Conferences and seminars

Household Finances and Housing Wealth

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.

Programme
Tuesday, April 24^th
8:30 - 9:00	Registration
Chair: José L. Malo de Molina (Banco de España)
9:15 - 10:15	“Housing wealth and household indebtedness: Is there a household ‘financial accelerator’?” (231 KB) Richard Disney (University of Nottingham and Institute for Fiscal Studies) Sarah Bridges (University of Nottingham) John Gathergood (University of Nottingham) See presentation (270 KB) Discussant: Javier Suárez (CEMFI) - See discussion (73 KB)
10:15 - 11:15	“Household debt and credit constraints: comparative micro evidence from four OECD countries” (366 KB) Jonathan Crook (University of Edimburgh) Stefan Hochgertel (VU University Amsterdam) See presentation (190 KB) Discussant: Ernesto Villanueva (Banco de España) - See discussion (167 KB)
11:15 - 11:45	Coffee break
Chair: Fernando Restoy (Banco de España)
11:45 - 12:45	“Economic integration: the mature portfolio criterion” (337 KB) Dimitris Georgarakos (Goethe University Frankfurt and CFS) Dimitris Christelis (CSEF, University of Salerno) Michael Haliassos (Goethe University Frankfurt, CFS and MEA) See presentation (344 KB) Discussant: Raquel Carrasco (Universidad Carlos III and Banco de España) - See discussion (94 KB)
12:45 - 13:00	Pause
13:00 - 14:00	“Information acquisition and portfolio performance” (305 KB) Luigi Guiso (University of Rome Tor Vergata, Ente Luigi Einaudi and CEPR) See presentation (883 KB) Discussant: Pedro Mira (CEMFI) - See discussion (59 KB)
14:00 - 15:15	Lunch
Chair: Olympia Bover (Banco de España)
15:15 - 16:15	“A direct test of the buffer stock theory of saving” (363 KB) Tullio Jappelli (University of Salerno, CSEF and CEPR) Mario Padula (University of Salerno and CSEF) Luigi Pistaferri (Stanford University, SIEPR and CEPR) See presentation (263 KB) Discussant: Nezih Guner (Universidad Carlos III) - See discussion (197 KB)
16:15 - 16:30	Pause
16:30 - 17:30	“Consumption and investment motives in housing wealth accumulation of Spanish households” (1,08 MB) Luc Arrondel (CNRS, PSE and FEDEA) Amedeo Spadaro (PSE, FEDEA and Universitat de les Illes Balears) Nuria Badenes (Universidad Complutense de Madrid) See presentation (465 KB) Discussant: Manuel Arellano (CEMFI) - See discussion (122 KB)
17:30 - 18:00	Coffee break
Chair: Juan Ayuso (Banco de España)
18:00 - 19:00	“The Age of Reason: Financial decisions over the lifecycle” (322 KB) Sumit Agarwal (Federal Reserve Bank of Chicago) John C. Driscoll (Federal Reserve Board) Xavier Gabaix (MIT, Princeton University and NBER) David Laibson (Harvard University and NBER) See presentation (168 KB) Discussant: Stéphane Bonhomme (CEMFI) - See discussion (126 KB)
19:00 - 20:00	“Down or out: assessing the welfare costs of household investment mistakes” (1,91 MB) Paolo Sodini (Stockholm School of Economics) Laurent E. Calvet (HEC School of Management, CREST and NBER) John Y. Campbell (Harvard University and NBER) See presentation (1,32 MB) Discussant: James Costain (Banco de España) - See discussion (688 KB)
Wednesday, April 25^th
Chair: Samuel Bentolila (CEMFI)
9:15 - 10:15	“Wealth effects on consumption: microeconometric estimates from a new survey of household finances” (753 KB) Olympia Bover (Banco de España) See presentation (518 KB) Discussant: Pedro Albarrán (Universidad Carlos III) - See discussion (185 KB)
10:15 - 11:15	“Housing wealth, credit conditions, and consumption” (557 KB) John Muellbauer (Nuffield College, University of Oxford) Janine Aron (University of Oxford) Anthony Murphy (University of Oxford) See presentation (338 KB) Discussant: José García-Montalvo (Universitat Pompeu Fabra) - See discussion (467 KB)
11:15 - 11:45	Coffee break
Chair: Juan F. Jimeno (Banco de España)
11:45 - 12:45	“Welfare implications of the transition to high household debt” (294 KB) Zvi Hercowitz (Tel Aviv University) Jeffrey R. Campbell (Federal Reserve Bank of Chicago and NBER) See presentation (2,29 MB) Discussant: Javier Díaz-Giménez (Universidad Carlos III) - See discussion (184 KB)
12:15 - 13:00	Pause
13:00 - 14:00	“Efficient portfolios when housing needs change over the life-cycle” (754 KB) Guglielmo Weber (Università di Padova, IFS and CEPR) Loriana Pellizon (Università di Venezia and SSAV) See presentation (634 KB) Discussant: Vicente Cuñat (Universitat Pompeu Fabra) - See discussion (152 KB)
14:00 - 15:15	Lunch

Organizers: Juan Ayuso (Banco de España), Samuel Bentolila (CEMFI), Olympia Bover (Banco de España) and Juan F. Jimeno (Banco de España)

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