Michael Sherraden, Welcome

May 8, 2014

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Welcome

   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)

Welcome

  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:
   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)

Transcript

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

James Fuchs: Moving into our final portion of the program this morning you heard President Bullard, you heard Ray Boshara mention that this is a co-hosted conference with the Federal Reserve Bank of St. Louis, The Center for Household Financial Stability and The Center for Social Development at Washington University’s George Warren Brown School of Social Work. So I am very pleased to welcome Michael Sherraden to the podium.

[Applause]

Michael Sherraden: Thanks, Jim. It’s a great pleasure to be here. I’m obligated to tell you that my remarks fully represent Washington University in St. Louis. And the remarks are that we’re delighted to have this partnership. Ray is good friend and our two centers have worked together in these ways. And the larger institutions, the St. Louis Federal Reserve Bank and Washington University, are good friends and both really important parts of this community. And it’s very important to us that we had this relationship and it’s been terrifically productive. I think this conference today has been as good as any that we’ve had. The papers are excellent. The ideas and the topics and the thinking are really wonderful. I won’t go on very long because we have just a few minutes. And we have guests from the community representing the city and the state. And is everyone here? Okay. So, first we have the Treasurer from State of Missouri, Clint Zweifel. And Mr. Zweifel has been the Treasurer… I’m not going to introduce very much as he needs time to say some remarks. But he was elected at the age of 35 and I think it was the youngest treasurer elected in State of Missouri for more than a hundred years. So he carries that honor. And I can say that he’s very, very interested in using his office to promote educational achievement. So very relevant to this meeting. And I know that he’s been involved with trying to extend college savings accounts in Missouri to broader audiences. In particularly working very much with Beyond Housing, which in the audience here today, to extend college savings accounts in the Normandy School District and other projects. So, Treasurer Zweifel.