
Dimitris ChristelisUniversity of Glasgow | UofG · Adam Smith Business School
Dimitris Christelis
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32
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Publications (32)
We measure wealth effects on consumption using a novel research design: responses to direct survey questions asking how much a household would change consumption in response to unexpected (positive and negative) shocks to own home value. The average wealth effect is in the 2-5% range, in line with econometric estimates that associate changes in hou...
Using harmonized data from 20 European countries, we examine the causal effect of being socially active on old age cognition. To address the endogeneity of social participation, we employ nonparametric partial identification methods that bound the average treatment effect for the population under fairly plausible, and thus credible, assumptions. We...
Using life-history survey data from 11 European countries, we investigate whether childhood conditions - such as socioeconomic status, cognitive abilities and health problems - influence portfolio choice, including homeownership, and risk attitudes later in life. After accounting for the corresponding conditions in adulthood, we find that both high...
Using survey data from a representative sample of Dutch households, we estimate the strength of precautionary saving by eliciting subjective expectations on future consumption. Expected consumption risk is positively correlated with self-employment and income risk, and negatively with age. We insert these subjective expectations (rather than consum...
Using micro data from the 2015 Dutch CentERpanel, we examine whether trust in the European Central Bank (ECB) influences individuals’ expectations and uncertainty about future inflation, and whether it anchors inflation expectations. We find that higher trust in the ECB lowers inflation expectations on average, and significantly reduces uncertainty...
We use the responses of a representative sample of Dutch households to survey questions that ask how much their consumption would change in response to unexpected, transitory income shocks (positive or negative). The questionnaire also distinguishes between relatively small income changes (a one-month increase or drop in income), and relatively lar...
Economic theory predicts that a reduction in background risk should induce financial risk-taking, particularly for individuals with low stock market participation costs. Hence, health insurance coverage could affect financial risk-taking by offsetting health-related background risk. We use a regression discontinuity design to examine whether Medica...
We investigate, using the 2002 US Health and Retirement Study, individuals’ insecurity and expectations about terrorism, and their effects on household financial decisions. We find that those without any military experience, the less educated, the more religious and females worry a lot about their safety. In addition, fear of terrorism discourages...
We use cross-country micro-data and counterfactual methods to document international differences in ownership and holdings of stocks, private businesses, homes, and mortgages among older households in thirteen countries. We decompose these differences into two parts,related to population characteristics and economic environments. Shortly prior to t...
We investigate US households’ direct investment in stocks, bonds and liquid accounts and their foreign counterparts, in order to identify the different participation hurdles affecting asset investment domestically and overseas. To this end, we estimate a trivariate probit model with three further selection equations that allows correlations among u...
Using micro data from thirteen European countries, we investigate the impact of exercising on cognition in older age. Cognitive abilities are measured through scores on numeracy, fluency and recall tests. We address the endogeneity of physical activities through panel data and instrumental variable methods. We find that only the activities involvin...
Using life-history survey data from eleven European countries, we investigate whether childhood conditions, such as socioeconomic status, cognitive abilities and health problems influence portfolio choice and risk attitudes later in life. After controlling for the corresponding conditions in adulthood, we find that superior cognitive skills in chil...
We provide new cross-country evidence on smoking persistence in Europe, which can be due to both true state dependence and individual unobserved heterogeneity. We distinguish between the two by using semi-parametric nonlinear panel data methods, applied to both the smoking participation and the cigarette consumption decision, which we allow to be c...
The Survey of Health, Aging and Retirement in Europe (SHARE), like all large household surveys, suffers from the problem of item non-response, and hence the need of imputation of missing values arises. In this paper I describe the imputation methodology used in the first two waves of SHARE, which is the fully conditional specification approach of v...
Childhood health is by now recognized to influence future educational and economic outcomes. Children who experience poorer
childhood health have significantly lower educational attainment, poorer health, and lower socioeconomic status as adults
(Case et al. 2005; Currie 2009). For example, Case and Paxson (2008) investigated the relationship betwe...
This paper provides the first joint analysis of household stockholding participation, location among stockholding modes, and participation spillovers. Our model matches observed participation, conditional and unconditional, and asset location patterns. We find that financial sophistication correlates strongly only with direct stockholding and mutua...
We use the subjective probabilities of bequests to be given in the future and current asset holdings, as reported in three household surveys (HRS, ELSA, and SHARE) covering thirteen countries, in order to assess whether, and to what extent, households plan to decumulate assets in old age. We model intended bequests as a function of household demogr...
We study the relation between cognitive abilities and stockholding using the recent Survey of Health, Ageing and Retirement in Europe (SHARE), which has detailed data on wealth and portfolio composition of individuals aged 50+ in 11 European countries and three indicators of cognitive abilities: mathematical, verbal fluency, and recall skills. We f...
The article examines the distribution of income and wealth among the generation of Europeans aged 65 and over, using data drawn from the first wave of the Survey of Health, Ageing and Retirement in Europe (SHARE). It looks at how cross-country comparisons of income, wealth and debt are affected by differences in purchasing power, household size and...
This paper provides basic statistics on household total wealth, financial assets, and financial assets composition of the elderly as key indicators of the well-being and quality of life of the elderly. Median total wealth varies much less than median financial wealth across countries. As for financial asset ownership, the chapter focuses on bonds,...
This chapter examines the question of whether Japanese corporations have overinvested, and hence are suffering from a glut of excess capacity. It shows that inconsistencies in valuations derived from different parts of the National Accounts can only be explained if, in fact, the corporate sector has built up a capital stock that is far larger than...
The value of corporate equity in Japan is dramatically smaller than that implied by the sum of the reproduction cost of accumulated investment and the market value of land owned by corporations (that is, the Tobin's average 'q' is much smaller than unity). This discrepancy appears to result from the very low rate of return earned on corporate inves...
This dissertation examines the evolution of the personal saving rate in the United States and Japan. The first chapter compares the Consumer Expenditure Survey (CEX) to the U.S. national accounts and finds major discrepancies between the two, with the divergence increasing over time. After adjusting the CEX in order to match the national accounts,...