CEPR ‐ University of St. Gallen workshop on Household Finance and Economic Stability
Presentation: 45 minutes; Discussion: 10 minutes; Floor discussion: 5 minutes
The papers are available to workshop participants on a password-protected website after August 21, 2015.
Monday, August 31, 2015
09:00 - 11:00 Session 1: Housing and Macroeconomic Stability
| Growth and Housing Prices |
Nobuhiro Kiyotaki, Princeton University
Alex Michaelides, Imperial College, London
Kalin Nikolov, European Central Bank
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| Discussant: |
Gisle James Natvik, BI Norwegian Business School |
| Household Debt and Crises of Confidence |
Thomas Hintermaier, University of Bonn
Winfried Koeniger, University of St.Gallen |
| Discussant: |
Kartik Athreya, Federal Reserve Bank of Richmond |
| 11:00 - 11:30 Coffee break |
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11:30 - 13:30 Session 2: Household Finance and Monetary Policy
| Regional Heterogeneity and Monetary Policy |
Andreas Fuster, Federal Reserve Bank of New York
Martin Beraja, Erik Hurst and Joseph Vavra, all at University of Chicago |
| Discussant: |
Junyi Zhu, Deutsche Bundesbank |
| Monetary Policy when Households have Debt: New Evidence on the Transmission Mechanism |
James Cloyne, Bank of England
Clodomiro Ferreira and Paolo Surico, both at London Business School |
| Discussant: |
Mico Loretan, Swiss National Bank |
| 13:30 - 14:30 Lunch |
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14:30 - 16:30 Session 3: Entrepreneurship and Firm Leverage
| Housing Collateral and Entrepreneurship |
Martin C. Schmalz, University of Michigan
David A. Sraer, UC Berkeley
David Thesmar, HEC Paris |
| Discussant: |
Cathérine Koch, Bank of International Settlements |
| Firm Leverage and Unemployment during the Great Recession |
Xavier Giroud, MIT
Holger M. Mueller, New York University |
| Discussant: |
Mathias Drehmann, Bank of International Settlements |
| 16:30 - 17:00 Coffee break |
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17:00 - 18:00 Keynote
| The Response of Consumption to Income Shocks |
Tullio Jappelli, University of Naples |
| 19:30 Conference dinner at Restaurant Lagerhaus for speakers and discussants |
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Tuesday, September 1, 2015
09:00 - 13:30 Session 4: Housing and Consumption
| The Rise and Fall of Consumption in the '00s |
Yuliya Demyanuk, Federal Reserve Bank of Cleveland
Dmytro Hryshko, University of Alberta
Maria José Luengo Prado, Federal Reserve Bank of Boston
Bent E. Sorensen, University of Houston |
| Discussant: |
Michael Haliassos, Goethe University Frankfurt |
| Consumption and House Prices in the Great Recession: Model meets Evidence |
Greg Kaplan, Princeton University
Kurt Mitman, Stockholm University
Giovanni L. Violante, New York University
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| Discussant: |
Jochen Mankart, Deutsche Bundesbank |
| 11:00 - 11:30 Coffee break |
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11:30 - 13:30
| Housing equity, saving and debt dynamics over the Great Recession: Micro evidence on heterogeneous household responses |
William Elming, IFS
Andreas Ermler, Danish Ministry of Finance |
| Discussant: |
Steffen Andersen, Copenhagen Business School |
| Consumption and Initial Mortgage Conditions: Evidence from Survey Data |
Giacomo Masiery, Previnet
Ernesto Villanueva, Bank of Spain |
| Discussant: |
Arna Vardardottir, Copenhagen Business School |
| 13:30 - 14:30 Lunch |
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