ECB BdF Conference on Household Finance & Consumption 2017

La Banque centrale européenne organise tous les deux ans une conférence biennale sur la finance et la consommation des ménages, dans le but d'encourager les recherches empiriques et théoriques sur la manière dont l'hétérogénéité des ménages influe sur l'accumulation des actifs et de la dette, les comportements de consommation/épargne et la transmission de la politique monétaire. La conférence se concentre sur les travaux utilisant les données individuelles au niveau des ménages, avec un intérêt particulier pour les données de l'Enquête de l’Eurosystème sur les finances et la consommation des ménages (HFCS). La prochaine conférence, organisée avec la Banque de France, aura lieu à Paris, du 14 au 15 décembre.

This fifth edition of the conference is jointly organized by the ECB and the Banque de France. It aims at fostering empirical and theoretical research on how household heterogeneity affects the accumulation of assets and debt, consumption/saving behaviour and the transmission of monetary policy. The focus of the Conference is on research that makes use of household level data, with a special interest in the data from the Household Finance and Consumption Survey (HFCS).

Luigi Guiso, Monika Piazzesi, Thomas Piketty, Luigi Pistaferri, Martin Schneider and Gianluca Violante will participate as invited speakers. For information on past conferences on household finance and consumption, on access to the HFCS data, and on the survey in general, see


Organising committee: Michael Haliassos (CFS and Goethe University), Tullio Jappelli (University of Naples Federico II), Sébastien Pérez-Duarte (ECB), Frédérique Savignac (Banque de France), Jiri Slacalek (ECB), Oreste Tristani (ECB).



Thursday, 14 December 2017


Registration and coffee


Introductory Remarks, Denis Beau (Deputy Governor, Banque de France)
Chair: Juha Honkkila (ECB)


Monika Piazzesi (Stanford) with A. Peter and M. Schneider: "Houses and Families across Countries"


Coffee break


Session: Housing markets


Fabian Kindermann, with S. Kohls: "Rental Markets and Wealth Inequality in the Euro Area"
Discussant: Michael Haliassos (Goethe University Frankfurt)


Alexandra Steiny, with U. Malmendier: "Rent or Buy? The Role of Lifetime Experiences of Macroeconomic Shocks within and across Countries"
Discussant: Hervé Le Bihan (Banque de France)


Coffee break


Luigi Pistaferri (Stanford) with A. Fagereng, L. Guiso, and D. Malacrino: "Heterogeneity and Persistence in Returns to Wealth"




Chair: Frédérique Savignac (Banque de France)
Martin Schneider (Stanford), with C. Ilut and P. Krivenko: "Uncertainty Aversion and Heterogeneous Beliefs in Linear Models"


Coffee break


Bertrand Garbinti, with J. Goupille-Lebret and T. Piketty: "Accounting for Wealth Inequality Dynamics: Methods, Estimates and Simulations for France (1800-2014)"Appendix
Discussant: Philip Vermeulen (ECB)


"Shorter presentations by the HFCN" [20 minutes per presentation]

Paper a: E. Gábor-Tóth and D. Georgarakos (ECB): "Economic Policy Uncertainty and Stock Market Participation"

Paper b: A. Girshina, T. Mathä and Michael Ziegelmeyer (BCL): "Peer effects in stock market participation: Evidence from immigration"

Paper c: A. Cupak (NBS), P. Fessler, M. Silgoner and E. Ulbrich: "Exploring differences in financial literacy across countries: the role of individual characteristics, experience and institutions"


End of Day 1

Friday, 15 December 2017




Speech, Anne Le Lorier (Deputy Governor, Banque de France)
Chair: Françoise Drumetz (Banque de France)

Thomas Piketty (PSE): "On the Measurement of Wealth: New Issues and Evidence from"


Coffee break


Session: Households and credit
Chair: Olivier Garnier (Banque de France)

Changcheng Song, with S. Agarwal, M. Hadzic, and Y. Yildirim: "Consumption Response to Credit Tightening Policy: Evidence from Turkey"
Discussant: Tullio Jappelli (University of Naples Federico II)

Stefania Albanesi, with G. DeGiorgi and J. Nosal: "Credit Growth and the Financial Crisis: A New Narrative
Discussant: João Cocco (London Business School)


Coffee break


Luigi Guiso, EEIF, with A. Pozzi, A. Tsoi, L. Gambacorta and P. Mistrulli: "Distorted Advice in The Mortgage Market"




Chair: Oreste Tristani (ECB)

Gianluca Violante (Princeton), with G. Kaplan: "Incorporating Household Heterogeneity in Business Cycle Analysis "

Session: "Shorter presentations by the HFCN" -- [20 minutes per presentation]

Paper d: J. Le Blanc and J. Slacalek (ECB): "Housing over the Life Cycle and Across Countries: A Structural Analysis"


Paper e: P. Marek (Bundesbank): "Homeownership Rates of Young Households in Germany"

Paper f: P. Tzamourani (Bundesbank): "The Interest Rate Exposure of Euro Area Households"


End of conference

Mis à jour le : 09/02/2018 15:58