Household Finance

Norges Bank, Oslo 12-13 December 2013.

Questions should be directed to: nbrguest@norges-bank.no

Households' financial decisions have gained increased attention among both policy makers and researchers. To evaluate issues such as households' role in financial crises, the need for consumer protection type of financial regulation or the consequence of the old age wave, we need to better understand households' financial behaviour, their risk attitude and the impact of financial market developments and constraints.

This Norges Bank workshop brings together economists that have contributed to the household finance literature. The aim of the workshop is to share insight and discuss recent results on households' savings and investment decisions, credit and default, risk taking attitude and interest rate sensitivity.

Programme


December 12
Contact: Artashes Karapetyan (cell phone: +47 96741419)

8.30 - 9.00: Registration

9.00 - 9-10: Welcome by Director Amund Holmsen, NB Financial Stability


Session I
: Chair: Thorvald Grung Moe (NB Financial Stability)

9.10 - 9.40: "Incompatible Partners? Cultural Predispositions and Household Financial Behavior", Michael Haliassos (Goethe University, Frankfurt)

9.40 - 10.00: Discussant: Marieke Bos, SOFI Stockholm / Questions

10.00 - 10.30: "How Much Can Financial Literacy Help?", Luigi Guiso (Einaudi Institute for Economics and Finance), Eliana Viviano(Banca d'Italia)

10:30 - 10.50: Discussant: Steffen Andersen (Copenhagen Business School) / Questions

10.50 -11.10: Break


Session II
: Chair: Ida Wolden Bache (NB Financial Stability)

11.10 - 10.40: "A Model of Mortgage Default", John Y. Campbell (Harvard), João Cocco (London Business School)

11.40 - 12.00: Discussant: Stefano Corradin (European Central Bank) / Questions

12.00 - 12.30: "Unemployment Insurance and Consumer Credit", Joanne Hsu (Federal Reserve Board of Governors), David Matsa (Northwestern University) and Brian Melzer (Northwestern University)

12.30 - 12.50: Discussant: Roine Vestman (Stockholm University) / Questions

12.50 - 13.50: Lunch at Norges Bank


Session III
Chair: Ida Wolden Bache (NB Financial Stability)

14.00 - 15.00: Keynote Address: "The Distribution of Wealth and the MPC: Implications of the New EU Wealth Survey" Christopher Carroll (Johns Hopkins University)

15.00 - 15.20: Break


Session IV
. Chair: Solveig Erlandsen (NB Monetary Policy)

15.20 - 15.50: "Who are the value and growth investors?", Laurent Calvet (HEC Paris), Sebastien Betermier (McGill University) and Paolo Sodini (Stockholm School of Economics)

15.50 - 16.10: Discussant: Per Östberg (University of Zurich, Swiss Finance Institute) / Questions

16.10 - 16.40: "The Demand for Commitment: Evidence from a Savings Experiment", John Beshears Stanford University and NBER), James Choi (Yale University and NBER), David Laibson (Harvard University and NBER), Brigitte Madrian (Harvard University and NBER), Jung Sakong (NBER)

16.40 - 17.00: Discussant: Enrichetta Ravina (Columbia Business School) / Questions

18.30: Conference Dinner: By invitation. Bus leaves from outside Norges Bank


December 13
Contact: Kjersti-Gro Lindquist (cell phone +47 90100747)

8.30 - 9.00: Registration and coffee


Session V
. Chair: Haakon Solheim (NB Financial Stability)

9.00 - 9.30: "Household Risk Assessment Model (HRAM): Micro-simulation stress-testing model of household finances", Tom Roberts (Bank of Canada)

9.30 - 9.50: Discussant: Katie Low (Bank of England) / Questions

9.50 - 10.20: "Macroeconomic Experiences and Risk Taking of Euro Area Households" Miguel Ampudia (ECB) and Michael Ehrmann (Bank of Canada)

10.20 - 10.40: Discussant: Dimitris Georgarakos (Goethe University, Frankfurt) / Questions

10.40 - 11.00: Break


Session VI
. Chair: Jørgen Gudmundsson (NB Monetary Policy)

11.00 - 11.30: "Heterogeneous saving responses to a change in the interest rate", Elin Halvorsen (Statistics Norway)

11.30 - 11.50: Discussant: Erik Biørn (University of Oslo) / Questions

11.50 - 12.20: Do wealth fluctuations generate time-varying risk aversion? Italian micro-evidence on household asset allocation, Giuseppe Cappelletti (Banca d'Italia)

12.20 - 12.40: Discussant: Tommy Sveen (BI Norwegian Business School) / Questions

12.45 - Lunch at Norges Bank Canteen


Organizers:

Artashes Karapetyan (Norges Bank Research)
Kjersti-Gro Lindquist (Norges Bank Financial Stability)
Erik Hansen (Norges Bank Conference and Events)

Published 21 November 2013 10:30