Consumer Finance: Micro and Macro Approaches

May 10–11, 2019

(All day)

University of Chicago
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



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

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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

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10:40 – 11:05 a.m. Break


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

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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

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


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

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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

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9:50 – 10:40 a.m.

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

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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

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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

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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 

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4:45 p.m. Conference concludes

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