Sobre el Banco

Household Finances and Housing Wealth

2425 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)

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’?" Archivo PDF: Abre en nueva ventana (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" Archivo PDF: Abre en nueva ventana (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" Archivo PDF: Abre en nueva ventana (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" Archivo PDF: Abre en nueva ventana (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" Archivo PDF: Abre en nueva ventana (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" Archivo PDF: Abre en nueva ventana (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" Archivo PDF: Abre en nueva ventana (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" Archivo PDF: Abre en nueva ventana (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: Wealth effects on consumption: microeconometric estimates from a new survey of household finances Archivo PDF: Abre en nueva ventana (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" Archivo PDF: Abre en nueva ventana (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"  Archivo PDF: Abre en nueva ventana (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" Archivo PDF: Abre en nueva ventana (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" Archivo PPS: Abre en nueva ventana (152 KB)