. "Household Matters: Revisiting the Returns to Capital Among Female Microentrepreneurs." American Economic Review: Insights 1, no. 2 (September 2019): 141–160.