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Sixth Conference on Household Finance and Consumption

16 and 17 December 2019

Central Bank of Ireland, North Wall Quay, Dublin

Sixth Conference on Household Finance and Consumption

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).

Programme

Monday, 16 December 2019

8:30

Registration and coffee

9:00

Welcome

Sharon Donnery, Deputy Governor, Central Bank of Ireland

 

Session I

Chair: Tara McIndoe Calder, Central Bank of Ireland

9:20

Exposure to daily price changes and inflation expectations

Michael Weber, Chicago Booth,
with Francesco D’Acunto, Ulrike Malmendier and Juan Ospina

10:00

Learning about housing costs: Survey evidence from the German house price boom

Fabian Kindermann, University of Regensburg,
with Julia Le Blanc, Monika Piazzesi and Martin Schneider

10:40
Coffee break
 

Session II

Chair: Michael Haliassos, Goethe University Frankfurt

11:00

Invited speaker
Consumer regulation as whack-a-mole: Evidence from credit card markets

Antoinette Schoar, MIT Sloan

11:50

Real effects of relaxing financial constraints on homeowners: Evidence from Danish firms

Alessia De Stefani, Danmarks Nationalbank,
with Julia Moertel

12:10

Borrowing constraints, own labour and homeownership

Giuseppe Pulina and Michael Ziegelmeyer, Banque centrale du Luxembourg,
with Peter Lindner and Thomas Mathä

12:30
Lunch
 

Lunchtime talk

Philip R. Lane, Executive Board member, ECB

 

Session III

Chair: Yvonne McCarthy, Central Bank of Ireland

13:45

Consumption quality: A new perspective on the welfare implications of business cycle fluctuations

Leslie Sheng Shen, Federal Reserve Board,
with Casper Nordal Jørgensen

14:25

Taxation of durables, non-durables and earnings with heterogeneous preferences

Francesca Parodi, Collegio Carlo Alberto

15:05
Coffee break
 

Session IV

Chair: Maria Woods, Central Bank of Ireland

15:30

MPC heterogeneity in Europe: Sources and policy implications

Miguel Ampudia, ECB,
with Russell Cooper, Julia Le Blanc and Guozhong Zhu

15:50

Wealth effects on consumption during the sovereign debt crisis: Households’ heterogeneity in the euro area

Frédérique Savignac, Banque de France,
with Bertrand Garbinti, Pierre Lamarche and Charlélie Lecanu

16:10

Income risk asymmetries, consumption and wealth: The dynamics of inequality in the Spanish Survey of Household Finances

Laura Hospido, Banco de España,
with Henrique S. Basso, Olympia Bover and José María Casado

16:30

Invited speaker
The long shadows of the Great Inflation: Evidence from residential mortgages

Ulrike Malmendier, University of California, Berkeley,
with Matthew J. Botsch

17:20
End of Day 1
19:00
Conference dinner - invitation only

Tuesday, 17 December 2019

9:15
Registration and coffee
 

Session V

Chair: Jiri Slacalek, ECB

9:30

MoNK: Mortgages in a New Keynesian model

Roman Šustek, Queen Mary University,
with Carlos Garriga and Finn E. Kydland

10:10

Owning up: Closely held firms and wealth inequality

Alessandra Peter, Princeton University

10:50
Coffee break
 

Session VI

Chair: Sarah Holton, Central Bank of Ireland

11:20

Household balance sheet channels of monetary policy: A “back of an envelope” calculation for the euro area

Jiri Slacalek, ECB,
with Oreste Tristani and Gianluca Violante

11:40

Real interest rates and the redistribution of nominal wealth in the euro area

Moritz A. Roth, Banco de España,
with Maarten Dossche, Jacob Hartwig, Antonio Matas Mir and Panagiota Tzamourani

12:00

Aging, wealth distribution and monetary policy

Ludmila Fadejeva, Latvijas Banka,
with Zeynep Kantur

12:20
Lunch
 

Session VII

Chair: Matija Lozej, Central Bank of Ireland

13:20

Invited speaker
HFCS: Future of macroeconomics! (If ...)

Christopher D. Carroll, Johns Hopkins University

14:10

Mortgage debt, consumption and illiquid housing markets in the Great Recession

Aaron Hedlund, University of Missouri,
with Carlos Garriga

14:50

Consumption heterogeneity: Micro drivers and macro implications

Edmund S. Crawley, Federal Reserve Board,
with Andreas Kuchler

15:30
End of conference

General information

Conference venue

Central Bank of Ireland
North Wall Quay
Dublin
Ireland

Conference language

English

Transfers

Participants are requested to arrange their own transfers, unless indicated otherwise.

Contacts

Tara McIndoe Calder
Central Bank of Ireland

tara.mcindoecalder@centralbank.ie

Jiri Slacalek
European Central Bank

jiri.slacalek@ecb.europa.eu

Organisers

Michalis Haliassos, Goethe University Frankfurt
Tullio Jappelli, University of Naples Federico II
Reamonn Lydon, Central Bank of Ireland
Tara McIndoe Calder, Central Bank of Ireland
Jiri Slacalek, ECB
Oreste Tristani, ECB

Conference email