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Household Finances and Housing Wealth

24 – 25 April 2007
Madrid

Information

Household finances and developments in the housing market have been major topics in the research agenda over the last decade. The Banco de España has contributed to this analysis, most noticeably by providing a new data set, the Spanish Survey of Household Finances (EFF), which provides comprehensive information on individual households' wealth, saving, and consumption.

Presentations

24 April 2007
 
09.15 - 10.15
"Housing wealth and household indebtedness: Is there a household ‘financial accelerator’?"

Richard Disney (University of Nottingham e Institute for Fiscal Studies), Sarah Bridges (University of Nottingham) and John Gathergood (University of Nottingham)

    Paper File PDF: Opens in a new window (231 KB)
    Presentation File PPS: Opens in a new window (338 KB)

Chair: José L. Malo de Molina (Banco de España)

Discussant: Javier Suárez (CEMFI) File PDF: Opens in a new window (467 KB)


10.15 - 11.15
"Household debt and credit constraints: comparative micro evidence from four OECD countries"

Jonathan Crook (University of Edimburgh) and Stefan Hochgertel (VU University Amsterdam)

   Paper File PDF: Opens in a new window (366 KB) 
   Presentation  File PPS: Opens in a new window (190 KB)

Chair: José L. Malo de Molina (Banco de España)

Discussant: Ernesto Villanueva (Banco de España) File PDF: Opens in a new window (166 KB)

11.45 - 12.45
"Economic integration: the mature portfolio criterion"

Dimitris Georgarakos (Goethe University Frankfurt y CFS), Dimitris Christelis (CSEF, University of Salerno) and Michael Haliassos (Goethe University Frankfurt, CFS y MEA)

    Paper File PDF: Opens in a new window (336 KB)
    Presentation File PPS: Opens in a new window (636 KB)

Chair: Fernando Restoy (Banco de España)

Discussant: Raquel Carrasco (Universidad Carlos III y Banco de España) File PDF: Opens in a new window (93 KB)

13.00 - 14.00
"Information acquisition and portfolio performance"

Luigi Guiso (European University Institute and CEPR) and Tullio Jappelli (University of Salermo, CSEF & CEPR)

    Paper File PDF: Opens in a new window (305 KB)
    Presentation File PPS: Opens in a new window (883 KB) 

Discussant: Pedro Mira (CEMFI) File PDF: Opens in a new window (58 KB)

15.15 - 16.15
"A direct test of the buffer stock theory of saving"

Tullio Jappelli (University of Salerno, CSEF y CEPR), Mario Padula (University of Salerno y CSEF) and Luigi Pistaferri (Stanford University, SIEPR y CEPR)

    Paper File PDF: Opens in a new window (362 KB)
    Presentation File PDF: Opens in a new window (262 KB)

Chair: Olympia Bover (Banco de España)

Discussant: Nezih Guner (Universidad Carlos III) File PDF: Opens in a new window (196 KB)

16.30 - 17.30
"Consumption and investment motives in housing wealth accumulation of Spanish households"

Luc Arrondel (CNRS, PSE y FEDEA), Amedeo Spadaro (PSE, FEDEA y Universitat de les Illes Balears) and Nuria Badenes (Universidad Complutense de Madrid)

    Paper File PDF: Opens in a new window (1 MB)
    Presentation File PDF: Opens in a new window (464 KB)

Chair: Olympia Bover (Banco de España)

Discussant: Manuel Arellano (CEMFI) File PDF: Opens in a new window (121 KB)

18.00 - 19.00
"The Age of Reason: Financial decisions over the lifecycle"

Sumit Agarwal (Federal Reserve Bank of Chicago), John C. Driscoll (Federal Reserve Board), Xavier Gabaix (MIT, Princeton University y NBER) and David Laibson (Harvard University and NBER)

    Paper File PDF: Opens in a new window (321 KB)
    Presentation File PDF: Opens in a new window (167 KB)

Chair: Juan Ayuso (Banco de España)

Discussant: Stéphane Bonhomme (CEMFI) File PDF: Opens in a new window (125 KB)

19.00 - 20.00
"Down or out: assessing the welfare costs of household investment mistakes"

Paolo Sodini (Stockholm School of Economics), Laurent E. Calvet (HEC School of Management, CREST y NBER) and John Y. Campbell (Harvard University y NBER)

    Paper File PDF: Opens in a new window (1 MB)
    Presentation File PDF: Opens in a new window (1 MB)

Chair: Juan Ayuso (Banco de España)

Discussant: James Costain (Banco de España) File PDF: Opens in a new window (688 KB)

25 April 2007
 
09.15 - 10.15
"Wealth effects on consumption: microeconometric estimates from a new survey of household finances"

Olympia Bover (Banco de España)

    Paper File PDF: Opens in a new window (753 KB) 
   
Chair: Samuel Bentolila (CEMFI)

Discussant: Pedro Albarrán (Universidad Carlos III) File PDF: Opens in a new window (185 KB)

10.15 - 11.15
"Housing wealth, credit conditions, and consumption"

John Muellbauer (Nuffield College, University of Oxford), Janine Aron (University of Oxford) and Anthony Murphy (University of Oxford)

    Paper File PDF: Opens in a new window (557 KB)
    Presentation File PPS: Opens in a new window (338 KB)

Chair: Samuel Bentolila (CEMFI)

Discussant: José García-Montalvo (Universitat Pompeu Fabra) File PDF: Opens in a new window (73 KB)

11.45 - 12.45
"Welfare implications of the transition to high household debt"

Zvi Hercowitz (Tel Aviv University) and Jeffrey R. Campbell (Federal Reserve Bank of Chicago y NBER)

    Paper File PDF: Opens in a new window (294 KB)
    Presentation File PPS: Opens in a new window (2 MB)

Chair: Juan F. Jimeno (Banco de España)

Discussant: Javier Díaz-Giménez (Universidad Carlos III) File PDF: Opens in a new window (184 KB)

13.00 - 14.00
"Efficient portfolios when housing needs change over the life-cycle"

Guglielmo Weber (Università di Padova, IFS y CEPR) and Loriana Pellizon (Università di Venezia y SSAV)

    Paper File PDF: Opens in a new window (754 KB)
    Presentation File PPS: Opens in a new window (636 KB)

Chair: Juan F. Jimeno (Banco de España)

Discussant: Vicente Cuñat (Universitat Pompeu Fabra) File PPS: Opens in a new window (152 KB)

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