Fifth Conference on Household Finance and Consumption

14 and 15 December 2017
Paris, France

Programme

Thursday, 14 December 2017

8:15
Registration and coffee
8:50

Introductory Remarks

Denis Beau, Deputy Governor, Banque de France

09:00

Houses and Families across Countries

Presentation

Monika Piazzesi (Stanford) with A. Peter and M. Schneider

Chair: Juha Honkkila (ECB)

9:45
Coffee break
10:05

Session I - Housing markets

Rental Markets and Wealth Inequality in the Euro Area

Presentation

Fabian Kindermann (University of Bonn), with S. Kohls

Discussant: Michael Haliassos (Goethe University Frankfurt)


Rent or Buy? The Role of Lifetime Experiences of Macroeconomic Shocks within and across Countries

Paper

Alexandra Steiny (Berkeley), with U. Malmendier

Discussant: Hervé Le Bihan (Banque de France)

12:05
Coffee break
12:25

Heterogeneity and Persistence in Returns to Wealth

Luigi Pistaferri (Stanford) with A. Fagereng, L. Guiso, and D. Malacrino

13:10
Lunch
14:10

Uncertainty Aversion and Heterogeneous Beliefs in Linear Models

Martin Schneider (Stanford), with C. Ilut and P. Krivenko

Chair: Frédérique Savignac (Banque de France)

14:55
Coffee break
15:15

Accounting for Wealth Inequality

Dynamics: Methods, Estimates and Simulations for France (1800-2014)

Paper
Presentation

Bertrand Garbinti (Banque de France), with J. Goupille-Lebret and T. Piketty

Discussant: Philip Vermeulen (ECB)

16:15

Session II - "Shorter presentations by the HFCN"

Economic Policy Uncertainty and Stock Market Participation

Paper

E. Gábor-Tóth and D. Georgarakos (ECB)

Peer effects in stock market participation: Evidence from immigration

A. Girshina, T. Mathä and Michael Ziegelmeyer (BCL)

Exploring differences in financial literacy across countries: the role of individual characteristics, experience and institutions

Paper
Presentation

A. Cupák (NBS), P. Fessler, M. Silgoner and E. Ulbrich

17:15
End of Day 1
19:30
Conference dinner – invitation only

Friday, 15 December 2017

8:15
Coffee
8:45

Speech

Anne Le Lorier (Deputy Governor, Banque de France)

09:05

On the Measurement of Wealth: New Issues and Evidence from WID.world

Presentation

Thomas Piketty (PSE)

Chair: Françoise Drumetz (Banque de France)

09:50
Coffee break
10:10

Session III - Households and credit

Chair: Olivier Garnier (Banque de France)

Consumption Response to Credit Tightening Policy: Evidence from Turkey

Changcheng Song (Singapore), with S. Agarwal, M. Hadzic, and Y. Yildirim

Discussant: Tullio Jappelli (University of Naples Federico II)


Credit Growth and the Financial Crisis: A New Narrative

Paper
Presentation

Stefania Albanesi (Pittsburgh), with G. DeGiorgi and J. Nosal

Discussant: João Cocco (London Business School)

12:10
Coffee break
12:30

Distorted Advice in the Mortgage Market

Presentation

Luigi Guiso (EIEF), with A. Pozzi, A. Tsoi, L. Gambacorta and P. Mistrulli

13:15
Lunch
14:15

Incorporating Household Heterogeneity in Business Cycle Analysis

Presentation

Gianluca Violante (Princeton), with G. Kaplan

Chair: Oreste Tristani (ECB)

15:00

Session IV - "Shorter presentations by the HFCN

Housing over the Life Cycle and Across Countries: A Structural Analysis

Presentation

J. Le Blanc and J. Slacalek (ECB)

Homeownership Rates of Young Households in Germany

Presentation

P. Marek (Bundesbank)

The Interest Rate Exposure of Euro Area Households"

Presentation

P. Tzamourani (Bundesbank)

16:00
End of conference
Call for Papers information

Submission deadline: 31 July 2017

Fifth Conference on Household Finance and Consumption

14-15 December 2017, Paris

The European Central Bank organises a biennial conference on household finance and consumption, with the objective of fostering empirical and theoretical research on how household heterogeneity affects the accumulation of assets and debt, consumption/saving behaviour and the transmission of monetary policy. The focus of the Conference is on research that makes use of household level data, with a special interest in the data from the Household Finance and Consumption Survey (HFCS).

In 2017 the Conference will be organised jointly with the Banque de France and will take place in Paris on 14-15 December. We are actively seeking papers in the following areas, but related areas will also be considered:

  • household consumption, saving, and portfolio choice
  • housing, mortgage markets, and financial markets
  • household finance, credit constraints, and monetary policy
  • household indebtedness and financial distress
  • household finances and the financial and economic crisis
  • behavioural approaches to household asset accumulation, debt, and consumption
  • financing retirement and demographic developments

The following speakers have confirmed their participation: Luigi Guiso, Monika Piazzesi, Thomas Piketty, Luigi Pistaferri, Martin Schneider and Gianluca Violante.

Information on past conferences on household finance and consumption, on access to the HFCS data, and on the survey in general

Submission of abstracts/papers

Authors are welcome to submit extended abstracts or, preferably, full drafts of papers by 31 July 2017 to HFCS@ecb.europa.eu. Authors of accepted papers will be notified by 15 October 2017.

Organising committee

Michael Haliassos (CFS and Goethe University), Tullio Jappelli (University of Naples Federico II), Sébastien Pérez-Duarte (ECB), Frédérique Savignac (Banque de France), Jiri Slacalek (ECB), Oreste Tristani (ECB).

Expenses

The organisers will cover reasonable travel expenses for those presenting papers and discussants (though participants from National Central Banks and other EU institutions are expected to cover their own expenses).

General information

Conference venue

Banque de France
31 Rue Croix des Petits Champs
75001 Paris, France
Conference Room: Auditorium

Transfers

Participants are requested to arrange their own transfers from and to the airport, unless indicated otherwise.

Workshop language

English

Workshop organisers

Michalis Haliassos (Goethe University Frankfurt)
Tullio Jappelli (University of Naples, Federico II)
Frédérique Savignac (Banque de France)
Jirka Slacalek (ECB)
Oreste Tristani (ECB)