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The 8th Berlin IO Day

The Berlin IO Day is a one-day workshop sponsored by the Berlin Centre for Consumer Policies (BCCP) and supported by the Berlin's leading academic institutions, including DIW Berlin, ESMT Berlin, Freie Universität Berlin, Humboldt-Universität zu Berlin, Technische Universität Berlin, and WZB which takes place twice a year, in the Fall and in the Spring. The aim is to create an...

School, Parents, and Financial Literacy Shape Future Financial Behavior

Why do some people make better financial decisions than others do? The level of financial literacy plays an important role: Quality schooling that also deals with financial issues likewise leads to better financial decisions. However, many studies neglect how parenting also influences financial behavior. This report shows that parents also have an indirect effect on the financial literacy of their ...

Many People Have Inadequate Understanding of Basic Financial Concepts: Seven Questions to Antonia Grohmann

Asymmetric Perceptions of the Economy: Media, Firms, Consumers, and Experts

This article sheds light on the interaction of media, economic actors, and economic experts. Based on a unique data set of 86,000 news items rated by professional analysts of Media Tenor International and survey data, we first analyze the overall tone of the media, consumers’, firms’, and economic experts’ opinions on the state and outlook of the economy. Second, we assess the protagonist’s ability ...

Intertemporal and Intratemporal Household Consumption Allocation: Empirical Analysis and Policy Reform Simulation Based on German Microdata ; Dissertation

Diese Dissertation beschäftigt sich mit verschiedenen Fragestellungen, die den Konsum privater Haushalte betreffen. In drei Kapiteln wird sowohl der intertemporale Konsum, als auch die Nachfrage nach bestimmten Gütern empirisch mit Mikrodaten, die Einnahmen und Ausgaben der deutschen Privathaushalte enthalten, analysiert. Die verwendeten Modelle und die Schätzergebnisse sind sowohl für mikro- als auch ...

The Transmission of Oil and Food Prices to Consumer Prices: Evidence for the MENA Countries

This paper investigates the effects of global oil and food price shocks to consumer prices in Middle East-North African (MENA) countries using threshold cointegration methods. Oil and food price shocks increase domestic prices in the long run, whereby the impact of food prices dominates. While global prices are weakly exogenous, consumer prices respond to deviations from the equilibrium relationship. ...

Financial Literacy and Financial Behavior: Evidence from the Emerging Asian Middle Class

This paper analyses financial literacy and financial behavior of middle class people living in an urban Asian economy. Other than most papers on financial literacy that focus on people in developed countries, we surveyed people living Bangkok. Using standard financial literacy questions, we find that financial literacy levels are largely comparable to industrialized countries, but understanding of ...

Does Financial Education Impact Financial Literacy and Financial Behavior, and if So, When?

In a meta-analysis of 126 impact evaluation studies, we find that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: Financial education is less effective for lowincome clients as well as in low and lower-middle ...

Car Ownership and Hedonic Adaptation

Using panel data from the UK, we study the long-term effect of purchase decisions of automobiles on individuals’ happiness. We find a significant and sizable decrease in individual happiness in the years after a car purchase. We develop a model of hedonic adaptation that can explain these results. Applying the model to the data indicates a strong degree of habit persistence of around 80%, and that ...

Improving the quality of care for the elderly is of high relevance for all age groups: six questions for Marco Giesselmann

Mr. Giesselmann, you studied how eligible voters in Germany judge the importance of various policy goals in 2013 and again at the beginning of this year. Which policy goals appeared in your survey? We asked questions about direct economic aspects, including per capita income as well as indicators of income and wealth. Secondly, we asked about social aspects such as the employment rate, education rate, ...