New CEPR network on Household Finance

Tuesday, April 21, 2015

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

Activities

The network will provide an organization underpinning the by now established European Conference in Household Finance, potentially augmented by an additional session with practitioners/policy makers. While the main conference is devoted to presentation of state-of-the-art research papers, the format of this additional session, to be launched in 2016, will encourage close interaction between academics, practitioners, and policy makers.

In 2015, the venue of the Conference in Household Finance is Frankfurt, in 2016 in Paris, and in 2017 in Copenhagen. Conference finance comes from the organizing institutions with which members of the Scientific Committee are affiliated.

The network will also arrange other activities, such as an annual workshop, a policy/practitioner academy, summer schools, and research exchanges. Network research and activities will remain non-partisan, independent of industry and of political parties.

Research promotion and encouragement of young researchers

On the scientific front, the network will promote serious research by helping to coordinate the creation and dissemination of household finance data, and by launching a high-quality academic field journal on Household Finance (which exists nowhere in the world).

The Network will establish a new annual ‘Workshop on Household Finance’ which is intended to be a purely research-oriented event whose goal is nurturing research in the area while drawing in new researchers to this young field. This will be a two-day workshop, of which the first day will be devoted to regular paper presentations and the second day will be devoted to presentations of job market papers by doctoral students working on Household Finance. The first such workshop will take place in 2016 in London. In 2017, the workshop will take place in Naples/Capri.

Household Finance Data

Network members undertake to coordinate efforts and to organize a campaign for the importance of micro data for household finance research. As a first step, Luigi Guiso and Paolo Sodini will organize a data session in the 2015 Frankfurt conference. Following this, they will produce a draft of a manifesto on the importance of micro data. Network members will be invited to contribute ideas and comments. Suitable methods of dissemination of the resulting document will be implemented.

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

Outreach

The Network will disseminate research findings to practitioners and policy makers while drawing on their insights in terms of research questions that have practical or policy relevance.

As part of its dissemination efforts, the network will be organizing annually either a ‘Summer Academy’ for practitioners and policymakers or a Summer School for PhD Students. The Summer Academy will charge tuition fees, potentially differentiated across practitioners and employees of policy institutions. The proceeds will be used to fund activities of the network, including research projects funded by the network. The first such academy will be organized in 2016 or 2017.

Founding Members

The Network Director will be Michael Haliassos (Goethe University, CFS and CEPR). The founding members are: Steffen Andersen (Copenhagen Business School) ; Laurent Calvet (HEC Paris); 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 (Saïd Business School, Oxford, OMI and CEPR); and, Paolo Sodini (Stockholm School of Economics and SHoF).

Interested CEPR Fellows and Affiliates should contact Simran Bola for more information.