Fifth Conference on Household Finance and Consumption
14 and 15 December 2017 
Paris, France
Programme
- 8:15
- Registration and coffee
- 8:50
-  
   Introductory RemarksDenis Beau, Deputy Governor, Banque de France 
- 09:00
-  
   Houses and Families across CountriesPresentationMonika Piazzesi (Stanford) with A. Peter and M. Schneider Chair: Juha Honkkila (ECB) 
- 9:45
- Coffee break
- 10:05
-  
   Session I - Housing marketsRental Markets and Wealth Inequality in the Euro AreaPresentationFabian Kindermann (University of Bonn), with S. Kohls Discussant: Michael Haliassos (Goethe University Frankfurt) 
 Rent or Buy? The Role of Lifetime Experiences of Macroeconomic Shocks within and across CountriesPaperAlexandra Steiny (Berkeley), with U. Malmendier Discussant: Hervé Le Bihan (Banque de France) 
- 12:05
- Coffee break
- 12:25
- 
   Heterogeneity and Persistence in Returns to WealthLuigi Pistaferri (Stanford) with A. Fagereng, L. Guiso, and D. Malacrino 
- 13:10
- Lunch
- 14:10
- 
   Uncertainty Aversion and Heterogeneous Beliefs in Linear ModelsMartin Schneider (Stanford), with C. Ilut and P. Krivenko Chair: Frédérique Savignac (Banque de France) 
- 14:55
- Coffee break
- 15:15
- 
   Accounting for Wealth InequalityDynamics: Methods, Estimates and Simulations for France (1800-2014) Paper
 PresentationBertrand Garbinti (Banque de France), with J. Goupille-Lebret and T. Piketty Discussant: Philip Vermeulen (ECB) 
- 16:15
-  
   Session II - "Shorter presentations by the HFCN"Economic Policy Uncertainty and Stock Market ParticipationPaperE. Gábor-Tóth and D. Georgarakos (ECB) Peer effects in stock market participation: Evidence from immigrationA. Girshina, T. Mathä and Michael Ziegelmeyer (BCL) Exploring differences in financial literacy across countries: the role of individual characteristics, experience and institutionsPaper
 PresentationA. Cupák (NBS), P. Fessler, M. Silgoner and E. Ulbrich 
- 17:15
- End of Day 1
- 19:30
- Conference dinner – invitation only
- 8:15
- Coffee
- 8:45
-  
   SpeechAnne Le Lorier (Deputy Governor, Banque de France) 
- 09:05
-  
   On the Measurement of Wealth: New Issues and Evidence from WID.worldPresentationThomas Piketty (PSE) Chair: Françoise Drumetz (Banque de France) 
- 09:50
- Coffee break
- 10:10
-  
   Session III - Households and creditChair: Olivier Garnier (Banque de France) Consumption Response to Credit Tightening Policy: Evidence from TurkeyChangcheng Song (Singapore), with S. Agarwal, M. Hadzic, and Y. Yildirim Discussant: Tullio Jappelli (University of Naples Federico II) 
 Credit Growth and the Financial Crisis: A New NarrativePaper
 PresentationStefania Albanesi (Pittsburgh), with G. DeGiorgi and J. Nosal Discussant: João Cocco (London Business School) 
- 12:10
- Coffee break
- 12:30
-  
   Distorted Advice in the Mortgage MarketPresentationLuigi Guiso (EIEF), with A. Pozzi, A. Tsoi, L. Gambacorta and P. Mistrulli 
- 13:15
- Lunch
- 14:15
-  
   Incorporating Household Heterogeneity in Business Cycle AnalysisPresentationGianluca Violante (Princeton), with G. Kaplan Chair: Oreste Tristani (ECB) 
- 15:00
-  
   Session IV - "Shorter presentations by the HFCNHousing over the Life Cycle and Across Countries: A Structural AnalysisPresentationJ. Le Blanc and J. Slacalek (ECB) Homeownership Rates of Young Households in GermanyPresentationP. Marek (Bundesbank) The Interest Rate Exposure of Euro Area Households"PresentationP. Tzamourani (Bundesbank) 
- 16:00
- End of conference
Submission deadline: 31 July 2017
Fifth Conference on Household Finance and Consumption
14-15 December 2017, Paris
The European Central Bank organises a biennial conference on household finance and consumption, with the objective of fostering empirical and theoretical research on how household heterogeneity affects the accumulation of assets and debt, consumption/saving behaviour and the transmission of monetary policy. The focus of the Conference is on research that makes use of household level data, with a special interest in the data from the Household Finance and Consumption Survey (HFCS).
In 2017 the Conference will be organised jointly with the Banque de France and will take place in Paris on 14-15 December. We are actively seeking papers in the following areas, but related areas will also be considered:
- household consumption, saving, and portfolio choice
- housing, mortgage markets, and financial markets
- household finance, credit constraints, and monetary policy
- household indebtedness and financial distress
- household finances and the financial and economic crisis
- behavioural approaches to household asset accumulation, debt, and consumption
- financing retirement and demographic developments
The following speakers have confirmed their participation: Luigi Guiso, Monika Piazzesi, Thomas Piketty, Luigi Pistaferri, Martin Schneider and Gianluca Violante.
Information on past conferences on household finance and consumption, on access to the HFCS data, and on the survey in generalSubmission of abstracts/papers
Authors are welcome to submit extended abstracts or, preferably, full drafts of papers by 31 July 2017 to HFCS@ecb.europa.eu. Authors of accepted papers will be notified by 15 October 2017.
Organising committee
Michael Haliassos (CFS and Goethe University), Tullio Jappelli (University of Naples Federico II), Sébastien Pérez-Duarte (ECB), Frédérique Savignac (Banque de France), Jiri Slacalek (ECB), Oreste Tristani (ECB).
Expenses
The organisers will cover reasonable travel expenses for those presenting papers and discussants (though participants from National Central Banks and other EU institutions are expected to cover their own expenses).
General information
Banque de France
 31 Rue Croix des Petits Champs
 75001 Paris, France
 Conference Room: Auditorium
Participants are requested to arrange their own transfers from and to the airport, unless indicated otherwise.
English
Michalis Haliassos (Goethe University Frankfurt)
 Tullio Jappelli (University of Naples, Federico II)
 Frédérique Savignac (Banque de France)
 Jirka Slacalek (ECB)
 Oreste Tristani (ECB)