February 5-7, 2013 | St. Louis Mo.
February 7, 2013
Breakfast Keynote Address
Introduction: James Bullard (3:30)
Keynote: Governor Jeremy Stein (46:29)
Keynote Q&A (11:22)
Session Four – Household Balance Sheets: Deleveraging and Economic Growth
- What's Driving Deleveraging? Evidence from the 2007-2009 Survey of Consumer Finances
Karen Dynan and Wendy Edelberg (22:08)
Session Four, Part 1 Discussant: John Krainer (20:16)
Session Four, Part 1 Q&A (14:47)
- Household Balance Sheets, Consumption, and the Economic Slump
Atif R. Mian, Kamalesh Rao and Amir Sufi (21:57)
Session Four, Part 2 Discussant: Brian Melzer (18:51)
Session Four, Part 2 Q&A (15:44)
Session Four Moderator: Daniel Davis (2:14)
Closing Plenary – Facilitated Panel Discussion: Household Balance Sheets and Economic Growth
Panelist: David Buchholz (10:24)
Panelist: Steven Fazzari (11:41)
Panelist: Deniz Igan (12:13)
Discussant: Barry Cynamon (20:03)
Panel Discussion Q&A (27:29)
Ray Boshara (2:09)
Below is a full transcript of this video presentation. It has not been edited or reviewed for accuracy or readability.
James Bullard: Okay, let’s go ahead and get started. Good morning and welcome to this morning’s sessions. I’m Jim Bullard, president and CEO of the Federal Reserve Bank of St. Louis. So let me give you my own personal welcome to this conference, which I really appreciate all of you coming. It’s been very successful so far. I’m sorry I couldn’t see the first part of the conference. I was at some system business yesterday. But I will be here most of the day today.
As many of you know over the last year, the St. Louis Fed has been devoting some modest community development resources to promoting household financial stability with particular focus on the status and impact of household balance sheets. Today’s symposium is part of this effort. We are also dedicating this year’s annual report to this topic. I am pleased to announce that, to bring further focus and commitment to this effort, we intend to launch a new research center yet unnamed sometime in the spring. We hope that this new center will enable us and our colleagues throughout the Federal Reserve system, as well as researchers and others outside the Fed, to deepen our understanding of household balance sheets, why they matter, and what we might do to help improve them.
We plan to have a naming contest for the new center. You’re all welcome to submit suggestions, but my own suggestion is going to be the James Bullard Center for Community Development Research, and I do not really plan to consider any of your alternatives. I think it has a nice ring to it. More seriously, I am very excited about the outstanding effort that I’ve seen so far to get our community development research effort off the ground, and I’m expecting great insights from all of you in this group in the years ahead.
It is my pleasure this morning to introduce Governor Jeremy Stein. Dr. Stein joined the Federal Reserve in May 2012 and so is one of the newest members of the Board of Governors and of the Federal Open Market Committee, the primary policymaking arm of the Federal Reserve. Dr. Stein came to the Fed from Harvard University. I’ve heard of it. I think it’s in Sweden. No. Where he held a chair professorship in the department of economics. He also served in the Obama administration as a senior advisor to the secretary of the treasury and on the staff of the National Economic Council. Dr. Stein is a fellow of the American Academy of Arts and Sciences. He is a past president of the American Finance Association.
I know I speak for all of my colleagues around the Federal Reserve system and on the FOMC when I say that Jeremy Stein’s arrival at the Fed has been most welcome. He is a national and international leader in financial research and has provided an outstanding and important perspective on key issues facing the Federal Reserve. I believe Jeremy Stein is going to do exactly that right now, as he presents his view of overheating credit markets. So please welcome me in joining Governor Jeremy Stein.