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Household Finance and Macroeconomics

1516 October 2009
Madrid
Conferences

Information

The Banco de España organized a conference on Household Finance and Macroeconomics that took place in Madrid on 15-16 October 2009. The conference focused on the interactions between household finance and macroeconomics and was open to theoretical, empirical, and policy papers on issues related to household finances, their composition, and relevance for macroeconomic analysis.

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Presentations

15 October 2009
Session 1. Welcome and Chair: José L. Malo de Molina (Banco de España)
09.15 - 10.15
“Housing, adjustment costs, and endogenous risk aversion”

Marjorie Flavin (University of California, San Diego)

Discussant: Enrique Sentana (CEMFI) File PDF: Opens in a new window (77 KB)

10.15 - 11.15
“House prices and risk sharing”

María José Luengo-Prado (Northeastern University), Dmytro Hryshko (University of Alberta) and Bent E. Sorensen (University of Houston)

Discussant: Josep Pijoan (CEMFI) File PDF: Opens in a new window (111 KB)

Session 2. Chair: Nezih Guner (ICREA, Universitat Autònoma de Barcelona and Barcelona GSE)
11.45 - 12.45
“The right amount of trust”

Luigi Guiso (European University Institute and Ente Einaudi), Jeff Butler (Eief) and Paola Giuliano (UCLA)

Discussant: Francesco Caselli (LSE) File PDF: Opens in a new window (92 KB)

13.00 - 14.00
“Health and (other) asset holdings”

Pascal St-Amour (University of Lausanne), Julien Hugonnier (University of Lausanne and Swiss Finance Institute) and Florian Pelgrin (University of Lausanne)

Discussant: Pedro Mira (CEMFI) File PDF: Opens in a new window (56 KB)

Session 3. Chair: Juan Ayuso (Banco de España)
15.15 - 16.15
“Capital structure, hurdle rates, and portfolio choice – Interactions in an entrepreneurial firm"

John C. Heaton (University of Chicago Booth School of Business) and Deborah Lucas (Kellogg School of Management)

Discussant: Paul Willen (Federal Reserve Bank of Boston) File PDF: Opens in a new window (806 KB)

16.30 - 17.30
“The finances of american households in the past 3 recessions: evidence from the survey of consumer finances"

Michael Palumbo (Federal Reserve Board) and Kevin Moore (Federal Reserve Board)

Discussant: Ernesto Villanueva (Banco de España) File PDF: Opens in a new window (241 KB)

Session 4. Chair: Olympia Bover (Banco de España)
18.00 - 19.00
“Redistributive taxation and personal bankruptcy in US States”

Charles Grant (University of Reading and EUI) and Winfried Koeniger (IZA Bonn, University of Bonn and EUI)

Discussant: Andrés Erosa (IMDEA) File PDF: Opens in a new window (147 KB)

19.00 - 20.00
“Do disaster expectations explain household portfolios?”

Sule Alan (University of Cambridge)

Discussant: Xavier Mateos Planas (University of Southampton) File PDF: Opens in a new window (43 KB)

16 October 2009
Session 1. Chair: Roberto Blanco (Banco de España)
09.15 - 10.15
“Insuring consumption using income linked assets”

Andreas Fuster (Harvard University) and Paul Willen (Federal Reserve Bank of Boston)

Discussant: Claudio Michelacci (CEMFI) File PDF: Opens in a new window (73 KB)

10.15 - 11.15
“The response of household wealth to the risk of losing the job: evidence from differences in firing costs"

Cristina Barceló (Banco de España) and Ernesto Villanueva (Banco de España)

Discussant: Andrea Brandolini (Banca d’Italia) File PDF: Opens in a new window (30 KB)

Session 2. Chair: Juan F. Jimeno (Banco de España)
11.45 - 12.45
“Financial advice and account performance”

Andreas Hacketal, (Goethe University Frankfurt)
Michael Haliassos (Goethe University Frankfurt, CFS and MEA)
Tullio Jappelli (University of Salerno, CSEF)

Discussant: Raquel Carrasco (Universidad Carlos III) File PDF: Opens in a new window (117 KB)

13.00 - 14.00
“Fiction or fact: systematic gender differences in financial investments?”

Jesper Rangvid (Copenhagen Business School), Charlotte Christiansen (CREATES, Aarhus University) and Juanna Schröter Joensen (Stockholm School of Economics)

Discussant: Manuel Bagüés (Universidad Carlos III) File PDF: Opens in a new window (150 KB)