Joint conference organised by the Banque centrale du Luxembourg and the European Central Bank

Luxembourg, 25-26 October 2010

BCL / ECB joint conference on Household Finance and Consumption

Venue: Abbaye de Neumünster, Luxembourg City
28, rue Münster, L - 2160 Luxembourg

Organising committee: Michael Ehrmann (ECB), Michalis Haliassos (CFS and Goethe University), Thomas Mathä (Banque centrale du Luxembourg), Peter Tufano (Harvard Business School), and Caroline Willeke (ECB)

Day 1 - Monday, 25 October

11.30 - 13.10 Registration
13.10 - 13.30 Welcome
Serge Kolb (Executive Director, Banque centrale du Luxembourg)
  Opening remarks
José Manuel González-Páramo (Executive Board member of the European Central Bank)
13.30 - 14.30 Keynote lecture: Measurement and reality: US household finances 2007-2009
Arthur Kennickell (Board of Governors, Federal Reserve System)
14.30 - 14.45 Coffee break
14.45 - 16.15 Session I: Banking and Financial Advice
Chair: Serge Kolb (Executive Director, Banque centrale du Luxembourg)

Which households use banks? Evidence from the transition economies download
Martin Brown (Swiss National Bank, CentER and EBC, Tilburg University) and Thorsten Beck
Discussant: Reint Gropp (European Business School, Wiesbaden), download

Financial advice and stock market participation download
Dimitris Georgarakos (Goethe University Frankfurt and CFS) and Roman Inderst
Discussant: Theoharry Grammatikos (University of Luxembourg), download
16.15 - 16.30 Coffee break
16.30 - 18.00 Session II: Consumption
Chair: Jean-Pierre Schoder (Banque centrale du Luxembourg)

The consumption response to changes in initial mortgage conditions: Evidence from survey data
Giacomo Masier and Ernesto Villanueva (Banco de España)
Discussant: Mario Padula (University "Ca' Foscari" of Venice), download

Check in the mail or more in the paycheck: Does the effectiveness of fiscal stimulus depend on how it is delivered? download

Claudia Sahm (Board of Governors, Federal Reserve System), Matthew D. Shapiro and Joel Slemrod
Discussant: Andrei Simonov (Michigan State University), download
19.30 Dinner

Day 2 - Tuesday, 26 October

08.00 - 09.00 Registration
09.00 - 10.45 Session III: Financial Literacy
Chair: Michael Ehrmann (European Central Bank)

Keynote lecture: The importance of financial literacy download
Annamaria Lusardi (Dartmouth College)

Who lost the most? Financial literacy, cognitive abilities, and the financial crisis download
Tabea Bucher-Könen (MEA, University of Mannheim) and Michael Ziegelmeyer
Discussant: Dimitris Christelis (SHARE and CSEF, University of Naples, Federico II), download
10.45 - 11.00 Coffee break
11.00 - 12.30 Session IV: Wealth
Chair: Peter Tufano (Harvard Business School)

Inheritances and the distribution of wealth or whatever happened to the great inheritance boom? download
Maury Gittleman (Bureau of Labor Statistics, Department of Labor, US Government) and Edward N. Wolff
Discussant: Helen Connolly (Luxembourg Income Study), download

Wealth mobility and dynamics over entire individual working life cycles download
Stefan Hochgürtel (VU University Amsterdam and Tinbergen Institute) and Henry Ohlsson
Discussant: Aura Leulescu (Eurostat, European Commission), download
12.30 - 13.45 Lunch
13.45 -15.15 Session V: Wealth / Household Borrowing
Chair: Michalis Haliassos (Goethe University Frankfurt and CFS)

Nativity wealth gap in Germany, Italy and Luxembourg
Thomas Mathä, Alessandro Porpiglia (both Banque centrale du Luxembourg) and Eva Sierminska
Discussant: Jirka Slacalek (European Central Bank), download

Household sector borrowing in the euro area: A micro data perspective download
Ramón Gómez-Salvador (European Central Bank), Adriana Lojschova and Thomas Westermann
Discussant: Charles Grant (University of Reading), download
15.15 - 15.30 Coffee break
15.30 - 17.00 Session VI: Household Borrowing
Chair: Caroline Willeke (European Central Bank)

Behavioural characteristics and financial distress download
Yvonne McCarthy (Central Bank and Financial Services Authority of Ireland)
Discussant: Alexis Direr (Laboratoire d'Economie d'Orléans and PSE), download

Liquidity constraints and sensitivity to borrowing rates: An empirical evaluation of subprime credit card borrowing
Sule Alan (University of Cambridge), Ruxandra Dumitrescu and Gyongyi Loranth
Discussant: Philip Vermeulen (European Central Bank), download
17.00 - 17.15 Closing remarks
Yves Mersch (President, Banque centrale du Luxembourg)
17.15 Departure