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James Bullard, Federal Reserve Bank of St. Louis, Welcome

May 8, 2014

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now playing  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:
   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.

Jim Fuchs: Good afternoon, everybody. My name is Jim Fuchs. I’m an Assistant Vice President here at the Federal Reserve Bank of St. Louis and I’d like to thank you all for joining for today’s program sponsored by the St. Louis Fed, the St. Louis Fed’s Center for Household Financial Stability, and Washington University’s Center for Social Development. I will be serving as your Master of Ceremonies for today. We’ll get into some of the housekeeping issues a bit later, but I’d like to–got a very exciting program and we want to start this off as a, you know, as quickly as possible. I know that there’s a lot of interest. A lot of good research will be presented today and just a lot of interesting topics that I think will facilitate some great discussion. So, we look forward to not only the presentations, but we’re very much looking forward to the dialogue that happens as a result of what we hear today and the interactions between us. So, thank you again for joining.

To kick off our program today, I am–I have the pleasure of introducing the President of the Federal Reserve Bank of St. Louis, Jim Bullard.

James Bullard: Thank you, Jim. Welcome and thank you for joining us for the Second Annual Balance Sheet Research Symposium sponsored by the Center for Household Financial Stability, which the St. Louis Fed launched in May of last year. The Center is pleased to co-sponsor today’s event with our Research Department, where I got my start here at the St. Louis Fed, as well as with the Center’s partner, The Center for Social Development at Washington University. The Washington University Center will offer its own welcome just before the dinner reception at 5:00.

As most of you know, our Center for Household Financial Stability is researching family balance sheets with the aim of strengthening both families and the economy. Because of the financial crisis and the Great Recession, our framework and analysis must now not only consider what families save and own, but what they owe as well, their entire balance sheet. Indeed, the Great Recession has been called a “Balance Sheet Recession,” so it’s critical for us to understand the role that balance sheets played in bringing down families in the economy and the role that these balance sheets will play in building them back up.

Today’s Symposium is focused on younger Americans, those in their 20s and 30s, because our research and the research of others has shown that compared with middle-aged and older Americans, young people have lost the most wealth from the recession and have been by far the slowest to recover it. Moreover, since 1989, while middle-aged Americans have increased their wealth by about two-thirds and older Americans have nearly doubled their wealth, younger Americans have actually lost about 10 percent of their wealth in real terms. Not surprisingly, studies, including some of our own, suggest that younger Americans may not surpass the wealth accumulated by their parents and grandparents. That’s a historical first. So, that’s why we’re here to better understand what’s going on with the balance sheets of younger Americans and to draw up the implications of the research presented here for future research, community development, and public policy.

Speaking of public policy, we’re taking our findings to Washington. I often do that in my role as monetary policy guy. As a follow-up to the Symposium, the Center, in partnership with The New America Foundation and a group called Young Invincibles, is sponsoring a policy symposium called “Millennials After the Great Recession” on October 16 and 17 in Washington D.C. We’ll examine not just balance sheets, but issues that impact and are impacted by balance sheets including unemployment, underemployment, workforce development, work family balance, cradle-to-college education, healthcare, and technology. The challenges are many and significant and we hope to look at them holistically. Stay tuned.

Looking further ahead to next April, the Federal Reserve System will hold its biennial, I guess biannual is something different, biennial Community Development Research Conference. This will go around the timely theme of economic mobility. In partnership with the Fed’s Board of Governors, we’ll play a leadership role in this important conference. For further information, please see the Call for Papers in your packets. We hope you will consider submitting a research paper.

Over the next two days, you’ll be exposed to a thought-provoking lineup of papers and speakers. During a break, you might also want to pick up a copy of the essay from the St. Louis Fed’s 2012 Annual Report, which is dedicated to this same topic. I’m eager to listen and learn as I’m sure you are. Let’s get started. And thank you all again for joining us. Thank you.