Conference Programme
CEPR NETWORK EVENT ON HOUSEHOLD FINANCE
FIRST EUROPEAN WORKSHOP
Friday & Saturday 6-7 May 2016
Sponsored by the Brevan Howard Centre for Financial Analysis & London Business School
Programme (pdf)
Friday 6 May 09h00-18h00
Location: Lower Ground Square Lecture Theatre, Tanaka Building, Imperial College Business School
08.50 - 09.10 Registration
09.10 - 09.15 Welcoming remarks by Anand Anandalingam (Dean, Imperial College Business School)
09.15 - 09.20 Updated on Household Finance Network by Michael Haliassos (Director, CEPR Network on Household Finance)
09.20-11.00 Session One: Consumer Credit
Chair: Francisco Gomes (London Business School, CFS, and CEPR)
- 09.20-10.10 Claus Thustrup Kreiner (Copenhagen University and CEPR), Søren Leth-Petersen (Copenhagen University and CEPR) and Louise Willerslev-Olsen (Copenhagen University)
Financial trouble across generations: evidence from the universe of personal loans in Denmark
Discussant: Samuli Knüpfer (BI Norwegian Business School and CEPR) - 10.10-11.00 Marieke Bos (Stockholm University), Chloe Le Coq (Stockholm School of Economics) and Peter Van Santen (Sveriges Riksbank)
Economic Scarcity and Consumers' Credit Choice
Discussant: Andrew Hertzberg (Columbia Business School)
11.00-11.20 Coffee Break
11.20-13.00 Session Two: Mortality Risk
Chair: Michalis Haliassos (Goethe University Frankfurt and CEPR)
- 11.20-12.10 Vimal Balasubramaniam (Saïd Business School, Oxford)
Subjective Mortality Expectations and Financial Outcomes
Discussant: Francisco Gomes (London Business School, CFS, and CEPR) - 12.10 -13.00 Jens Sørlie Kværner (Norwegian School of Economics)
What Can Shocks to Life Expectancy Reveal About Bequest Motives?
Discussant: Alex Michaelides (Imperial College London and CEPR)
13.00-14.10 Lunch
14.10-15.50 Session Three: Mortgages
Chair: Alex Michaelides (Imperial College London and CEPR)
- 14.10-15.00 Sean Hundtofte (Yale University)
No such thing as a free option? Offers to modify mortgages and borrower mistakes
Discussant: Joao Cocco (London Business School, CFS, and CEPR) - 15.00-15.50 Sumit Agarwal (National University of Singapore), Gene Amromin (Federal Reserve Bank of Chicago), Souphala Chomsisengphet (OCC), Tomasz Piskorski (Columbia University and NBER), Amit Seru (Booth School of Business, University of Chicago and NBER) and Vincent Yao (Georgia State University)
Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program
Discussant: Tarun Ramadorai (Saïd Business School, Oxford, and CEPR)
15.50-16.10 Coffee Break
16.10-18.00 Session Four: Consumption
Chair: Luigi Guiso (EIEF and CEPR)
- 16.10-17.00 Deniz Aydin (Stanford University)
The Marginal Propensity to Consume Out of Liquidity: Evidence from Random Assignment of 54,522 Credit Lines
Discussant: Tullio Jappelli (CSEF, University of Naples and CEPR) - 17.00-17:50 Thais Laerkholm Jensen and Niels Johannesen (University of Copenhagen)
The Consumption Effects of the 2007-2008 Financial Crisis: Evidence from Household-level data
Discussant: Kim Peijnenburg (Bocconi)
17.50-18:00 Closing Remarks
Saturday 7 May 09h30-16h20
09.30-09.45 Coffee on arrival
09.45-12.30 Session Five: Pensions
Chair: Monica Paiella (University of Naples Parthenope)
- 09.45-10.35 Magnus Dahlquist (Stockholm School of Economics and CEPR), Ofer Setty (Tel Aviv University) and Roine Vestman (Stockholm University)
On the Asset Allocation of a Default Pension Fund
Discussant: Michalis Haliassos (Goethe University Frankfurt and CEPR) - 10.35-11.25 Cormac O’Dea (Institute for Fiscal Studies and University College London)
Private Pensions and Public Pension Design
Discussant: Michaela Pagel (Columbia Business School)
11.25-11.40 Coffee Break
- 11.40 -12.30 John Beshears (Harvard Business School and NBER), James J. Choi (Yale University and NBER), David Laibson (Harvard University and NBER), Brigitte C. Madrian (Harvard University and NBER) and Sean (Yixiang) Wang (NBER)
Who Is Easier to Nudge?
Discussant: Luigi Guiso (EIEF and CEPR)
12.30 -13.30 Lunch
13.30-16.20 Session Six: Individual Investors and Personal Experiences
Chair: Tarun Ramadorai (Saïd Business School, Oxford, and CEPR)
- 13.30 -14.20 Benjamin Loos (University of Mannheim), Steffen Meyer (Leibnitz University) and Andreas Hackethal (Goethe University Frankfurt)
Fee-only Advice
Discussant: Alessandro Previtero (The University of Texas at Austin) - 14.20 -15.10 Geert Bekaert (Columbia Business School and CEPR), Kenton Hoyem (Financial Engines, Inc.), Wei-Yin Hu (Financial Engines, Inc.) and Enrichetta Ravina (Columbia Business School)
Who is internationally diversified? Evidence from 296 401(k) plans
Discussant: Laurent Calvet (HEC Paris, CFS and CEPR)
15.10 -15.25 Coffee Break
- 15.25 -16.15 Ulrike Malmendier (UC Berkeley and CEPR) and Alexandra Steiny (UC Berkeley)
Rent or Buy? The Role of Lifetime Experiences of Macroeconomic Shocks within and across Countries
Discussant: Anthony De Fusco (Kellogg School of Management, Northwestern University)
16.15 -16.20 Closing Remarks
Programme Committee:
Steffen Andersen (Copenhagen Business School and CEPR), Laurent Calvet (HEC Paris, CFS and CEPR), Joao Cocco (London Business School, CFS, and CEPR), Mariacristina De Nardi (University College London, IFS, NBER and CEPR), Francisco Gomes (London Business School, CFS, and CEPR), Luigi Guiso (EIEF and CEPR), Michalis Haliassos (Goethe University Frankfurt and CEPR), Tullio Jappelli (University of Naples Federico II, CSEF and CEPR), Matti Keloharju (Aalto University and CEPR), Alex Michaelides (Imperial College London and CEPR), Monica Paiella (University of Naples Parthenope), Tarun Ramadorai (Saïd Business School, Oxford, OMI and CEPR), Antoinette Schoar (MIT, NBER and CEPR), Paolo Sodini (Stockholm School of Economics and SHoF).