About us

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

•  Paper: Housing wealth and household indebtedness: Is there a household ‘financial accelerator’?  (231 KB)
•  Presentation: Housing wealth and household indebtedness: Is there a household ‘financial accelerator’?  (338 KB)

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

Discussant: Javier Suárez (CEMFI).Discussant: "Housing wealth and household indebtedness: Is there a household ‘financial accelerator’?"  (467 KB)

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

•   Paper: Household debt and credit constraints: comparative micro evidence from four OECD countries  (366 KB)
•  Presentation : Household debt and credit constraints: comparative micro evidence from four OECD countries  (190 KB)

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

Discussant: Ernesto Villanueva (Banco de España). Discussant: "Household debt and credit constraints: comparative micro evidence from four OECD countries"  (166 KB)

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

• Paper: Economic integration: the mature portfolio criterion  (336 KB)
• Presentation: Economic integration: the mature portfolio criterion  (636 KB)

Chair: Fernando Restoy (Banco de España)

Discussant: Raquel Carrasco (Universidad Carlos III y Banco de España). Discussant: "Economic integration: the mature portfolio criterion"  (93 KB)

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

• Paper: Information acquisition and portfolio performance  (305 KB)
• Presentation: Information acquisition and portfolio performance  (883 KB)

Discussant: Pedro Mira (CEMFI). Discussant: "Information acquisition and portfolio performance"  (58 KB)

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

• Paper: A direct test of the buffer stock theory of saving  (362 KB)
• Presentation: A direct test of the buffer stock theory of saving  (262 KB)

Chair: Olympia Bover (Banco de España)

Discussant: Nezih Guner (Universidad Carlos III). Discussant: "A direct test of the buffer stock theory of saving"  (196 KB)

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

• Paper: Consumption and investment motives in housing wealth accumulation of Spanish households  (1 MB)
• Presentation: Consumption and investment motives in housing wealth accumulation of Spanish households  (464 KB)

Chair: Olympia Bover (Banco de España)

Discussant: Manuel Arellano (CEMFI). Discussant: "Consumption and investment motives in housing wealth accumulation of Spanish households"  (121 KB)

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: The Age of Reason: Financial decisions over the lifecycle  (321 KB)
• Presentation: The Age of Reason: Financial decisions over the lifecycle  (167 KB)

Chair: Juan Ayuso (Banco de España)

Discussant: Stéphane Bonhomme (CEMFI). Discussant: "The Age of Reason: Financial decisions over the lifecycle"  (125 KB)

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: Down or out: assessing the welfare costs of household investment mistakes  (1 MB)
• Presentation: Down or out: assessing the welfare costs of household investment mistakes  (1 MB)

Chair: Juan Ayuso (Banco de España)

Discussant: James Costain (Banco de España)Discussant: "Down or out: assessing the welfare costs of household investment mistakes"  (688 KB)

Olympia Bover (Banco de España)

Paper: Wealth effects on consumption: microeconometric estimates from a new survey of household finances  (753 KB)

Chair: Samuel Bentolila (CEMFI)

Discussant: Pedro Albarrán (Universidad Carlos III). Discussant: "Wealth effects on consumption: microeconometric estimates from a new survey of household finances"  (185 KB)

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

• Paper: "Housing wealth, credit conditions, and consumption"  (557 KB)
• Presentation: "Housing wealth, credit conditions, and consumption"  (338 KB)

Chair: Samuel Bentolila (CEMFI)

Discussant: José García-Montalvo (Universitat Pompeu Fabra). Discussant: "Housing wealth, credit conditions, and consumption"   (73 KB)

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

• Paper: "Welfare implications of the transition to high household debt"  (294 KB)
• Presentation: "Welfare implications of the transition to high household debt"  (2 MB)

Chair: Juan F. Jimeno (Banco de España)

Discussant: Javier Díaz-Giménez (Universidad Carlos III). Discussant: "Welfare implications of the transition to high household debt"  (184 KB)

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

• Paper: "Efficient portfolios when housing needs change over the life-cycle"  (754 KB)
• Presentation: "Efficient portfolios when housing needs change over the life-cycle"  (636 KB)

Chair: Juan F. Jimeno (Banco de España)

Discussant: Vicente Cuñat (Universitat Pompeu Fabra). Discussant: "Efficient portfolios when housing needs change over the life-cycle"  (152 KB)