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ECB-CFS conference on Household Finances and Consumption

Johann Wolfgang Goethe University, Campus Westend, Frankfurt am Main, 4 - 5 September 2008


Luigi Guiso (European University Institute)
Michael Haliassos (Centre for Financial Studies and Johann Wolfgang Goethe University)

Peter Mooslechner (Oesterreichische Nationalbank)
Lucrezia Reichlin (European Central Bank)

Please note that the conference's attendance is by invitation only.


Thursday, 4 September 2008
12:30 Lunch

14:00: Plenary Talk 1 – Orazio Attanasio (University College London and IFS, United Kingdom) ENGLISH

15:00 Plenary Talk 2 – Deborah Lucas (Northwestern University, United States) ENGLISH

16:00 Coffee
16:30 Speech – Vítor Constâncio (Governor, Banco de Portugal) ENGLISH

17:00 Presentation of the Household Finances and Consumption Project
Caroline Willeke and Michael Ehrmann (European Central Bank)
Panel Discussion:
Manuel Arellano (CEMFI, Spain) ENGLISH,
Christopher Carroll (Johns Hopkins University, United States) and ENGLISH
Tullio Jappelli (University of Naples and CSEF, Italy) ENGLISH

18:30 End
19:30 Dinner
Friday, 5 September 2008
8:30 Welcome
9:00 Consumer Bankruptcy and Default: The Role of Individual Social Capital Formation Characteristics
Sumit Argawal (Federal Reserve Bank of Chicago),
Souphala Chomsisengphet (Office of the Comptroller of the Currency, United States) and
Chunlin Liu (University of Nevada-Reno, United States) ENGLISH
Discussant: Daniel Dorn (LeBow College of Business, Drexel University, United States)

10:00 Household External Finance and Consumption
Paolo Surico,Timothy Besley and Neil Meads (Bank of England) ENGLISH
Discussant: Winfried Koeniger (Queen Mary College, United Kingdom)

11:00 Coffee

  Chair: Tullio Jappelli
11:30 Owner-Occupied Housing: Life-cycle Implications for the Household Portfolio
Marjorie Flavin (UC San Diego, United States) and
Takashi Yamashita (Reed College, United States) ENGLISH
Discussant: Mette Gørtz (AKF Danish Institute of Governmental Research, Denmark)

12:30 Debt Literacy, Financial Experience and Overindebtedness
Annamaria Lusardi (Dartmouth College, United States) and
Peter Tufano (Harvard Business School, United States) ENGLISH
Discussant: James Feigenbaum (University of Pittsburgh, United States)

13:30 Lunch

  Chair: Manuel Arellano
14:30 Diversification and its Discontents: Idiosyncratic and Entrepreneurial Risk in the Quest for Social Status
Nikolai Roussanov (University of Pennsylvania, United States) ENGLISH
Discussant: Roman Inderst (Goethe University Frankfurt, Germany)

15:30 Bequests, Inheritances and Family Traditions
Oded Stark (Bonn University, Germany) and
Donald Cox (Boston College, United States) ENGLISH
Discussant: Graziella Bertocchi (Università di Modena e Reggio Emilia, Italy)

16:30 Coffee

  Chair: Christopher Carroll
17:00 House Prices and Consumption: A Micro Study
Mette Gørtz (AKF, Danish Institute of Governmental Research),
Martin Browning (Department of Economics, Oxford University) and
Søren Leth-Petersen (Department of Economics, University of Copenhagen) ENGLISH
Discussant: John Duca (Federal Reserve Bank of Dallas)

17:30 The Response of Household's Consumption and Balance Sheets to the Risk of Losing the Job: Evidence from Firing Costs
Ernesto Villanueva and Cristina Barcelò (Banco de España) ENGLISH
Discussant: John Duca (Federal Reserve Bank)

18:00 Financial Literacy, Retirement Planning and Household Wealth
Maarten van Rooij (De Nederlandsche Bank),
Rob Alessie (Utrecht School of Economics, the Netherlands) and
Annamaria Lusardi (Dartmouth College, United States) ENGLISH
Discussant: Carol Bertaut (Federal Reserve Bank)

18:30 Saving Behavior Over the Life-Cycle Does Not Differ Across Countries. Portfolio Choices Do.
Frederic Lambert (Banque de France) and
Matteo Pignatti (New York University, United States) ENGLISH
Discussant: Carol Bertaut (Federal Reserve Bank)

19:00 End