This network, led by Michael Haliassos of Goethe University Frankfurt, aims to promote research on household finance that is both scientifically excellent and relevant to policymakers and market participants.

News:

News on the Recipients of the Network PhD Student Prize:

  • The prize for the CEPR Sixth European Workshop on Household Finance in 2021 was awarded to Kim Fe Cramer, PhD student at Columbia University for her paper "Bank Presence and Health", Alexandru Barbu, PhD student at London Business School for his paper "Ex-Post Loss Sharing in Consumer Financial Markets" and Lu Liu, PhD student at Imperial College for her paper "The Demand for Long-Term Mortgage Contracts and the Role of Collateral".
  • The prize for the CEPR Fifth European Workshop on Household Finance in 2020 was awarded to Pierre Mabille, Assistant Professor of Finance at INSEAD, for his paper “The Missing Home Buyers: Regional Heterogeneity and Credit Contractions"
  • The prize for the Lund Workshop in 2019 was awarded to Erkki Vihriälä, DPhil student at the University of Oxford, for his paper “Untangling the credit card debt puzzle - persistence, reaction to cheap liquidity and intra-household optimization”.
  • The prize for the 2019 Rhodes Conference was awarded to Rory McGee (UCL) for his paper “Savings after Retirement: Homeownership, Preferences or Risks?”
  • The first CEPR-TFI prize winner, Matteo Benetton of the London School of Economics, was given the prize for the Copenhagen workshop in 2017 and is now an assistant professor at Haas School of Business, University of California, Berkеley. 
  • Julio Galvez of CEMFI, currently research economist at the Bank of Spain, was awarded the prize for the 2017 Conference in Sardinia. 
  • Stephanie Johnson of Northwestern University, currently assistant professor at Rice University, received the prize for the London Workshop in 2018. 
  • The recipient of the Prize at the 2018 Conference in Sicily, Claudia Robles-Garcia of the London School of Economics, has been appointed Assistant Professor at Stanford Graduate School of Business.

Conferences and Workshops

The network organises the CEPR European Conference on Household Finance in early Fall, as well as the CEPR Workshop on Household Finance in the spring of each year, and further events. 

Upcoming:

Past:

The workshop took place on 14-16 April 2021 online, the full programme is available here. A CEPR-TFI online webinar on "Finance and Inequality" organised by Laurent Calvet (EDHEC and CEPR) took take place on 14 April 2021 at 6pm CEST, confirmed speakers included: Alberto Bisin (New York University and CEPR), Jeffrey Sachs (Columbia University), José Scheinkman (Columbia University) and Florian Scheuer (University of Zurich and CEPR). 

The CEPR Sixth European Workshop on Household Finance: Summary

The conference took place virtually on 9-11 September 2020, more information can be found on the event webpage. The CEPR-TFI event "Climate Change: Financial Implications for Households” took place on 9 September 2020. The full recording is available here and an article is available here. The confirmed panel members were Stefano Giglio (Yale SOM), Nat Keohane (Environmental Defense Fund), Bob Litterman (Kepos Capital and Chairman of the CFTC's Climate-Related Market Risk Subcommittee) and Nancy Wallace (Berkeley Haas).

The CEPR European Conference on Household Finance 2020: Summary

The conference took place virtually on 7-9 May. More information can be found on the event webpage. The CEPR-TFI event - Household Welfare; Do We Need Big Data?  took place on 7 May, read the full article here and the recording is available here.

The CEPR Fifth European Workshop on Household Finance: Summary

The conference took place in Rhodes, Greece at Rodos Palace Hotel on 19-21 September. More information can be found on the event webpage.  The CEPR-TFI event - Big Tech and Fin Tech took place on 19 September.

The CEPR European Conference on Household Finance 2019: Summary

The workshop took place in Lund, Sweden at Skissernas Museum on 10-11 May. The summary, agenda and papers are available on the event webpage.

The 2019 CEPR European Workshop on Household Finance: Summary

The conference was preceded by a CEPR-TFI event - Fairness in Consumer Credit Markets. For additional details and speakers, please refer to the Agenda. 

The conference was held on 5-6 October 2018 at Ortygia Business School in Sicily, Italy. The agenda and papers are available on the event webpage. The CEPR-TFI Prize for the Best Student Paper in Household Finance was awarded to Claudia Robles-Garcia (London School of Economics) for her paper “Experts, Commissions and Market Power: Evidence from UK Mortgage Brokers”. 

