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Seventh Conference on Household Finance and Consumption

European Central Bank and Banca d’Italia conference

Thursday, 16 and Friday, 17 December 2021

Banca d'Italia, Rome - Online event

The European Central Bank organises a biennial conference on household finance and consumption. The conference aims to foster empirical and theoretical research on the implications of household heterogeneity for the accumulation of assets and debt, consumption and saving behaviour, and the transmission and effects of monetary policy. It focuses on research that uses household-level data, with a special interest in the data from the Household Finance and Consumption Survey (HFCS).


* indicates the presenter

Thursday, 16 December 2021

Introductory remarks

Sergio Nicoletti Altimari, Banca d’Italia


Keynote presentation

Chair: Silvia Fabiani, Banca d’Italia


Financial literacy and well-being: Evidence from five years of data

Annamaria Lusardi, George Washington University

Coffee break

Chair: David Loschiavo, Banca d’Italia

Quantitative easing and inequality

Donggyu Lee, Federal Reserve Bank of New York


Does monetary easing hurt savers?
Evidence from a heterogeneous agent model with aging

  • Wouter Den Haan, London School of Economics
  • Alessandro Ferrari*, Banca d’Italia
  • Falk Mazelis, European Central Bank
  • Annukka Ristiniemi, European Central Bank

The effects of monetary policy through housing and mortgage choices

Karin Kinnerud, BI Norwegian Business School, Oslo

Coffee break

House price cycles, wealth inequality and portfolio reshuffling

Clara Martinez-Toledano, Imperial College London


Tax housing or land? Distributional effects of property taxation in Germany

  • Rafael Barbosa*, International Monetary Fund
  • Simon Skipka, EUI Florence
End of day 1
Friday, 17 December 2021

Keynote presentation

Chair: Oreste Tristani, European Central Bank


The fiscal and welfare effects of policy responses to the COVID-19 school closures

Dirk Krueger, University of Pennsylvania

Coffee break

Survey evidence on the impact of the pandemic

Chair: Jirka Slacalek, European Central Bank


How heterogeneous was the impact of the Covid-19 crisis on the financial situation of Portuguese households?

Sónia Carvalho Costa, Banco de Portugal


The impact of the Covid-19 pandemic on the financial situation of households in Germany

Tobias Schmidt, Deutsche Bundesbank


Consumption and saving behaviour of Italian households during the Covid-19 crisis

Andrea Neri, Banca d’Italia

Coffee break

Wealth Inequality in the US: the role of heterogeneous returns

Inês Xavier, Federal Reserve Board


Spousal insurance and the amplification of business cycles

Bence Bardóczy, Federal Reserve Board

End of conference

Organising committee

  • Andrea Neri, Banca d’Italia
  • Alfonso Rosolia, Banca d’Italia
  • Jiri Slacalek, European Central Bank
  • Oreste Tristani, European Central Bank