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Conference on Household Finance and Consumption

Eurotower (Conference room CIV)

8 a.m. Registration
8.30 a.m. Welcome address
Benoît Coeuré, Member of the Executive Board, European Central Bank speech
9 a.m. Session I: The Eurosystem Household Finance and Consumption Survey – overview and first results
Chair: Ioannis Ganoulis (European Central Bank)

Introduction: The Eurosystem Household Finance and Consumption Survey
Aurel Schubert (European Central Bank) presentation

Household assets and household portfolios
HFCN team on household assets, presented by Peter Lindner (Oesterreichische Nationalbank) paper presentation

The distribution of household debt across euro area countries: the role of individual characteristics, institutions, and credit conditions
HFCN team on household liabilities, presented by Olympia Bover (Banco de España) paper presentation

Household saving behaviour and credit constraints
HFCN team on saving and credit constraints, presented by Federica Teppa (De Nederlandsche Bank) paper presentation
11 a.m. Coffee break
11.15 a.m. Session II: Household indebtedness
Chair: Tullio Jappelli (University of Naples Federico II)

Exploring differences in household debt across euro area countries and the United States
Dimitris Christelis (European Central Bank), Michael Ehrmann (Bank of Canada), Dimitris Georgarakos (European Central Bank and Goethe University Frankfurt) paper presentation
Discussant: Carol Bertaut (Federal Reserve Board) presentation

Financial education and the debt behaviour of the young
Meta Brown, Wilbert van der Klaauw, Jaya Wen, and Basit Zafar (Federal Reserve Bank of New York) paper presentation
Discussant: Silvia Magri (Banca d'Italia) presentation
12.45 p.m. Buffet lunch
2 p.m. Keynote lecture: Macroeconomic implications of wealth heterogeneity
Christopher Carroll (Johns Hopkins University) paper presentation

Session III: Asset market participation
Chair: Michael Haliassos (Center for Financial Studies and Goethe University Frankfurt)

The costs and beliefs implied by direct stock ownership
Daniel Barth (Hamilton College) paper presentation
Discussant: Roine Vestman (Stockholm University) presentation

Asset market participation and portfolio choice over the life cycle
Andreas Fagereng (Statistics Norway), Charles Gottlieb (University of Oxford) and Luigi Guiso (Einaudi Institute for Economics and Finance) paper presentation
Discussant: Edgar Vogel (European Central Bank) presentation
4.15 p.m. Coffee break
4.30 p.m. Session IV: Behavioural traits and household finance
Chair: Michael Ehrmann (Bank of Canada)

Gamblers as personal finance activists
Geng Li (Federal Reserve Board) paper presentation
Discussant: Ernesto Villanueva (Banco de España) presentation

Individual preferences over risk and portfolio choice
Hans-Martin von Gaudecker (University of Bonn), Arthur van Soest (Tilburg University) and Erik Wengström (Universities of Lund and Copenhagen) presentation
Discussant: Michael Haliassos (Center for Financial Studies and Goethe University Frankfurt) presentation
6 p.m. End of Day 1
7 p.m. Dinner
Hosted by Peter Praet, Member of the Executive Board, European Central Bank Hotel InterContinental, Room Silhouette, Wilhelm-Leuschner-Strasse 43, Frankfurt am Main speech
8.45 a.m. Coffee
9.15 a.m. Keynote lecture: Consumption smoothing, assets and family labour supply
Richard Blundell (University College London and Institute for Fiscal Studies) paper, presentation
10 a.m. Coffee break
10.30 a.m. Session V: Effects of crises on household finance
Chair: Frank Smets (European Central Bank)

Wealth shocks, credit supply shocks and asset allocation: Evidence from household and firm portfolios
Thomas Kick (Deutsche Bundesbank), Enrico Onali (Bangor University), Benedikt Ruprecht (Deutsche Bundesbank) and Klaus Schaeck (Bangor University) paper presentation
Discussant: Jiri Slacalek (European Central Bank) presentation

Macroeconomic experiences and risk-taking of euro area households
Miguel Ampudia (European Central Bank) and Michael Ehrmann (Bank of Canada) paper presentation
Discussant: Nathanael Vellekoop (Goethe University Frankfurt) presentation

