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Household Finances and Housing Wealth
24 – 25 Abril 2007
Madrid
Información
El análisis de la situación financiera de hogares y del mercado inmobiliario ha recibido una atención prioritaria en la agenda investigadora durante la última década. El Banco de España ha contribuido a este análisis de varias maneras y, más recientemente, con la elaboración de una nueva estadística, la Encuesta Financiera de las Familias (EFF), que proporciona información detallada de la situación patrimonial y las decisiones financieras de los hogares españoles.
Organizadores: Juan Ayuso (Banco de España), Samuel Bentolila (CEMFI), Olympia Bover (Banco de España) y Juan F. Jimeno (Banco de España).
Ponencias
- 24 Abril 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
(231 KB)
Presentation
(338 KB)Chair: José L. Malo de Molina (Banco de España)
Discussant: Javier Suárez (CEMFI)
(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 (366 KB)
Presentation (190 KB)Chair: José L. Malo de Molina (Banco de España)
Discussant: Ernesto Villanueva (Banco de España)
(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 (336 KB)
Presentation (636 KB)
Chair: Fernando Restoy (Banco de España)
Discussant: Raquel Carrasco (Universidad Carlos III y Banco de España)
(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 (305 KB)
Presentation (883 KB)
Discussant: Pedro Mira (CEMFI) (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 (362 KB)
Presentation (262 KB)Chair: Olympia Bover (Banco de España)
Discussant: Nezih Guner (Universidad Carlos III)
(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 (1 MB)
Presentation (464 KB)
Chair: Olympia Bover (Banco de España)Discussant: Manuel Arellano (CEMFI)
(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
(321 KB)
Presentation (167 KB)
Chair: Juan Ayuso (Banco de España)Discussant: Stéphane Bonhomme (CEMFI)
(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 (1 MB)
Presentation (1 MB)Chair: Juan Ayuso (Banco de España)
Discussant: James Costain (Banco de España)
(688 KB)
- 25 Abril 2007
- 09.15 - 10.15
- "Wealth effects on consumption: microeconometric estimates from a new survey of household finances"
Olympia Bover (Banco de España)
Paper (753 KB)
Chair: Samuel Bentolila (CEMFI)Discussant: Pedro Albarrán (Universidad Carlos III)
(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
(557 KB)
Presentation (338 KB)
Chair: Samuel Bentolila (CEMFI)Discussant: José García-Montalvo (Universitat Pompeu Fabra)
(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 (294 KB)
Presentation (2 MB)Chair: Juan F. Jimeno (Banco de España)
Discussant: Javier Díaz-Giménez (Universidad Carlos III)
(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
(754 KB)
Presentation (636 KB)
Chair: Juan F. Jimeno (Banco de España)Discussant: Vicente Cuñat (Universitat Pompeu Fabra)
(152 KB)