The Balance Sheets of Younger Americans: Is the American Dream at Risk?

May 8-9, 2014

To better understand the balance-sheet challenges of younger Americans, and consider new ideas and promising policy directions to meet these challenges, the Center for Household Financial Stability offered this symposium. New and cutting-edge research from leading academics nationwide, from within and beyond the Federal Reserve System, was presented on a wide range of topics.
More about the symposium »

Thursday, May 8

Welcome

• James Bullard, President, Federal Reserve Bank of St. Louis
  remarks | video
  
  

Keynote Address

• Introduction
  Ray Boshara, Federal Reserve Bank of St. Louis
  video
  
  
• Keynote
  Neil Howe, Founding Partner and President, LifeCourse Associates and President, Saeculum Research
  video
  
  
• Keynote Q&A
  video
  
  
• Extended Interview with Keynote Speaker Neil Howe
  video
  
  

Plenary One — A Micro and Macro Look at Younger Americans' Balance Sheets

• Moderator
  David Wheelock, Federal Reserve Bank of St. Louis
  
  
• The State of the Balance Sheets of Younger Americans
  Lisa Dettling and Joanne Hsu, Board of Governors, Federal Reserve System
  slides | paper | video
  
  
• Links Between Younger Americans' Balance Sheets and Economic Growth
  William Emmons and Bryan Noeth, Federal Reserve Bank of St. Louis
  slides | video
  
  
• Discussant
  Steve Fazzari, Washington University in St. Louis
  slides (.pptx) | video
  
  
• Plenary One Q&A
  video
  
  

Plenary Two — Student Loans

• Moderator
  Rajeev Darolia, University of Missouri
  
  
• Student Loans and the Economic Activity of Young Consumers
  Zachary Bleemer, Meta Brown, Donghoon Lee and Wilbert van der Klaauw, Federal Reserve Bank of New York
  slides | video
  
  
• Does Parents’ College Savings Reduce College Debt?
  William Elliott and Melinda Lewis, University of Kansas; Ilsung Nam, Hallym University Institute of Aging; and Michal Grinstein-Weiss, Washington University in St. Louis
  slides | video
  
  
• Discussant
  Alex Monge-Naranjo, Federal Reserve Bank of St. Louis
  slides | video
  
  
• Plenary Two Q&A
  video
  
  

Welcome

• Michael Sherraden, Washington University in St. Louis
  video
  
  Clint Zweifel, Missouri State Treasurer
  video
  
  Tishaura Jones, City of St. Louis Treasurer
  video

Friday, May 9

Concurrent Session I

• Moderator
  Julie Birkenmaier, Saint Louis University
  video
  
  
• Toward Healthy Balance Sheets: The Role of Savings Accounts for Young Adults’ Asset Diversification and Accumulation
  Terri Friedline, Paul Johnson and Robert Hughes, University of Kansas
  slides | paper | video
  
  
• Financial Decisions of Young Households During the Great Recession: An Examination of the SCF 2007-09 Panel
  Wenhua Di, Federal Reserve Bank of Dallas; Sherrie L.W. Rhine, Federal Deposit Insurance Corp.; William H. Greene, New York University; and Emily Ryder, Federal Reserve Bank of Dallas
  slides | video
  
  
• Discussant
  John Sabelhaus, Board of Governors, Federal Reserve System
  slides | video
  
  
• Panel Response
  video
  
  
• Q&A
  video
  
  

Concurrent Session II

• Moderator
  Barry Cynamon, Federal Reserve Bank of St. Louis
  
  
• Impacts of Child Development Accounts on Change in Parental Educational Expectations: Evidence from a Statewide Social Experiment
  Youngmi Kim, Virginia Commonwealth University; Michael Sherraden, Washington University in St. Louis; Jin Huang, Saint Louis University; and Margaret Clancy, Washington University in St. Louis
  slides | video
  
  
• Trends and Patterns in the Asset Holdings of Young Households
  Ellen A. Merry and Logan Thomas, Board of Governors, Federal Reserve System
  slides | video
  
  
• Discussant
  Trina Williams Shanks, University of Michigan
  slides | video
  
  
• Q&A
  video
  
  

Plenary Three — Homeownership

• Moderator
  Todd Swanstrom, University of Missouri–St. Louis
  video
  
  
• Homeownership and Wealth Among Low-Income Young Adults: Evidence from the Community Advantage Program
  Michal Grinstein-Weiss, Washington University in St. Louis; Lucy Gorham, Center for Community Capital; Blair Russell, Washington University in St. Louis; and Clinton Key, Pew Charitable Trusts
  slides | video
  
  
• Aggregate and Distributional Dynamics of Consumer Credit in the U.S.
  Carlos Garriga, Don Schlagenhauf and Bryan Noeth, Federal Reserve Bank of St. Louis
  slides | paper | video
  
  
• Discussant
  John Duca, Federal Reserve Bank of Dallas
  video
  
  
• Panel Response
  video
  
  
• Q&A
  video
  
  

Plenary Four — Economic Mobility

• Moderator
  Jason Purnell, Washington University in St. Louis
  video
  
  
• The Balance Sheets and Economic Mobility of Generation X
  Diana Elliott, Pew Charitable Trusts
  video
  
  
  
• Coming of Age in the Early 1970s vs. the Early 1990s: Differences in Wealth Accumulation of Young Households in the United States, and Implications for Economic Mobility
  Daniel Cooper, Federal Reserve Bank of Boston
  slides | video
  
  
• Discussant
  Bhashkar Mazumder, Federal Reserve Bank of Chicago
  slides | video
  
  
• Panel Response
  video
  
  
• Q&A
  video
  
  

Closing Reflections: From Research to Policy

• Moderator
  Julie Stackhouse, Federal Reserve Bank of St. Louis
  
  
• Michael Sherraden, Washington University in St. Louis
  video
  
  Ray Boshara, Federal Reserve Bank of St. Louis
  video
  
  

Thank You / Adjourn

• Julie Stackhouse, Federal Reserve Bank of St. Louis
  video