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 »

Printed Materials:

Detailed Agenda (pdf)

Media Coverage:

Media coverage of the event

Conference Videos:

Watch all conference videos

Conference Proceedings:

Selected articles from the conference published in the Federal Reserve Bank of St. Louis Review

Agenda with Presentation Slides and Videos:

Please note: Presentation slides are in PDF format unless otherwise noted.

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
Contact Us:
Media Contact:
Laura Taylor
314-444-8783
laura.taylor@stls.frb.org

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