The 2018 CEPR European Conference on Household Finance: Summary

The conference was preceded by a CEPR-TFI event - Robo Advisers and Consumer Finance: Promises and Risks. For additional details and speakers, please refer to the Agenda. This event, supported by the CEPR Network on Household Finance, ING and the Think Forward Initiative, took place on 10 May 2018 at ING Bank. The full details can be found on the invitation. 

The workshop took place on 11-12 May 2018 at the Imperial College of London. The programme and papers are available on the event webpage. The Prize for the best PhD student paper was awarded to Stephanie Johnson (Northwestern University) for her paper “Are Mortgage Regulations Affecting Entrepreneurship?”. Furthermore, the Network Director, prof Michalis Haliassos received an award in recognition of his dedication to the CEPR Network on Household Finance.

The 2017 conference took place in Sardinia on October 6 and 7, with Luigi Guiso and Tullio Jappelli as local organizers. For the second time, a Prize for the best PhD student paper was awarded, this time to Julio Galvez (CEMFI) for his paper on "Household portfolio choices and nonlinear income risk". More information on the conference can be found on the event webpage.  

During a joint TFI-CEPR event held on the 5th of October, the Think Forward Initiative Network launched their First Research Challenge.

The CEPR Network on Household Finance and the Copenhagen Business School, supported in part by the Think Forward Initiative (TFI), organised the 2017 CEPR European Workshop on Household Finance in Copenhagen in April. The workshop launched a prize for the best student paper in household finance which was awarded to Matteo Benetton for his paper on "Lenders' competition and macro-prudential regulation: A model of the UK mortgage supermarket". Short videos were produced to summarise the sessions and can be viewed here.  Further information on the workshop itself can be found on the event webpage.

CEPR, Copenhagen Business School, the Einaudi Institute for Economics and Finance (EIEF), HEC Paris, the Observatoire de l'Epargne Européenne (OEE), and the Swedish House of Finance (SHoF) at the Stockholm School of Economics organised the 2016 CEPR European Conference on Household Finance. The objective was to present state-of-the-art empirical research and empirically motivated theoretical research on household financial behaviour and on how it is influenced by other choices, government policies, and the overall economic environment.

CEPR, the Imperial College Business School and the London Business School organised the first European Household Finance Workshop on May 6-7, 2016. The objective was to host presentations and foster interaction between senior and junior researchers working in the area of household finance. The workshop included state-of-the-art research on household financial behaviour and on how this is influenced by other choices, government policies, and the overall economic environment.

The Research Center SAFE (Sustainable Architecture for Finance in Europe) at Goethe University Frankfurt, the Copenhagen Business School, the Einaudi Institute for Economics and Finance (EIEF), HEC Paris, and the Swedish House of Finance (SHoF) organized the 2015 European Conference of the CEPR Network on Household Finance.

  • Previous conferences: Athens, organized by CFS (2010); Rome at EIEF (2011); Oxford at SBS (2012, joint with NBER); Rome at EIEF (2013); Stockholm at Swedish House of Finance (2014).

Notices and Newsletters

Household Finance Newsletter #01 (N.B. The date for 2017 Sardinia conference changed from September 15-16 to October 6 and 7)

Household Finance Newsletter #02

Household Finance Newsletter #03 (N.B The correct dates for the 2019 CEPR European Conference in Household Finance in Rhodes are 20 - 21 September 2019)

Household Finance Newsletter #04 (N.B. The Fifth European Workshop on Household Finance will be hosted remotely in three 2-hour sessions that will take place on 7, 8 and 9 May)

Household Finance Newsletter #05 (N.B. CEPR European Conference on Household Finance 2021 will be hosted remotely that will take place on 6, 7 and 8 October)

Partnerships and Interactions with Policy Makers and Industry

The Network disseminates research findings to practitioners and policy makers in Europe and around the world, while drawing on their insights in terms of research questions that have practical or policy relevance. Network research and activities will remain nonpartisan, independent of industry and of political parties.

