About us

Household Finances and Housing Wealth

2425 April 2007
Madrid
Conferences

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)

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’?" 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)

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" 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)

Chair: Fernando Restoy (Banco de España)

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

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

Chair: Olympia Bover (Banco de España)

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

Chair: Olympia Bover (Banco de España)

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

Chair: Juan Ayuso (Banco de España)

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

Chair: Juan Ayuso (Banco de España)

Discussant: James Costain (Banco de España)Discussant: "Down or out: assessing the welfare costs of household investment mistakes" 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: Wealth effects on consumption: microeconometric estimates from a new survey of household finances File PDF: Opens in a new window (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" 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)

Chair: Samuel Bentolila (CEMFI)

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

Chair: Juan F. Jimeno (Banco de España)

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

Chair: Juan F. Jimeno (Banco de España)

Discussant: Vicente Cuñat (Universitat Pompeu Fabra). Discussant: "Efficient portfolios when housing needs change over the life-cycle" File PPS: Opens in a new window (152 KB)