2014 - Consumption & Finance

Held on 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. Videos, papers presented, and corresponding slides from are posted below. Selected photos from the conference are here.

Read the conference summary.

 

Videos, Papers, & Slides

Session I: Consumption & Credit

Chair: Angus S. Deaton, Princeton University

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)

Video: Credit and Saving in the Long Run and Over the Business Cycle

Video: The Effect of Interest Rate and Collateral Value Shocks on Household Spending

Session II: Consumption and Non-standard Preferences

Chair: Mark Aguiar, Princeton University

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

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

Video: Trickle Down Consumption

Video: Present Bias and Consumption

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: Consumption Smoothing and Intertemporal Substitution vs. the Household Financial Squeeze in the Great Recession

 

Session III: Wealth and Saving Behavior

Chair: Roland Benabou, Princeton University

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

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

Video: Active vs. Passive Decisions and Crowd-Out in Retirement Savings Accounts: Evidence from Denmark

Video: Follow the Money: Methods for Identifying Consumption and Investment Responses to a Liquidity Shock

Session IV: Consumer Finance

Chair: Nobu Kiyotaki, Princeton University

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

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

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

Video: Debt and Debt Management Among Older Adults

Video: Advertising Expensive Mortgages

Video: Very Long-Run Discount Rates

2014 Conference

Keynote Speaker

Robert Hall

Robert E. Hall, Stanford University