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TFI-CEPR Conference

14 September 2016, London

“Insights into European households: consumption, wealth, savings and investment”

Household finance is about combining insights from several fields to understand how finance can be made to work better for people. Exploring to what extent people in Europe have control over their finances, and to what extent they can be empowered to do that is in the very heart of the Think Forward Initiative (TFI) and the Centre for Economic Policy Research (CEPR), a new academic partner to the TFI and home to the newly established CEPR Network on Household Finance.

How can we prevent that people miss out on access and on opportunities to invest, save and borrow in the way that fits their needs? If income changes, what happens to consumption and what happens to saving for a rainy day? Which assets do people hold and how much can be said about the factors influencing those decisions? What are the returns on wealth, their nature, persistence and impact on inequality within the economy? These are only some of the questions that speakers will be exploring in this unique event.

The event combines cutting-edge academic research with the commitment to the 'economics in the service of society'. Prof. Michael Haliassos, Director of the CEPR Network on Household Finance, has brought together a unique set of top European researchers, who have contributed to shaping the field worldwide, to address a broader audience in this unique London event.

Programme

2:30 pm – 3:00 pm  
Registration & welcome

3:00 pm – 3:10 pm 
Opening remarks  
Ralph Hamers - CEO and chairman Executive Board ING

3:10 pm – 4:10 pm 
Consumption Behaviour and Access to Financial Products

“Promoting Access to Financial Products”
Prof. Michael Haliassos - Goethe Univ. Frankfurt, CEPR and NETSPAR  

“The Response of Consumption to Income Changes”
Prof. Tullio Jappelli - Univ. of Naples Federico II, CSEF and CEPR

4:10 pm – 4:25 pm 
Break

4:25 pm – 5:55 pm 
Asset Accumulation and Wealth Inequality

“Life Cycle Asset Allocation”
Prof. Francisco Gomes - London Business School, CFS and CEPR

“Household Investments and the Dynamics of Inequality”
Prof. Laurent Calvet - EDHEC, CFS, and CEPR

“Returns to Wealth and Wealth Inequality”
Prof. Luigi Guiso - Einaudi Institute for Economics and Finance and CEPR, AXA

5:55 pm – 6:00 pm
Closing remarks

6:00 pm – 7:00 pm  
Drinks and networking

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Speakers biographies

Laurent E. Calvet is an engineering graduate from Ecole Polytechnique in Paris and holds a Ph.D. in Economics from Yale University.

He is a Faculty Research Fellow at the National Bureau of Economic Research (USA). Prior to joining HEC Paris, Laurent Calvet served as the John Loeb Associate Professor of the Social Sciences at Harvard University (1998-2004), and as a Professor and Chair in Finance at Imperial College London (2007-8). In 2006, Laurent Calvet received the "Best Finance Researcher under the Age of 40" award from Le Monde and the Europlace Institute of Finance.

His research on asset pricing, household finance, and volatility modeling has appeared in leading economics and finance journals.

Laurent Calvet pioneered with Adlai Fisher the Markov-Switching Multifractal model of financial volatility, which is increasingly used by financial practitioners to forecast volatility, compute value-at-risk, and price derivatives. This approach is summarized in their recent book "Multifractal Volatility: Theory, Forecasting and Pricing".

Professor Francisco Gomes’ areas of expertise include capital markets, asset allocation, household finance, and macroeconomics. His research has been published in leading journals, such as The Journal of Finance, The Review of Financial Studies, the Journal of Financial Economics and The American Economic Review. He has given numerous seminars worldwide and he has been covered by The Financial Times, BBC and Bloomberg, among others.

Professor Gomes joined London Business School, in 2000, as an Assistant Professor of Finance – following receipt of his PhD from Harvard University. After earning his BA from the New University of Lisbon (Universidade Nova de Lisboa), he worked at the Bank of Portugal in its research department.
Professor Gomes is a Research Affiliate of the Centre for Economic Policy Research.


Luigi Guiso is Axa Professor of Household Finance at the Einaudi Institute for Monetary, Banking and Financial Studies in Rome. His path-breaking work has been published in the best international journals and recognized with international prizes such as the 2005 award of the Fondation Banque de France for Financial, Monetary and Banking Research ("The Cost of Banking Regulation", with Paola Sapienza and Luigi Zingales) and the 2002 World Financial Association "Nasdaq Award" for the best paper on capital formation: "The Real Effects of Local Financial Development", with Paola Sapienza and Luigi Zingales. He is a CEPR Research Fellow.

His research interests include Household Financial and Savings Choices, Preference Measurement and Formation, Culture and Economics, Macroeconomics and Finance.


Michael Haliassos holds the Chair for Macroeconomics and Finance at Goethe University Frankfurt and is Founding Director of the CEPR Network on Household Finance, and Research Fellow of the Centre for Economic Policy Research and of NETSPAR. He has been advisor to the European Central Bank on the Household Finances and Consumption Survey since its inception in 2006; and is consultant to the European Securities and Markets Authority (ESMA) on Investor Protection. He has been Director of the Center for Financial Studies (1.2010-12.2015) and Founding Director of SAFE, a multi-million center of excellence (2013-15). 

His research focuses on Household Finance, where he has been among the early contributors. Haliassos received a B.A. from Cambridge and a Ph.D. from Yale in 1987 under the supervision of Nobel Laureate James Tobin. Prior to joining Goethe in 2004, he was faculty at the Universities of Maryland and Cyprus, and Part Time Professor at the European University Institute. 

Tullio Jappelli is Professor of Economics at the University of Naples Federico II, Director of the Center for Studies in Economics and Finance (CSEF) and a Research Fellow of the Centre for Economic Policy Research (CEPR). He is a Co-managing Editor of Economic Policy and Condirettore of Giornale degli Economisti e Annali di Economia.

His main area of research is on saving, liquidity constraints, intergenerational transfers, household portfolio choice and banking. He has published four books on saving and household portfolio choice and several papers in professional journals and books. His work has appeared in leading economic journals such as the American Economic Review, the Journal of Political Economy, the Journal of Finance, and the Quarterly Journal of Economics.

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