文章基本信息

标题：Macroeconomic experiences and risk taking of euro area households
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作者：Miguel Ampudia ; Michael Ehrmann
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：This paper studies to what extent the experiences of households shape their willingness to takefinancial risks. It follows the methodology of Malmendier and Nagel (2011) and applies it to a noveldata set on household finances covering euro area households. We show that experienced stockmarket returns matter in a statistically significant and economically substantial fashion: betterexperiences increase the financial risk households are willing to take as well as stock marketparticipation along the intensive and the extensive margin. We find that more distant experiencesreceive a somewhat lower (but still substantial) weight than the corresponding findings suggest forthe United States. Furthermore, there are additional effects stemming from the experience of extremestock market downturns. Households in countries that witnessed a particularly severe 2008 stockmarket crash give substantially more weight to the most recent experience, suggesting that in thesecountries an even more pronounced underinvestment in the stock market should be expected in theyears to come. The evidence highlights the relevance of personal experiences for household behavior
关键词：risk‐taking behavior; household finance; learning; portfolio choice; rare disasters