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Faculty and research

Centre for Household Finance and Macroeconomic Research (HOFIMAR)

We promote research on households’ financial behavior and macroeconomics, with particular attention to the interplay between the two.

Wealth accumulation, wealth returns, and wealth inequality

We contribute to the ongoing debates on wealth inequality, its consequences, and its underlying drivers.

  1. How do saving rates vary with households’ wealth?
  2. What are the welfare consequences of rising asset prices?
  3. What drives variation in financial returns across households with different wealth levels?

Macroeconomic shocks, policies and households

We study how households respond to macroeconomic impulses.

  1. How do interest rate changes affect households’ debt-to-income ratios?
  2. How do households’ income, consumption and saving respond to oil price changes?
  3. How do borrowing restrictions affect households?
  4. How have firms’ strategies to set consumer prices evolved over time under very different inflation rates and big shocks such as COVID, and what has this implied for the purchasing power of different households?
  5. How does the nature of mortgage debt contracts shape the effects of interest rate changes and inflation across households?

Households’ financial decisions

We study different dimensions of households’ financial decisions.

  1.  How does consumption and saving behavior over the life cycle vary across demographic groups?
  2. How does parental wealth affect adult children’s saving?
  3. How does housing and saving behavior vary across family types?
  4. How does portfolio choice vary by gender?
  5. How important is liquidity for entrepreneurship?