Conference

Welcome address

Aurel Schubert, European Central Bank

Session I Consumption and saving

Chair: Carlos Sánchez Muñoz, European Central Bank

Consumption uncertainty and precautionary saving PaperPresentation

Dimitris Christelis, University of Naples Federico II, CSEF, CFS and CEPAR
Dimitris Georgarakos*, Deutsche Bundesbank, CFS and University of Leicester
Tullio Jappelli, University of Naples Federico II, CSEF and CEPR
Maarten van Rooij, De Nederlandsche Bank and Netspar

Discussant: Effrosyni Adamopoulou, Banca d’Italia
Presentation

Culture and household saving PaperPresentation

Benjamin Guin, Swiss Institute of Banking and Finance, University of St. Gallen

Discussant: Michael Ziegelmeyer, Banque centrale du Luxembourg
Presentation

Session II Credit and housing

Chair: Luc Laeven, European Central Bank

The unintended consequences of credit: the impact of housing credit on personal bankruptcy PaperPresentation

Sumit Agarwal and Changcheng Song*, National University of Singapore

Discussant: Miguel Ampudia, European Central Bank
Presentation

Home production as a substitute for market consumption? Estimating the elasticity using house price shocks from the Great Recession PaperPresentation

Jim Been*, Leiden University and Netspar
Susann Rohwedder, RAND Corporation, Santa Monica, MEA and Netspar
Michael Hurd, RAND Corporation, Santa Monica, NBER, MEA and Netspar

Discussant: Eliana Viviano, Banca d’Italia
Presentation

Conference posters

• Distributional consequences of asset price inflation in the euro area

  Klaus Adam, University of Mannheim and CEPR
  Panagiota Tzamourani, Deutsche Bundesbank

• Accessorizing: the effect of union contract renewals on consumption

  Effrosyni Adamopoulou and Roberta Zizza, Banca d’Italia

• Personal bankruptcy and wage garnishment

  Florian Exler, University of Mannheim

• Private wealth across European countries: the role of income, inheritance and the welfare state

  Pirmin Fessler and Martin Schürz, Oesterreichische Nationalbank

• Age-specific household balance sheets: the role of assets in the reallocation of resources over age

  Bernhard Hammer, Austrian Academy of Sciences

• Looking behind mortgage delinquencies

  Sauro Mocetti and Eliana Viviano, Banca d’Italia

Keynote speech Restoring rational choice: the challenge of consumer finance?

John Campbell, Harvard University

Session III Wealth, debt and spending

Chair: Oreste Tristani, European Central Bank

Wealth effects on consumption across the wealth distribution: empirical evidence PaperPresentation

Luc Arrondel, CNRS-PSE, Banque de France
Pierre Lamarche, European Central Bank
Frédérique Savignac*, Banque de France

Discussant: Tullio Jappelli, University of Naples Federico II
Presentation

Household debt and spending in the United Kingdom PaperPresentation

Philip Bunn* and May Rostom, Bank of England

Discussant: Ljubica Djordjevic, Goethe University Frankfurt
Presentation

Dinner
Hosted by Vítor Constâncio, Vice-President, European Central Bank

Keynote speech Monetary policy according to HANK

Gianluca Violante, New York University

Session IV Housing and stock market investment

Chair: Aurel Schubert, European Central Bank

Housing and tax-deferred retirement accounts PaperPresentation

Anson Ho, Kansas State University
Jie Zhou*, Bank of Canada

Discussant: Julia Le Blanc, Central Bank of Ireland
Presentation

Endogenous life-cycle housing investment and portfolio allocation PaperPresentation

Denis Pelletier, North Carolina State University
Cengiz Tunç*, Central Bank of the Republic of Turkey

Discussant: Florian Exler, University of Mannheim
Presentation

Stock market investment: the role of human capital PaperPresentation

Kartik Athreya, Federal Reserve Bank of Richmond
Felicia Ionescu*, Federal Reserve Board
Urvi Neelakantan, Federal Reserve Bank of Richmond

Discussant: Michael Haliassos, Goethe University Frankfurt
Presentation

Conference posters

Session V Distribution of income and wealth

Chair: Sébastien Pérez-Duarte, European Central Bank

Reconciling estimates of earnings processes in growth rates and levels PaperPresentation

Moira Daly, Copenhagen Business School
Dmytro Hryshko*, University of Alberta
Iourii Manovskii, University of Pennsylvania

Discussant: Jirka Slacalek, European Central Bank
Presentation

The distribution of wealth in Spain: evidence from capitalized income tax data PaperPresentation

Clara Martínez-Toledano Toledano, Paris School of Economics

Discussant: Philip Vermeulen, European Central Bank
Presentation

Financial literacy and interviewer effects PaperPresentation

Thomas Crossley, University of Essex
Tobias Schmidt* and Panagiota Tzamourani, Deutsche Bundesbank
Joachim Winter, University of Munich

Discussant: Pirmin Fessler, Oesterreichische Nationalbank
Presentation