Household Indebtedness, House Prices and the Economy, September 19-20, 2008
September 19-20, 2008,
Sveriges Riksbank, Stockholm, Sweden
Sveriges Riksbank, the Swedish Central Bank, is pleased to announce that it will host a workshop on Household Indebtedness, House Prices and the Economy.
Aim:
In the last few decades, house prices have undergone major medium-run fluctuations in many industrialized economies. Boom-bust cycles in house prices, coupled with a substantial increase in household indebtedness, have drawn the attention of policymakers and academics towards the developments in housing markets and their impact on economic activity and financial stability. In that context, the aim of this workshop is to discuss recent swings in house prices and the increasing indebtedness of households, and their impact on the economy. We are interested both in theoretical and empirical work addressing the following topics: (i) household finance and the determinants of household indebtedness, (ii) credit markets, institutional change, and household indebtedness, (iii) household indebtedness, housing markets, and their implications for economic activity and financial stability, (iv) the impact of household indebtedness and housing markets on monetary policy. To address the last topic, we also plan for a panel session with representatives from academia as well as policymakers.
Format:
Papers will be presented in plenary presentations of 40 minutes, followed by 10 minutes of comments by a discussant and an additional 10 minute plenary discussion. Approximately 11 papers will be presented, and overall participation at the workshop will be limited to 40 people. Lunch and a workshop dinner will be provided. Participation in the conference is confirmed by Nobuhiro Kiyotaki and José-Víctor Ríos-Rull.
Expenses:
Sveriges Riksbank will reimburse economy-class travel expenses and cover accommodation for paper presenters and discussants.
Paper submission:
A PDF file containing the paper should be e-mailed to the organizing committee, at lena.lofgren@riksbank.se by April 28th, 2008. Authors will be notified by June 16th, 2008. Authors submitting papers should also indicate whether they are willing to act as discussants.
Program
Thursday, 18 September 2008
19:00-
20:30
|
Reception at Sveriges Riksbank
|
Day 1 - Friday, 19 September 2008
| 08:30-08:45 |
Registration/Coffee
|
08.45-
09:00
|
Welcoming remarks by Deputy Governor Lars Nyberg
|
|
Chair: Tor Jacobson
|
09:00-
10:00 |
“A Quantitative Theory of Information and Unsecured Credit”
Paper Presentation
Kartik Athreya, Xuam Tam and Eric Young
Discussant: Kosuke Aoki
Discussion
|
10:00-
10:30 |
Coffee
|
10:30-
11:30 |
“On the Importance of borrowing Constrains for House Price Dynamics”
Paper Presentation
Essi Eerola and Niku Määttänen
Discussant: Kalin Nikolov
Discussion
|
|
11:30- 12:30
|
“Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market” Paper Presentation
Giovanni Dell’Ariccia, Deniz Igan and Luc Laeven
Discussant: Satyajit Chatterjee
Discussion |
|
12:45-
13:45
|
Lunch at Scandic Plaza Hotel |
|
Chair: Franklin Allen
|
14:00-
15:00 |
”Foreclosures and House Prices” Paper Presentation
Carlos Garriga and Don Schlagenhauf
Discussant: Dirk Krueger Discussion |
15:00-
15:30 |
Coffee |
15:30-
16:30 |
”Household Indebtedness and the Macroeconomy: the Swedish Case”
Daria Finocchiaro and Virginia Queijo von Heideken
Discussant: María José Luengo-Prado Discussion
|
16:30-
17:30 |
”Aggregate shocks and the Volatility of House Prices”
Víctor Ríos-Rull and Virginia Sanchez-Marcos Paper Presentation
Discussant: Winfried Koeniger
Discussion |
| 19:00 |
Dinner at Grand Hotel
|
Day 2 - Saturday, 20 September 2008
Chair: Anders Vredin (Sveriges Riksbank)
08:45-09:00
|
Coffee
|
Chair: Virginia Queijo von Heideken |
09:00-
10:00 |
”Household External Finance and Consumption”
Tim Besley, Neil Meads and Paolo Surico Paper Presentation
Discussant: Bjørn Vatne Discussion
|
10:00-
10:30
|
Coffee
|
10:30-
11:30 |
”Housing and Non-housing Consumption over Time and over the Life-cycle: A Structural
Estimation” Paper Presentation
Wenli Li, Haiyong Liu and Rui Yao
Discussant: Alexander Michaelides Discussion
|
11:30-
12:30 |
”Changes in Housing Wealth and Consumption: Did the Linkage Increase in the 2000s?” Paper Presentation
Mark Doms, Wendy Dunn and Daniel Vine
Discussant: Martin Flodén Discussion
|
12:30-
13:30 |
Lunch at Sveriges Riksbank
|
Chair: Karl Walentin |
13:30-
14:30 |
”Winners and Losers in Housing Markets”
Nobuhiro Kiyotaki, Alexander Michaelides and Kalin Nikolov Paper Presentation
Discussant: Makoto Nakajima Discussion
|
14:30-
15:30 |
“Banking Competition, housing Prices and Macroeconomic Stability” Paper Presentation
Javier Andrés and Oscar Arce
Discussant: Caterina Mendicino Discussion
|
15:30-
16:00
|
Coffee |
16:00-
17:00 |
Panel Discussion: The Impact of Household Indebtedness and Housing Markets on Monetary Policy and Financial Stability
Franklin Allen, Tim Besley, Nobuhiro Kiyotaki, Víctor Ríos-Rull
|
Presentations: 40 min, Discussions: 10 min, Floor: 10 min
Organization:
The workshop program and other information about the conference will be posted on the Riksbank website (www.riksbank.com/workshop) as they become available. The organizing committee consists of Franklin Allen, Tor Jacobson, Daria Finocchiaro, Martin Johansson, Virginia Queijo von Heideken and Karl Walentin. Questions can be directed to lena.lofgren@riksbank.se.
