Research Symposium – Restoring Household Financial Stability After the Great Recession: Why Household Balance Sheets Matter

Feb. 5-7, 2013

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Program (pdf) with detailed agenda

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Agenda with Papers and Presentation Slides

Please note: Papers and slides are in PDF format.

Tuesday, February 5

6 p.m.

Welcome Reception

7 p.m.

Dinner

Wednesday, February 6
Microeconomic and Social Perspectives on Household Balance Sheets

8 a.m.

Breakfast

8:30 a.m.

Welcome
Julie Stackhouse, Federal Reserve Bank of St. Louis
video
Michael Sherraden, Washington University in St. Louis
video

8:45 a.m.

The St. Louis Fed's Household Financial Stability Research Initiative
Ray Boshara, Federal Reserve Bank of St. Louis
slides | video

9:00 a.m.

Session One – Household Balance Sheets:
Status and Perspectives

  • The Current State of U.S. Household Balance Sheets
    John Sabelhaus, Kevin Moore and Paul Smith, Board of Governors, Federal Reserve System
    slides | paper | video
  • Why Did So Many Economically Vulnerable Families Enter the Crisis With Risky Balance Sheets?
    William Emmons and Bryan Noeth, Federal Reserve Bank of St. Louis
    slides | paper | video

Discussant:
Karen Pence, Board of Governors, Federal Reserve System
slides

Moderator:
Jim Fuchs, Federal Reserve Bank of St. Louis
video

Session One Q&A
video

10:30 a.m.

Break

11:00 a.m.

Session Two – Household Balance Sheets:
Homeownership and Retirement Security

  • The Effects of Health and Wealth Shocks on Retirement Decisions
    Dalton Conley and Jason Thompson, New York University
    slides | paper | video
  • Homeownership, the Great Recession, and Wealth: Evidence from the Survey of Consumer Finance
    slides | paper
    Michal Grinstein-Weiss, Washington University in St. Louis
    video
    Clinton Key, University of North Carolina at Chapel Hill
    video

Discussant:
J. Michael Collins, University of Wisconsin
slides | video

Moderator:
Yvonne Sparks, Federal Reserve Bank of St. Louis
video

Session Two Q&A
video

12:30 p.m.

Lunch

1:15 p.m.

Keynote Address

Introduction
Ray Boshara, Federal Reserve Bank of St. Louis
video

Keynote
Michael Barr, University of Michigan Law School; formerly Assistant Secretary for Financial Institutions, U.S. Department of the Treasury
slides | video

2:15 p.m.

Session Three – Household Balance Sheets:
Education and Social Development

  • Student Loans, Net Worth, and the Long-Term Financial Health of Households
    William Elliott and Ilsung Nam, University of Kansas
    paper
  • An Experimental Test of Child Development Accounts on Early Social-Emotional Development
    Jin Huang, St. Louis University
    Michael Sherraden, Washington University in St. Louis
    Youngmi Kim, Virginia Commonwealth University
    Margaret Clancy, Washington University in St. Louis
    slides | video

Discussant:
Robert Pollak, Washington University in St. Louis
slides | video

Moderator:
Yvonne Sparks, Federal Reserve Bank of St. Louis

Session Three Q&A
video

3:45 p.m.

Break

4:15 p.m.

Research Roundtables on Household Balance Sheets

Concurrent Research Roundtables I

  • Saving and Portfolio Allocation Before and After Job Loss
    Christoph Basten, ETH Zurich
    Andreas Fagereng and Kjetil Telle, Statistics Norway
    slides | paper
  • How Financial Innovations and Accelerators Drive Booms and Busts in U.S. Consumption
    John V. Duca, Federal Reserve Bank of Dallas and Southern Methodist University
    John Muellbauer, University of Oxford
    Anthony Murphy, Federal Reserve Bank of Dallas
    slides | paper

Discussant and Moderator:
Carlos Garriga, Federal Reserve Bank of St. Louis

Concurrent Research Roundtables II

  • Household Balance Sheet Rebuilding After the Housing Bust and Great Recession: Evidence from Panel Data
    Daniel Cooper, Federal Reserve Bank of Boston
    slides
  • The Balancing Act: Valuing Human Capital To Offset Student Loan Debt
    Matthew B. Gross and Alexandra M. Rock, Board of Governors, Federal Reserve System
    Jeanne M. Hogarth, formerly Board of Governors, Federal Reserve System
    slides | paper
  • Is Household Wealth Sustainable? An Examination of Asset Poverty Re-entry After an Exit
    Tammy Leonard, University of Texas at Dallas
    Wenhua Di, Federal Reserve Bank of Dallas
    slides

Discussant and Moderator:
Reid Cramer, New America Foundation

5:30 p.m.

Reception / Dinner

7:00 p.m.

Evening Keynote Address

Introduction
Christopher Waller, Federal Reserve Bank of St. Louis
video

Keynote
Christopher Carroll, Johns Hopkins University
slides | video

Thursday, February 7
Macroeconomic and Policy Perspectives on Household Balance Sheets

8 a.m.

Breakfast

8:30 a.m.

Breakfast Keynote Address

Introduction
James Bullard, Federal Reserve Bank of St. Louis
video

Keynote
Governor Jeremy Stein, Board of Governors, Federal Reserve System
slides | video

Keynote Q&A
video

9:30 a.m.

Break

10:00 a.m.

Session Four – Household Balance Sheets:
Deleveraging and Economic Growth

  • What's Driving Deleveraging? Evidence from the 2007-2009 Survey of Consumer Finances
    Karen Dynan, Brookings Institution
    Wendy Edelberg, Congressional Budget Office
    slides | video

    Discussant:
    John Krainer, Federal Reserve Bank of San Francisco
    slides | video

    Session Four, Part One Q&A
    video

  • Household Balance Sheets, Consumption, and the Economic Slump
    Atif R. Mian, Princeton University
    Kamalesh Rao, Spending Pulse, MasterCard Advisors
    Amir Sufi, University of Chicago
    slides | paper | video

    Discussant:
    Brian Melzer, Northwestern University
    slides | video

    Session Four, Part Two Q&A
    video

Moderator:
Daniel Davis, Federal Reserve Bank of St. Louis
video

Noon

Lunch

12:30 p.m.

Closing Plenary – Facilitated Panel Discussion:
Household Balance Sheets and Economic Growth

Panel Discussion
Panelists:

  • David Buchholz, Board of Governors, Federal Reserve System
    video
  • Steven Fazzari, Washington University in St. Louis
    video
  • Deniz Igan, International Monetary Fund
    video

Discussant:
Barry Cynamon, Federal Reserve Bank of St. Louis
video

Moderator:
Daniel Davis, Federal Reserve Bank of St. Louis

Closing Plenary Q&A
video

2:00 p.m.

Adjourn
Ray Boshara, Federal Reserve Bank of St. Louis
video

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