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Household Finance

PhD426 - Fall 2022

The Swedish House of Finance (SHoF) offers within its Doctoral Course Program in Finance a course in Household Finance.

With Professor Paolo Sodini, SSE, Assistant professor Anastasia Girshina, SSE, Assistant professor Mehran Ebrahimian, Associate professor Roine Vestman, SU

 

Prerequisites:

The students should have completed the first year Phd courses, and inparticular be familiar with basic consumption/saving models, the permanent income hypothesis, complete markets and basic asset pricing such as the CAPM.


Evaluation:

Pass, Pass with Distinction or Fail. 7,5 ECTS


Syllabus

The course is about the emerging field of household finance. Normative household finance studies how households should use financial markets to reach their goals. Positive household finance studies how households do actually use financial markets to reach their goals.

The first part of the course focuses on normative household finance and studies the basic life-cycle consumption-savings models in the presence of uninsurable income risk and its extension to capture realistic features of consumption, savings, and portfolio choice, including how they respond to changing economic circumstances.


The course will then teach students how to structurally estimate these models, i.e., how to use the patterns in the data to estimate deep parameters of the models. The course will deal with identification issues and robustness checks within structural estimation. Finally, we will cover how to use structurally estimated models to perform counterfactual and policy analysis.


The second part of the course focuses with positive household finance. We will review the empirical literature on key household financial decisions. Financial risk taking and the heterogeneity of household risk preferences. Rebalancing over time and over the life cycle. Diversification and hedging. Finally, the course will study real estate as a separate asset class, covering topics such as valuation, associated risks, and what role it plays in household portfolios.

Registration

Please register in advance with the program administrator Jenny Wahlberg Andersson: jenny.wahlberg.andersson@hhs.se

 

Registration deadline: October 20, 2022

Schedule 2022

Classes will be held at Swedish House of Finance, Drottninggatan 98 on the following days:

October 24, 13-17
November 1, 13-17
November 8, 13-17
November 15, 13-17
November 22, 13-17
November 28, 13-17
December 5, 13-17
December 12, 13-17

Paolo Sodini

Professor, Department of Finance, SSE

Director of MiDa – the Institute for Micro Data at SSE & SHoF

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Anastasia Girshina

Assistant Professor, Department of Finance, SSE

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Mehran Ebrahimian

Assistant Professor, Department of Finance, SSE

Eva and Mats Qviberg Research Fellow

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Roine Vestman

Associate Professor, visiting from Stockholm University

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Swedish House of Finance

Bertil Ohlins gata 4, 113 50 Stockholm

info@houseoffinance.se +46 8 736 91 00
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