US consumer demand for cash in the era of low interest rates and electronic payments
Tamás Briglevics and Scott Schuh (Federal Reserve Bank of Boston) presentation
Discussant: Marieke Bos (Stockholm University) presentation
12.45 p.m. Buffet lunch
2 p.m. Session VI: Decomposing household wealth across countries
Chair: Carlos Sánchez Muñoz (European Central Bank)

Earnings, income and wealth in the euro area
Luc Arrondel, Muriel Roger and Frédérique Savignac (Banque de France)

The role of housing in wealth inequality in eurozone countries
Deniss Bezrukovs (Goethe University Frankfurt) paper presentation

Net wealth across the euro area: Why household structure matters and how to control for it
Pirmin Fessler, Peter Lindner and Esther Segalla (Oesterreichische Nationalbank) paper presentation

Household wealth in the euro area: The importance of intergenerational transfers, homeownership and house price dynamics
Thomas Mathä, Alessandro Porpiglia and Michael Ziegelmeyer (Banque centrale du Luxembourg)
Discussant: Tullio Jappelli (University of Naples Federico II) presentation
4.15 p.m. End of conference
Conference dates Thursday, 17 and Friday, 18 October 2013
Conference venue European Central Bank
Eurotower, CVII
Kaiserstraße 29
60311 Frankfurt am Main
Tel.: +49 (0) 69 1344 0
Fax: +49 (0) 69 1344 6000
Conference language English
Transfers Participants are requested to arrange their own transfers from and to the airport, unless indicated otherwise
Dinner venue Hotel InterContinental, Room Silhouette
Wilhelm-Leuschner-Strasse 43
60329 Frankfurt am Main
Tel.: +49 69 26 05-0
Dress code: business attire
Participants are requested to make their own way to the venue, which is within easy walking distance of the ECB and the other hotels suggested
Contact persons Jiri Slacalek
Directorate General Research
Tel.: +49 (0)69 1344 5047

Silke Köhler (conference organisation)
European Central Bank
Publishing, Events and Protocol Division
Tel.: +49 (0) 69 1344 8671
Organisers Michael Ehrmann (Bank of Canada),
Ioannis Ganoulis (European Central Bank),
Michael Haliassos (Center for Financial Studies and Goethe University Frankfurt),
Tullio Jappelli (University of Naples Federico II),
Jiri Slacalek (European Central Bank),
Peter Tufano (University of Oxford)
Programme Please note that this programme may be subject to change without notice.

In April 2013, the European Central Bank released two reports with results from the first wave of the Eurosystem Household Finance and Consumption Survey (HFCS) – a micro dataset with detailed information on household balance sheets in the euro area – and started making the data available to researchers (for access to the data and further information regarding the survey, see Following this, the ECB organises a conference on household finance and consumption, to be held on 17 and 18 October 2013 in Frankfurt. The objective of the conference is to present research on household asset accumulation, debt, and consumption behaviour over the life cycle. The focus of the conference is on research that makes use of household survey data, with some preference for cross-country comparative analysis and for papers making use of the HFCS data. We actively solicit papers in the following areas, but other related areas may also be considered:

  • Household consumption, saving, and portfolio choice
  • Financing retirement and demographic developments
  • Housing, mortgage markets, and financial markets
  • Household finance, credit constraints and monetary policy
  • Household indebtedness and financial distress
  • Behavioural approaches to household asset accumulation, debt, and consumption
  • Financial literacy, financial sophistication, and the role of professional advice in shaping financial behaviour
  • Household payment habits
  • Household finances and the financial crisis

Keynote addresses will be given by Richard Blundell (University College London) and Christopher Carroll (Johns Hopkins University). For the programme of the earlier Conferences on Household Finance and Consumption in 2008 and 2010, see and

Submission of abstracts/papers

Authors can submit extended abstracts, but full papers are preferred. Interested authors should submit their papers by 15 July 2013 to Authors of accepted papers will be notified by 15 September 2013, full versions of papers are expected by 20 September 2013.

Organising committee

Michael Ehrmann (ECB), Ioannis Ganoulis (ECB), Michalis Haliassos (CFS and Goethe University), Tullio Jappelli (University of Naples Federico II), Jiri Slacalek (ECB), Peter Tufano (University of Oxford).


Economy class travel expenses and accommodation (up to 2 nights) of presenting authors and discussants will be reimbursed. Participants from central banks and other official institutions are expected to cover their own expenses.