Tobias Philipp BroerForskare
Jag är forskare vid IIES.
Forskningsområden: Makroekonomi - konsumtion, riskdelning, förväntningsbildning, penningpolitik och oenighet mellan investerare.
I urval från Stockholms universitets publikationsdatabas
Domestic or global imbalances?
2014. Tobias Broer. Journal of Monetary Economics 64, 47-67Artikel
When default leads to exclusion from financial markets, the implied loss of consumption smoothing opportunities is more costly when income volatility is high. A rise in income risk thus makes default less attractive, allowing creditors to relax borrowing limits. I show how, in an open economy, this endogenous financial deepening may reduce aggregate foreign assets in response to a rise in individual income risk, against the precautionary savings intuition. Conditions for this depend on whether default constrains complete or uncontingent contracts. The post-1980 rise in US household income risk strongly reduces foreign assets when domestic markets are complete or world interest rates low.
The home bias of the poor
2017. Tobias Broer. European Economic Review 92, 74-91Artikel
This paper documents how the share of foreign stocks in US household portfolios rises with the ratio of financial wealth to non-financial income. This is both because wealthier households are more likely to participate in foreign asset markets, and because portfolio shares of participants increase with financial wealth but decrease with non-financial income. A simple, standard two-country general equilibrium model shows that hedging of terms of trade movements and non-financial income risk produces non-trivial heterogeneity in portfolios across the wealth and income distribution within countries that is qualitatively in line with this evidence.