  • In April 2016, there was a special session on Household Finance, organised by Michael Haliassos, in the renowned Shanghai Forum (Shanghai, China). The Network was represented by Laurent Calvet, Francisco Gomes, Michael Haliassos, Luigi Guiso and Tullio Jappelli. Policy conclusions from the session were widely publicized in the Shanghai press.

  • Think Forward Initiative
    CEPR became an academic partner of the Think Forward Initiative in mid-2016. Through this partnership, TFI provides funding to the Household Finance Initiative. The Network, in collaboration with TFI, organizes events that promote closer interaction between academics, practitioners, and policy makers. The first TFI-CEPR event was organized in London on September 14, 2016.

    The 2018 TFI Summit took place on 10th April in Amsterdam. You can read a summary of the event here.

    In 2017, this partnership was taken to a higher level. During the Sardinia conference, on October 5, 2017, TFI held a networking event and issued a first “Research Challenge”: a call for research projects with potential relevance for industry applications aimed at empowering households to deal with their finances. Interested TFI industry partners will collaborate with researchers to test and develop innovative tools that are expected to make a difference in household financial decision making.

  • The Asian Bureau of Financial and Economic Research (ABFER) and the National University of Singapore Business School became Network Partners in 2017.
     
  • The EDHEC Business School Doctoral Program in Finance became a network partner in 2017.

Research promotion and encouragement of young researchers

The network promotes young researchers. Its conference and workshop will feature, in addition to regular paper presentations, presentations by doctoral students in household finance. Starting with the second Workshop on Household Finance held in Copenhagen, the Network launched a PhD student paper prize with the financial support of TFI. The prize is awarded to the best paper presented at one of our Conferences or Workshops that is solely authored by PhD students (or was substantially written during the candidates’ doctoral studies). The winners are selected by the CEPR Network Steering Committee after presenting their papers.

On the scientific front, the network will promote serious research by helping to coordinate the creation and dissemination of household finance data, by editing special issues on Household Finance in existing journals, and by pursuing the launch of a high-quality academic field journal on Household Finance (which exists nowhere in the world) and/or a number of special issues in existing journals.

Network members campaign for the importance of micro data for household finance research. The use of administrative data sets, collected for taxation or other purposes and relevant for household finance research, is emphasized. The network will investigate whether the use of the Scandinavian approach to developing micro data can be streamlined, extended, and applied to other countries.

Founding Members

Network Director:

Michael Haliassos (Goethe University and CEPR).

Founding Members: 

Steffen Andersen (Copenhagen Business School and CEPR); 

Laurent Calvet (EDHEC Business School and CEPR); 

Joao Cocco (London Business School and CEPR); 

Francisco Gomes (London Business School and CEPR); 

Luigi Guiso (EIEF and CEPR); 

Tullio Jappelli (University of Naples Federico II, CSEF and CEPR); 

Matti Keloharju (Aalto University and CEPR); 

Alex Michaelides (Imperial College and CEPR);

Tarun Ramadorai (Imperial College and CEPR);

Paolo Sodini (Stockholm School of Economics and SHoF).

Network Steering Committee

The Founding Members 

Giovanna Nicodano (Università di Torino and CEPR) 

Wenlan Qian (National University of Singapore) 

Network Fellows

Rob Alessie (University of Groningen)

Andreas Fuster (Swiss National Bank)

Monica Paiella (Università di Napoli Parthenope) 

Paolo Sodini (Stockholm School of Economics and SHoF)

Network Affiliates

Cristian Badarinza (National University of Singapore) 

Vimal Balasubramaniam (Queen Mary University of London)

Yigitcan Karabulut (Frankfurt School of Finance & Management)

Network Members

The Network has appointed the following Network Members for the period 2019-2021, in recognition of their contributions to the field of Household Finance and of their active involvement in Network activities.

Marieke Bos (Stockholm School of Economics and SHoF )

John Gathergood (University of Nottingham)

Samuli Knüpfer (BI Norwegian Business School)

Soren Leth-Petersen (Copenhagen University)

Kaveh Majlesi (Lund University)

Arna Olafsson (Copenhagen Business School)

Michaela Pagel (Columbia University)

Kim Peijnenburg (EDHEC Business School)

Raman Uppal (EDHEC Business School)

Stephen Zeldes (Columbia University)

Interested CEPR Fellows and Affiliates should contact Monika Tsvetkova for more information.