• Asset market participation and portfolio choice over the life-cycle 

      Fagereng, Andreas; Gottlieb, Charles; Guiso, Luigi (Journal article; Peer reviewed, 2017-01-20)
      Using error‐free data on life‐cycle portfolio allocations of a large sample of Norwegian households, we document a double adjustment as households age: a rebalancing of the portfolio composition away from stocks as they ...
    • Asset market participation and portfolio choice over the life-cycle 

      Fagereng, Andreas; Gottlieb, Charles; Guiso, Luigi (Discussion papers;758, Working paper, 2013-10)
      We study the life cycle of portfolio allocation following for 15 years a large random sample of Norwegian households using error-free data on all components of households' investments drawn from the Tax Registry. Both, ...
    • Back to background risk? 

      Fagereng, Andreas; Guiso, Luigi; Pistaferri, Luigi (Discussion Papers;No. 834, Working paper, 2016-02-01)
      Estimating the effect of background risk on individual financial choices faces two challenges. Estimating the effect of background risk on individual financial choices faces two challenges. First, the identification of ...
    • Firm-Related Risk and Precautionary Saving Response. 

      Fagereng, Andreas; Guiso, Luigi; Pistaferri, Luigi (Journal article; Peer reviewed, 2017-05-05)
      We propose a new approach to identify the strength of the precautionary motive and the extent of self-insurance in response to earnings risk based on Euler equation estimates. To address endogeneity problems, we use Norwegian ...
    • Heterogeneity and Persistence in Returns to Wealth 

      Fagereng, Andreas; Guiso, Luigi; Malacrino, Davide; Pistaferri, Luigi (Discussion Papers;912, Peer reviewed; Working paper, 2019-07)
      We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population data from Norway’s administrative tax records. We document a number of novel results. First, individuals ...
    • Heterogeneity in Returns to Wealth and the Measurement of Wealth Inequality 

      Fagereng, Andreas; Guiso, Luigi; Malacrino, Davide; Pistaferri, Luigi (Journal article; Peer reviewed, 2016-05-05)
      Lacking a long time series on the assets of the very wealthy, Saez and Zucman (2015) use US tax records to obtain estimates of wealth holdings by capitalizing asset income from tax returns. They document marked upward ...
    • Portfolio choices, firm shocks, and uninsurable wage risk 

      Fagereng, Andreas; Guiso, Luigi; Pistaferri, Luigi (Journal article; Peer reviewed, 2017-04-06)
      Assessing the importance of uninsurable wage risk for individual financial choices faces two challenges. First, the identification of the marginal effect requires a measure of at least one component of risk that cannot be ...