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Joint conference organised by the Banque centrale du Luxembourg and the European Central Bank
Luxembourg, 25-26 October 2010
BCL / ECB joint conference on Household Finance and Consumption
Venue: Abbaye de Neumünster, Luxembourg City
28, rue Münster, L - 2160 Luxembourg
Organising committee: Michael Ehrmann (ECB), Michalis Haliassos (CFS and Goethe University), Thomas Mathä (Banque centrale du Luxembourg), Peter Tufano (Harvard Business School), and Caroline Willeke (ECB)
Day 1 - Monday, 25 October
| 11.30 - 13.10 | Registration |
| 13.10 - 13.30 | Welcome Serge Kolb (Executive Director, Banque centrale du Luxembourg) |
| Opening remarks José Manuel González-Páramo (Executive Board member of the European Central Bank) |
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| 13.30 - 14.30 | Keynote lecture: Measurement and reality: US household finances 2007-2009 Arthur Kennickell (Board of Governors, Federal Reserve System) |
| 14.30 - 14.45 | Coffee break |
| 14.45 - 16.15 | Session I: Banking and Financial Advice Chair: Serge Kolb (Executive Director, Banque centrale du Luxembourg) Which households use banks? Evidence from the transition economies download Martin Brown (Swiss National Bank, CentER and EBC, Tilburg University) and Thorsten Beck Discussant: Reint Gropp (European Business School, Wiesbaden), download Financial advice and stock market participation download Dimitris Georgarakos (Goethe University Frankfurt and CFS) and Roman Inderst Discussant: Theoharry Grammatikos (University of Luxembourg), download |
| 16.15 - 16.30 | Coffee break |
| 16.30 - 18.00 | Session II: Consumption Chair: Jean-Pierre Schoder (Banque centrale du Luxembourg) The consumption response to changes in initial mortgage conditions: Evidence from survey data Giacomo Masier and Ernesto Villanueva (Banco de España) Discussant: Mario Padula (University "Ca' Foscari" of Venice), download Check in the mail or more in the paycheck: Does the effectiveness of fiscal stimulus depend on how it is delivered? download Claudia Sahm (Board of Governors, Federal Reserve System), Matthew D. Shapiro and Joel Slemrod Discussant: Andrei Simonov (Michigan State University), download |
| 19.30 | Dinner |
Day 2 - Tuesday, 26 October
| 08.00 - 09.00 | Registration |
| 09.00 - 10.45 | Session III: Financial Literacy Chair: Michael Ehrmann (European Central Bank) Keynote lecture: The importance of financial literacy download Annamaria Lusardi (Dartmouth College) Who lost the most? Financial literacy, cognitive abilities, and the financial crisis download Tabea Bucher-Könen (MEA, University of Mannheim) and Michael Ziegelmeyer Discussant: Dimitris Christelis (SHARE and CSEF, University of Naples, Federico II), download |
| 10.45 - 11.00 | Coffee break |
| 11.00 - 12.30 | Session IV: Wealth Chair: Peter Tufano (Harvard Business School) Inheritances and the distribution of wealth or whatever happened to the great inheritance boom? download Maury Gittleman (Bureau of Labor Statistics, Department of Labor, US Government) and Edward N. Wolff Discussant: Helen Connolly (Luxembourg Income Study), download Wealth mobility and dynamics over entire individual working life cycles download Stefan Hochgürtel (VU University Amsterdam and Tinbergen Institute) and Henry Ohlsson Discussant: Aura Leulescu (Eurostat, European Commission), download |
| 12.30 - 13.45 | Lunch |
| 13.45 -15.15 | Session V: Wealth / Household Borrowing Chair: Michalis Haliassos (Goethe University Frankfurt and CFS) Nativity wealth gap in Germany, Italy and Luxembourg Thomas Mathä, Alessandro Porpiglia (both Banque centrale du Luxembourg) and Eva Sierminska Discussant: Jirka Slacalek (European Central Bank), download Household sector borrowing in the euro area: A micro data perspective download Ramón Gómez-Salvador (European Central Bank), Adriana Lojschova and Thomas Westermann Discussant: Charles Grant (University of Reading), download |
| 15.15 - 15.30 | Coffee break |
| 15.30 - 17.00 | Session VI: Household Borrowing Chair: Caroline Willeke (European Central Bank) Behavioural characteristics and financial distress download Yvonne McCarthy (Central Bank and Financial Services Authority of Ireland) Discussant: Alexis Direr (Laboratoire d'Economie d'Orléans and PSE), download Liquidity constraints and sensitivity to borrowing rates: An empirical evaluation of subprime credit card borrowing Sule Alan (University of Cambridge), Ruxandra Dumitrescu and Gyongyi Loranth Discussant: Philip Vermeulen (European Central Bank), download |
| 17.00 - 17.15 | Closing remarks Yves Mersch (President, Banque centrale du Luxembourg) |
| 17.15 | Departure |