Sponsored by Think Forward Initiative
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".
Top student submissions were included in the regular workshop programme, and the best student paper was awarded the CEPR Network Prize on Household Finance, sponsored by TFI. We solicited papers in the following areas, but other related areas were also considered:
• 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 legal protection of investors and borrowers
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), 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),.
Steffen Andersen (Copenhagen Business School and CEPR)
The workshop was held at Copenhagen Business School
CEPR Network on Household Finance PhD Prize Winner 2017
Monday, May 8, 2017
The CEPR Network on Household Finance launched a prize for the best student paper in household finance presented at a network conference or workshop. The purpose of the prize isto 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. The first such prize, sponsored by the Think Forward Initiative (TFI), was awarded at the CEPR Network’s European Workshop in Household Finance in Copenhagen, Denmark on April 28, 2017.
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 TFI partnership is continuing to grow. In addition to ING, the TFI now includes Centre for Economic Policy Research (CEPR), Microsoft, 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.”
The Steering Committee of the CEPR Household Finance Network reviews all papers presented at its workshops or conferences that were written exclusively by current PhD students at the time. 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.
PHD Prize Winner 2017
The prize winner was selected from an outstanding set of papers. The first CEPR Household Finance Network Student Prize is awarded to Matteo Benetton, a PhD candidate from the London School of Economics. The paper was titled “Lenders’ Competition and Macro-Prudential Regulation: A Model of the UK Mortgage Supermarket”. The Steering Committee was particularly impressed by the development and estimation of a deep structural model of household demand and supply of residential mortgages, and its application to the important policy-relevant problem of optimal banking capital requirements.
Matteo Benetton is a Ph.D. Candidate at the London School of Economics. His research interests include industrial organization, household finance and macroeconomics. Matteo is currently studying the effects of competition and macro-prudential regulation in the mortgage market for borrowers’ choice and lenders’ pricing. Using micro-level data, he is estimating an empirical model of the UK mortgage market, to study the pass-through of funding costs and capital requirements on equilibrium prices and allocations. Matteo is also an academic visitor at the Bank of England, working on issues related to the effect of competition for the monetary transmission mechanism and the impact of Basel II on lenders’ pricing and specialization. Previously, Matteo received both his bachelor and graduate degrees in economics (summa cum laude) at the University of Pisa-Sant’Anna School of Advanced Studies.
The Think Forward Initiative is devoted to finding ways of helping people to make better financial decisions. ING has teamed up with partners including the Centre for Economic Policy Research (CEPR) Household Finance Network, Microsoft, Dell EMC, Dimension Data, and Deloitte. It is an open-source multi-disciplinary movement bringing together experts representing academia, governments, consumers, and the business world. A series of research projects have already been initiated 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. TFI is also raising public awareness with high profile international events.
CEPR Network on Household Finance European Workshop Videos
Session One: Mortgage markets
Andrea Pozzi talks about Distorted Advice in Financial Markets:Evidence from the Mortgage Market
Matteo Benetton talks about Competition and macro-prudential regulation: An empirical model of the UK mortgage supermarket
Session Two: Household Wealth
Jonathan Goupille-Lebret talks about Accounting for Wealth Inequality Dynamics: Methods, Estimates and Simulations for France (1800-2014)
Session Three: Financial Decision Making
Florian Exler talks about Regulating Small Dollar Loans: The Role of Delinquency
Session Four: Finance and Consumption
Kaveh Majlesi talks about Stock Market Returns and Consumption
Gisle J. Natvik talks about MPC heterogeneity and household balance sheets
Session Five: Social Interactions
Yigitcan Karabulut talks about Financial Literacy Externalities
Matthias Pelster talks about Social media interactions and biases in investment decisions