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Julie Birkenmaier, Session One Moderator

May 9, 2014

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   James Bullard, Federal Reserve Bank of St. Louis (5:54)

Keynote Address

- Introduction
   Ray Boshara, Federal Reserve Bank of St. Louis (4:05)

- Keynote Address
   Neil Howe, Founding Partner and President, LifeCourse Associates and President, Saeculum Research (36:03)

   Keynote Q&A (11:04)

   Extended Interview with Keynote Speaker Neil Howe (28:43)

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

- The State of the Balance Sheets of Younger Americans
   Lisa Dettling, Board of Governors, Federal Reserve System (14:25)

- Links Between Younger Americans’ Balance Sheets and Economic Growth
   William Emmons, Federal Reserve Bank of St. Louis (21:40)

- Discussant:
   Steve Fazzari, Washington University in St. Louis (18:14)

   Plenary One Q&A (15:06)

Plenary Two — Student Loans

- Student Loans and the Economic Activity of Young Consumers
   Meta Brown, Federal Reserve Bank of New York (21:12)

- Does Parents’ College Savings Reduce College Debt?
   Melinda Lewis, University of Kansas (18:11)

- Discussant:
   Alex Monge-Naranjo, Federal Reserve Bank of St. Louis (19:01)

   Plenary Two Q&A (18:22)


   Michael Sherraden, Washington University in St. Louis (2:52)

   Clint Zweifel, Missouri State Treasurer (6:26)

   Tishaura Jones, City of St. Louis Treasurer (6:14)

Concurrent Session I

- Moderator:
now playing  Julie Birkenmaier, Saint Louis University (4:36)

- Toward Healthy Balance Sheets: The Role of Savings Accounts for Young Adults’ Asset Diversification and Accumulation
   Terri Friedline, University of Kansas (22:23)

- Financial Decisions of Young Households During the Great Recession: An Examination of the SCF 2007-09 Panel
   Wenhua Di, Federal Reserve Bank of Dallas (19:00)

- Discussant:
   John Sabelhaus, Board of Governors, Federal Reserve System (14:38)

   Session One Panel Response (6:57)

   Session One Q&A (5:41)

Concurrent Session II

- Impacts of Child Development Accounts on Change in Parental Educational Expectations: Evidence from a Statewide Social Experiment
   Michael Sherraden, Washington University in St. Louis (13:09)

- Trends and Patterns in the Asset Holdings of Young Households
   Ellen A. Merry, Board of Governors, Federal Reserve System (15:19)

- Discussant:
   Trina Williams Shanks, University of Michigan (7:06)

   Session Two Q&A (28:58)

Plenary Three — Homeownership

- Moderator:
   Todd Swanstrom, University of Missouri–St. Louis (5:54)

- Homeownership and Wealth Among Low-Income Young Adults: Evidence from the Community Advantage Program
   Blair Russell, Washington University in St. Louis (15:57)

- Aggregate and Distributional Dynamics of Consumer Credit in the U.S.
   Don Schlagenhauf, Federal Reserve Bank of St. Louis (21:53)

- Discussant:
   John Duca, Federal Reserve Bank of Dallas (13:59)

   Plenary Three Panel Response (6:40)

   Plenary Three Q&A (8:46)

Plenary Four — Economic Mobility

- Moderator:
   Jason Purnell, Washington University in St. Louis (2:00)

- The Balance Sheets and Economic Mobility of Generation X
   Diana Elliott, Pew Charitable Trusts (17:58)

- 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 (17:11)

- Discussant:
   Bhashkar Mazumder, Federal Reserve Bank of Chicago (16:15)

   Plenary Four Panel Response (3:14)

   Plenary Four Q&A (19:02)

Closing Reflections: From Research to Policy

   Michael Sherraden, Washington University in St. Louis (15:59)

   Ray Boshara, Federal Reserve Bank of St. Louis (9:30)

Thank You / Adjourn

   Julie Stackhouse, Federal Reserve Bank of St. Louis (5:59)


Below is a full transcript of this video presentation. It has not been edited or reviewed for accuracy or readability.

James Fuchs: Good morning everybody. And welcome to day two of the Research Symposium, The Balance Sheet of Younger Americans. Is the American dream at risk? We heard from, kind of, a wide range of academics and individuals yesterday. And just from the energy and the reception last night it seemed like it sparked a lot of interesting discussion. And we no doubt will continue that today. We have two sessions running concurrently. So this is Concurrent Session 1. This is the Gateway Auditorium. So you just want to make sure if that was your interest to be here for Concurrent Session 1, this is the room. And Concurrent Session 2 is in the River Room. That’s the room that’s been set up with broader tables. So right now I would like to ask our presenters, our discussant. And I would like to introduce our moderator for this session, Julie Birkenmaier from St. Louis University. Thank you.

Julie Birkenmaier: Good morning everyone. I’d like to invite the panel if you would like to come up and join us at the head table. Well, let me add my good morning. It’s great to see you all here. I hope that you’re having a great conference. We have two very interesting papers and a discussion this morning. The two papers we have address young people’s financial choices and their behaviors. And the influences on those choices and the implications for their household balance sheet. In particular these papers look at the financial products and services chosen by young households including bank accounts. And the broader implications, of course, for those decisions on their household balance sheets and their wealth. The first paper is toward health balance sheets, the role of a savings account for young adults’ asset diversification and accumulation. And that paper is by Terri Friedline, Paul Johnson and Robert Hughes. So, this paper is very interesting. It asks questions about the importance of bank accounts on household balance sheets. The questions are, of course, pertinent for those with and those without bank accounts. We know that the majority of the U.S. citizens have bank accounts but there are millions of people without bank accounts. And these questions are going to really be helpful in terms of thinking about policy in this area. We even heard yesterday about efforts in St. Louis to encourage young banks to become banks. So, this is a very pertinent question for us locally as well as statewide and of course nationally. And efforts to encourage people to become banked are occurring all over the country. Again, the practice and the policy level. And we know that bank financial access is very important for people to save, to invest, to gain access to credit, gain access to financial education. So there’s a lot of important things that happen with financial access. So, we’re going to be learning more about the potential long term role that savings accounts have relative to household bank accounts. And the role of early decisions especially with regard to the long term wealth and balance sheets. And this paper we presented by Terri Friedline who is an Assistant Professor in the School of Social Welfare at the University of Kansas. And a research fellow at the New America Foundation.

The second paper, Financial Decisions of Young Households during the Great Recession is by Wenhua Di, Sherrie Rhine, William Greene, and Emily Ryder Perlmeter. And these researchers asked questions about the influences on financial choices of households during the great recession to learn more about younger households and their influences on their financial choices. So they’re focused on the bank status, liquid savings, borrowing and investment behavior can help us learn more about the motivation of younger households to build financial wealth and healthy balance sheets. This paper will be presented by Wenhua Di who’s a senior economist at the Community Development Department of the Federal Reserve Bank of Dallas. Our discussant, John Sabelhaus is a section chief of the Federal Reserve Board where he works around the survey of consumer finances along with pension and retirement issues.

And so with that I’d like to invite Terri to come up and present.