Third Annual Conference

Consumption and Finance

February 20, 2014

The conference took place on the Princeton Campus and brought together academics, researchers and policy makers to discuss the connections between Consumption and Finance.

Leading researchers in macro, finance and behavioral economics talked about what we have learned in the broad area of consumption and where we need to focus next. Robert E. Hall, Robert and Carole McNeil Joint Hoover Senior Fellow and Professor of Economics, Stanford University, gave the keynote address.

Program

Thursday, February 20, 2014

Welcome
Atif Mian, Princeton University

Session I: Consumption and Credit

Chris Carroll, Consumer Financial Protection Bureau
"Credit and Saving in the Long Run and Over the Business Cycle"
(Paper | Slides | Video)

Amir Sufi, Chicago Booth School of Business 
"The Effect of Interest Rate and Collateral Value Shocks on Household Spending"
(Paper | Slides | Video)

Chair:
Angus S. Deaton, Princeton University

Session II: Consumption and Non-standard Preferences

Adair Morse, Berkeley Haas School of Business
"Trickle-Down Consumption"
(Paper | Slides | Video)

David Laibson, Harvard University
"Present Bias and Consumption"
(Paper | Slides | Video)

Chair:
Mark Aguiar, Princeton University

Keynote Address

Robert E. Hall, Hoover Senior Fellow and Professor of Economics, Stanford University
"Consumption Smoothing and Intertemporal Substitution vs. the Household Financial Squeeze in the Great Recession" 
(Slides | Video)

Session III: Wealth and Saving Behavior

Raj Chetty, Harvard University
"Active vs. Passive Decisions and Crowd-Out in Retirement Savings Accounts: Evidence from Denmark"
(Paper | Slides | Video)

Jonathan Zinman, Dartmouth College
"Follow the Money: Methods for Identifying Consumption and Investment Responses to a Liquidity Shock"
(Paper | Slides | Video)

Chair:
Roland Benabou, Princeton University

Session IV: Consumer Finance

Annamaria Lusardi, George Washington University
"Debt and Debt Management Among Older Adults"
(Paper | Slides | Video)

Gregor Matvos, Chicago Booth School of Business
"Advertising Expensive Mortgages"
(Paper | Slides | Video)

Johanness Stroebel, NYU Stern School of Business
"Very Long-Run Discount Rates"
(Paper | Slides | Video)

Chair: 
Nobu Kiyotaki, Princeton University

Keynote Speaker

Robert HallRobert E. Hall
Stanford University