NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?

Ulrike Malmendier, Stefan Nagel

NBER Working Paper No. 14813
Issued in March 2009

---- Acknowledgements -----

We thank John Ameriks, Brad Barber, Randy Cohen, Wayne Ferson, Tim Johnson, John Sabelhaus, Karthryn Shaw, Stephen Zeldes, and seminar participants at Berkeley, Bowling Green State, Erasmus University Rotterdam, Federal Reserve Bank of Chicago, Harvard, Hong-Kong University of Science and Technology, London School of Economics, Nanyang Technological University, National University of Singapore, New York University, NHH Bergen, Singapore Management University, Stanford, Tilburg, University of British Columbia, University of Illinois Urbana/Champaign, University of Michigan, University of Southern California, the World Bank, the American Finance Association Meeting, the Annual Meeting of German Economists Abroad, the European Symposium on Economics and Psychology, the NBER MIDM, AP, and Cohort Studies meetings, as well as the Wharton Conference on Household Portfolio Choice and Financial Decision-Making for comments, and Sith Chaisurote and Nelli Oster for excellent research assistance. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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