Conference
The CEPR Network on Household Finance, the Einaudi Institute for Economics and Finance, Università di Napoli Federico II, and the Swedish House of Finance, with the partial support of the Think Forward Initiative (TFI), as well as further support from Copenhagen Business School, HEC Paris, and OEE, organised the 2017 CEPR European Conference on Household Finance. The objective was to present state-of-the-art empirical and theoretical research on household financial behavior and on how it is influenced by other choices, government policies, and the overall economic environment.
The 2017 conference took place in Sardinia on October 6 and 7, with Luigi Guiso and Tullio Jappelli as local organisers. 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".
During the joint TFI-CEPR event held on the 5th of October, the Think Forward Initiative Network launched its first research challenge.
Papers were solicited in the following areas:
• Asset allocation and debt behavior over the life cycle
• Financing retirement and the demographic transition
• Consumer indebtedness, financial distress, and default decisions
• Behavioral approaches to household finance
• Financial literacy and financial education programs
• Trust, subjective expectations, pessimism, and financial decisions
• International comparisons of household finances using micro-data
• Financial advice and investors’ and borrowers’ protection
• Financial innovation and household finances
• Households liquidity and risk management
Programme Committee
Steffen Andersen (Copenhagen Business School and CEPR), Laurent E. Calvet (EDHEC Paris, CFS, and CEPR), Joao Cocco (London Business School, CFS, and CEPR), Mariacristina DeNardi (UCL, Federal Reserve Bank of Chicago, CEPR, IFS, and NBER), Francisco Gomes (London Business School, CFS, and CEPR), Luigi Guiso (EIEF and CEPR), Michael Haliassos (Goethe University Frankfurt and CEPR) , Tullio Jappelli (University of Naples Federico II, CSEF and CEPR), Matti Keloharju (Aalto University and CEPR), Brigitte Madrian (Harvard University and NBER), Alex Michaelides (Imperial College and CEPR), Giovanna Nicodano (University of Turin), Monica Paiella (University of Naples Parthenope), Wenlan Qian (National University of Singapore), Tarun Ramadorai (Imperial Business School and CEPR), Antoinette Schoar (MIT and NBER), Paolo Sodini (Stockholm School of Economics and SHoF), Stijn van Nieuwerburgh (NYU, NBER, and CEPR), Stephen Zeldes (Columbia University and NBER).
Local Organisers
Luigi Guiso (Einaudi Institute for Economics and Finance and CEPR)
Tullio Jappelli (Università di Napoli Federico II, CSEF, and CEPR)
Conference Venue
The workshop was held at Hotel El Faro, Alghero, Sardinia.
TFI Event Programme
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CEPR Network on Household Finance
Alghero, Sardinia,
TFI Event: Thursday 5 October 2017
This workshop was held in Alghero, Sardinia, starting on Thursday 5 October with a Think Forward Initiative (TFI) Evening Event and finishing on Saturday 7 October. The Think Forward Initiative (TFI) is a multiple partner eco-system seeking to find, foster, and fuel sustainable solutions that have a lasting global impact. The TFI revolves around identifying and resolving gaps in our understanding of decision-making and turning new insights into practical solutions for financial empowerment. The Thursday evening event brought together the topics of research, innovation and lean business. It hoped to engage all those in attendance to consider the potential for research on financial behaviour to be channeled into disruptive innovation, to empower people. Apart from engaging speakers, who are global leads in their fields, we also launched the first TFI research challenge. Our research challenge launch is a call to action in joining forces across sectors for societal financial empowerment.
Programme:
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18:00-18:30 |
Networking and Drinks |
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18:30-18:40 |
Introduction to the Think forward Initiative |
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18:40-18:50 |
Introduction to the Think forward Initiative Research Challenge |
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18:50-19:05 |
Four short videos: Introduction to the TFI Research Challenge How innovation and digitisation is changing the way business works Lean start up. What is it? Why do businesses use it? What are the implications for the way people have to present research? From research to acceleration: What I need from research to help me run a business |
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19:05-19:10 |
More concrete aspects of innovation |
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19:10-19:35 |
A view from Italy – what innovation has been done in Italy: real-life examples of things we worry about and try to solve for customers |
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19:35-19:40 |
Details of the TFI research challenge |
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19:40 |
Closing comments, Questions and Buffet dinner |
CEPR Network on Household Finance PhD Prize Winner October 2017
Tuesday, October 17, 2017
Watch the prize-winner video below:
The CEPR Network on Household Finance launched in April 2017 a prize for the best student paper in household finance presented at a network conference or workshop. The purpose of the prize is to recognise academic excellence and potential of young researchers engaged in household finance, as well as their contribution to the field at an early career stage. In order for a paper to be eligible for the prize, it has to be single-authored and part of the submitter’s PhD dissertation.
The Steering Committee of the CEPR Household Finance Network reviews all papers presented at its workshop or conference that were written exclusively by current PhD students. It ranks the papers, after they have been presented, according to originality, quality of research execution, and contribution to knowledge in the field. With this recognition, the CEPR HF Network aims at identifying particularly promising emerging scholars in household finance.
The prize is sponsored by the Think Forward Initiative (TFI) which is a collaboration between ING, Dell EMC, Dimension Data, Deloitte and CEPR devoted to finding ways of helping people to make better financial decisions. It is an open-source multi-disciplinary movement bringing together experts representing academia, governments, consumers, and the business world.
The prize was awarded for the second time at the CEPR Network’s European Conference in Household Finance in Sardinia, Italy on October 6, 2017.
PhD Prize Winner October 2017
Julio Galvez from the Center for Monetary and Financial Studies (CEMFI) in Madrid was awarded the prize. His paper was titled “Household portfolio choices and nonlinear income risk”. The Steering Committee was particularly impressed by the development of new insights into the effect of income risk on portfolio choice and stock market participation, as well as by the use of state-of-the-art methods in panel data econometrics. The winning paper was selected by the CEPR HF Network Steering Committee from an outstanding set of papers.
ING Group Chief Economist Mark Cliffe commented: “The Think Forward Initiative is delighted to support the CEPR’s European Workshop on Household Finance, which showcases cutting-edge research on household decision-making. This is a clear example of how the TFI is supporting thought leadership which will help to make a real difference to people’s lives”.
He added “I’m pleased to say that the TFI partnership is continuing to grow. In addition to ING, the TFI now includes Centre for Economic Policy Research (CEPR), Dell EMC, Deloitte and Dimension Data, as well as an international network of over 500 academics, policymakers and industry experts. We look forward to developing and applying deeper insights into household decision making.”
A series of research projects have already been initiated by TFI with a view to developing original insights about financial decision-making, and applying them to create solutions to help households in relevant and timely ways.
