Conference

Fourth conference on household finance and consumption

ECB conference

Frankfurt am Main, 17 and 18 December 2015
ECB Main Building, Press Room (C5.01)

Programme

Thursday, 17 December 2015

* indicates the presenter

8:30
Registration and coffee
9:00

Welcome address

Aurel Schubert, European Central Bank

9:15

Session I
Consumption and saving

Chair: Carlos Sánchez Muñoz, European Central Bank

 

Consumption uncertainty and precautionary saving
PaperPresentation

Dimitris Christelis, University of Naples Federico II, CSEF, CFS and CEPAR
Dimitris Georgarakos*, Deutsche Bundesbank, CFS and University of Leicester
Tullio Jappelli, University of Naples Federico II, CSEF and CEPR
Maarten van Rooij, De Nederlandsche Bank and Netspar

Discussant: Effrosyni Adamopoulou, Banca d’Italia
Presentation

 

Culture and household saving
PaperPresentation

Benjamin Guin, Swiss Institute of Banking and Finance, University of St. Gallen

Discussant: Michael Ziegelmeyer, Banque centrale du Luxembourg
Presentation

10:45
Coffee break
11:15

Session II
Credit and housing

Chair: Luc Laeven, European Central Bank

 

The unintended consequences of credit: the impact of housing credit on personal bankruptcy
PaperPresentation

Sumit Agarwal and Changcheng Song*, National University of Singapore

Discussant: Miguel Ampudia, European Central Bank
Presentation

 

Home production as a substitute for market consumption?
Estimating the elasticity using house price shocks from the Great Recession
PaperPresentation

Jim Been*, Leiden University and Netspar
Susann Rohwedder, RAND Corporation, Santa Monica, MEA and Netspar
Michael Hurd, RAND Corporation, Santa Monica, NBER, MEA and Netspar

Discussant: Eliana Viviano, Banca d’Italia
Presentation

12:45
Buffet lunch
13:45

Conference posters

14:15

Keynote speech
Restoring rational choice: the challenge of consumer finance?

PaperPresentation

John Campbell, Harvard University

15:30
Coffee break
16:00

Session III
Wealth, debt and spending

Chair: Oreste Tristani, European Central Bank

 

Wealth effects on consumption across the wealth distribution: empirical evidence
PaperPresentation

Luc Arrondel, CNRS-PSE, Banque de France
Pierre Lamarche, European Central Bank
Frédérique Savignac*, Banque de France

Discussant: Tullio Jappelli, University of Naples Federico II
Presentation

 

Household debt and spending in the United Kingdom
PaperPresentation

Philip Bunn* and May Rostom, Bank of England

Discussant: Ljubica Djordjevic, Goethe University Frankfurt
Presentation

19:00

Dinner
Hosted by Vítor Constâncio, Vice-President, European Central Bank

Friday, 18 December 2015

8:30
Registration and coffee
9:00

Keynote speech
Monetary policy according to HANK

PaperPresentation

Gianluca Violante, New York University

10:15
Coffee break
10:45

Session IV
Housing and stock market investment

Chair: Aurel Schubert, European Central Bank

 

Housing and tax-deferred retirement accounts
PaperPresentation

Anson Ho, Kansas State University
Jie Zhou*, Bank of Canada

Discussant: Julia Le Blanc, Central Bank of Ireland
Presentation

 

Endogenous life-cycle housing investment and portfolio allocation
PaperPresentation

Denis Pelletier, North Carolina State University
Cengiz Tunç*, Central Bank of the Republic of Turkey

Discussant: Florian Exler, University of Mannheim
Presentation

 

Stock market investment: the role of human capital
PaperPresentation

Kartik Athreya, Federal Reserve Bank of Richmond
Felicia Ionescu*, Federal Reserve Board
Urvi Neelakantan, Federal Reserve Bank of Richmond

Discussant: Michael Haliassos, Goethe University Frankfurt
Presentation

13:00
Buffet lunch
13:30

Conference posters

14:00

Session V
Distribution of income and wealth

Chair: Sébastien Pérez-Duarte, European Central Bank

 

Reconciling estimates of earnings processes in growth rates and levels
PaperPresentation

Moira Daly, Copenhagen Business School
Dmytro Hryshko*, University of Alberta
Iourii Manovskii, University of Pennsylvania

Discussant: Jirka Slacalek, European Central Bank
Presentation

 

The distribution of wealth in Spain: evidence from capitalized income tax data
PaperPresentation

Clara Martínez-Toledano Toledano, Paris School of Economics

Discussant: Philip Vermeulen, European Central Bank
Presentation

 

Financial literacy and interviewer effects
PaperPresentation

Thomas Crossley, University of Essex
Tobias Schmidt* and Panagiota Tzamourani, Deutsche Bundesbank
Joachim Winter, University of Munich

Discussant: Pirmin Fessler, Oesterreichische Nationalbank
Presentation

16:15
End of conference

General information

Contacts

Jiri Slacalek
Directorate General Research
+49 (0) 69 1344 5047
jiri.slacalek@ecb.europa.eu

Daniela Rothermel
Directorate General Research
+49 (0) 69 1344 5372
daniela.rothermel@ecb.europa.eu