Consumer Finance: Micro and Macro Approaches

May 10–11, 2019

(All day)

University of Chicago
Organizers
Neale Mahoney, University of Chicago Booth School of Business
Michèle Tertilt, University of Mannheim

This conference will bring together micro- and macro-economists working in the field of consumer finance, with the goal of building bridges between researchers working on similar questions using different methodological approaches. Topics of interest include consumer borrowing (credit cards, payday loans, mortgages), savings and investment decisions, and personal bankruptcy, among others.

* Indicates Presenter

 

Program 

Friday, May 10

8:30 a.m. Registration and Breakfast


Private Information and Credit Scoring

9:00 – 9:50 a.m.

Private Information and Price Regulation in the US Credit Card Market 
Scott T. Nelson, University of Chicago

View Working Paper

 

9:50 – 10:40 a.m.

Employer Credit Checks: Poverty Traps versus Matching Efficiency 
Dean Corbae, University of Wisconsin-Madison
*Andrew Glover, University of Texas at Austin

View Working Paper

10:40 – 11:05 a.m. Break


Development

11:05 - 11:55 a.m.

Financial Inclusion and Contract Terms: Experimental Evidence from Mexico
Sara G. Castellanos, Banco de México
Diego Jiménez-Hernández, Stanford University
Aprajit Mahajan, University of California, Berkeley
*Enrique Seira, ITAM

View Working Paper

 

11:55 - 12:45 p.m.

Financial Access Under the Microscope
Sumit Agarwal, National University of Singapore
Thomas Kigabo, National Bank of Rwanda
Camelia Minoiu, Federal Reserve Board
*Andrea Presbitero, International Monetary Fund
André F. Silva, Federal Reserve Board

View Working Paper

12:45 - 2:00 p.m. Lunch


Mortgages

2:00 - 2:50 p.m.

Why Do Borrowers Default on Mortgages? Evidence from High-Frequency Data 
Peter Ganong, University of Chicago
Pascal Noel, University of Chicago

 

2:50 - 3:40 p.m.

Mortgage Prepayment and Path-Dependent Effects of Monetary Policy 
David Berger, Northwestern University
Konstantin Milbradt, Northwestern University
Fabrice Tourre, Copenhagen Business School
*Joseph Vavra, University of Chicago

View Working Paper

3:40 - 3:55 p.m. Break


Price Caps

3:55 - 4:45 p.m.

Regulatory Intervention in Consumer Search Markets: The Case of Credit Cards 
Manolis Galenianos, University of London
*Alessandro Gavazza, London School of Economics


4:45 p.m. Adjourn for the day


 

Saturday, May 11

8:30 a.m. Registration and Breakfast


Consumption vs. Credit Smoothing

9:00 – 9:50 a.m.

Can the Unemployed Borrow? Implications for Public Insurance
J. Carter Braxton, University of Minnesota
*Kyle Herkenhoff, University of Minnesota
Gordon Phillips, Dartmouth

View Working Paper
 
9:50 – 10:40 a.m.

Credit Smoothing
*Sean Hundtofte, Better Mortgage
Arna Olafsson, Copenhagen Business School
Michaela Pagel, Columbia University 

View Working Paper

10:40 – 11:05 a.m. Break


Defaults and the Business Cycle

11:05 – 11:55 a.m.

Credit Supply and Housing Speculation
Atif Mian, Princeton University 
*Amir Sufi, University of Chicago

View Working Paper
 
11:55 a.m. – 12:45 p.m.

Consumer Bankruptcy as Aggregate Demand Management
Adrien Auclert, Stanford University 
*Kurt Mitman, Institute for International Economic Studies
 


12:45 – 2:00 p.m. Lunch


Credit Histories

2:00 – 2:50 p.m.

Regulating Consumer Credit with Over-Optimistic Borrowers
Florian Exler, University of Vienna
Igor Livshits, Federal Reserve Bank of Philadelphia 
James MacGee, University of Western Ontario
*Michèle Tertilt, University of Mannaheim

 
2:50 – 3:40 p.m.

The Equilibrium Effects of Information Deletion: Evidence from Consumer Credit Markets
Andres Liberman, New York University
Christopher Neilson, Princeton University
Luis Opazo, Chilean Banking Association
*Seth Zimmerman, University of Chicago

View Working Paper
 

3:40 – 3:55 p.m. Break


Credit Histories II

3:55 – 4:45 p.m.

Building Credit History with Heterogeneously-Informed Lenders
Natalia Kovrijnykh, Arizona State University
*Igor Livshits, Federal Reserve Bank of Philadelphia
Ariel Zetlin-Jones, Carnegie Mellon University 

View Working Paper

4:45 p.m. Conference concludes

May 10, 2019 (All day) May 11, 2019 (All day)