Fifth Conference on Household Finance and Consumption
14 and 15 December 2017
Paris, France
Programme
- 8:15
- Registration and coffee
- 8:50
-
Introductory Remarks
Denis Beau, Deputy Governor, Banque de France
- 09:00
-
Houses and Families across Countries
PresentationMonika Piazzesi (Stanford) with A. Peter and M. Schneider
Chair: Juha Honkkila (ECB)
- 9:45
- Coffee break
- 10:05
-
Session I - Housing markets
Rental Markets and Wealth Inequality in the Euro Area
PresentationFabian Kindermann (University of Bonn), with S. Kohls
Discussant: Michael Haliassos (Goethe University Frankfurt)
Rent or Buy? The Role of Lifetime Experiences of Macroeconomic Shocks within and across Countries
PaperAlexandra Steiny (Berkeley), with U. Malmendier
Discussant: Hervé Le Bihan (Banque de France)
- 12:05
- Coffee break
- 12:25
-
Heterogeneity and Persistence in Returns to Wealth
Luigi Pistaferri (Stanford) with A. Fagereng, L. Guiso, and D. Malacrino
- 13:10
- Lunch
- 14:10
-
Uncertainty Aversion and Heterogeneous Beliefs in Linear Models
Martin Schneider (Stanford), with C. Ilut and P. Krivenko
Chair: Frédérique Savignac (Banque de France)
- 14:55
- Coffee break
- 15:15
-
Accounting for Wealth Inequality
Dynamics: Methods, Estimates and Simulations for France (1800-2014)
Paper
PresentationBertrand Garbinti (Banque de France), with J. Goupille-Lebret and T. Piketty
Discussant: Philip Vermeulen (ECB)
- 16:15
-
Session II - "Shorter presentations by the HFCN"
Economic Policy Uncertainty and Stock Market Participation
PaperE. Gábor-Tóth and D. Georgarakos (ECB)
Peer effects in stock market participation: Evidence from immigration
A. Girshina, T. Mathä and Michael Ziegelmeyer (BCL)
Exploring differences in financial literacy across countries: the role of individual characteristics, experience and institutions
Paper
PresentationA. Cupák (NBS), P. Fessler, M. Silgoner and E. Ulbrich
- 17:15
- End of Day 1
- 19:30
- Conference dinner – invitation only
- 8:15
- Coffee
- 8:45
-
Speech
Anne Le Lorier (Deputy Governor, Banque de France)
- 09:05
-
On the Measurement of Wealth: New Issues and Evidence from WID.world
PresentationThomas Piketty (PSE)
Chair: Françoise Drumetz (Banque de France)
- 09:50
- Coffee break
- 10:10
-
Session III - Households and credit
Chair: Olivier Garnier (Banque de France)
Consumption Response to Credit Tightening Policy: Evidence from Turkey
Changcheng Song (Singapore), with S. Agarwal, M. Hadzic, and Y. Yildirim
Discussant: Tullio Jappelli (University of Naples Federico II)
Credit Growth and the Financial Crisis: A New Narrative
Paper
PresentationStefania Albanesi (Pittsburgh), with G. DeGiorgi and J. Nosal
Discussant: João Cocco (London Business School)
- 12:10
- Coffee break
- 12:30
-
Distorted Advice in the Mortgage Market
PresentationLuigi Guiso (EIEF), with A. Pozzi, A. Tsoi, L. Gambacorta and P. Mistrulli
- 13:15
- Lunch
- 14:15
-
Incorporating Household Heterogeneity in Business Cycle Analysis
PresentationGianluca Violante (Princeton), with G. Kaplan
Chair: Oreste Tristani (ECB)
- 15:00
-
Session IV - "Shorter presentations by the HFCN
Housing over the Life Cycle and Across Countries: A Structural Analysis
PresentationJ. Le Blanc and J. Slacalek (ECB)
Homeownership Rates of Young Households in Germany
PresentationP. Marek (Bundesbank)
The Interest Rate Exposure of Euro Area Households"
PresentationP. Tzamourani (Bundesbank)
- 16:00
- End of conference
Submission deadline: 31 July 2017
Fifth Conference on Household Finance and Consumption
14-15 December 2017, Paris
The European Central Bank organises a biennial conference on household finance and consumption, with the objective of fostering empirical and theoretical research on how household heterogeneity affects the accumulation of assets and debt, consumption/saving behaviour and the transmission of monetary policy. The focus of the Conference is on research that makes use of household level data, with a special interest in the data from the Household Finance and Consumption Survey (HFCS).
In 2017 the Conference will be organised jointly with the Banque de France and will take place in Paris on 14-15 December. We are actively seeking papers in the following areas, but related areas will also be considered:
- household consumption, saving, and portfolio choice
- housing, mortgage markets, and financial markets
- household finance, credit constraints, and monetary policy
- household indebtedness and financial distress
- household finances and the financial and economic crisis
- behavioural approaches to household asset accumulation, debt, and consumption
- financing retirement and demographic developments
The following speakers have confirmed their participation: Luigi Guiso, Monika Piazzesi, Thomas Piketty, Luigi Pistaferri, Martin Schneider and Gianluca Violante.
Information on past conferences on household finance and consumption, on access to the HFCS data, and on the survey in generalSubmission of abstracts/papers
Authors are welcome to submit extended abstracts or, preferably, full drafts of papers by 31 July 2017 to [email protected]. Authors of accepted papers will be notified by 15 October 2017.
Organising committee
Michael Haliassos (CFS and Goethe University), Tullio Jappelli (University of Naples Federico II), Sébastien Pérez-Duarte (ECB), Frédérique Savignac (Banque de France), Jiri Slacalek (ECB), Oreste Tristani (ECB).
Expenses
The organisers will cover reasonable travel expenses for those presenting papers and discussants (though participants from National Central Banks and other EU institutions are expected to cover their own expenses).
General information
Banque de France
31 Rue Croix des Petits Champs
75001 Paris, France
Conference Room: Auditorium
Participants are requested to arrange their own transfers from and to the airport, unless indicated otherwise.
English
Michalis Haliassos (Goethe University Frankfurt)
Tullio Jappelli (University of Naples, Federico II)
Frédérique Savignac (Banque de France)
Jirka Slacalek (ECB)
Oreste Tristani (ECB)