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Update Newsletter: Winter 2007

Recent Developments in Consumer Credit and Payments

On September 20 and 21, 2007, the Payment Cards Center and the Research Department of the Federal Reserve Bank of Philadelphia co-sponsored the fourth conference in a series of joint research initiatives focusing on emerging issues in consumer credit and payments. Entitled “Recent Developments in Consumer Credit and Payments,” the conference brought together Federal Reserve and academic scholars to present and discuss the latest research in these fields.

Charles Plosser, president of the Federal Reserve Bank of Philadelphia, welcomed participants on Friday morning. Focusing the audience’s attention on the rapid innovation and growth in consumer credit markets over the past 15 to 20 years, President Plosser set the stage for ensuing discussions by addressing the impact of payment system changes and the evolution of financial systems on consumer credit and behavior.

The conference’s call for papers attracted more than 100 high-quality submissions, from which six papers were selected for their originality and scholarship.

The full program agenda and copies of the papers are available at the conference website. A summary of the conference will be published in a forthcoming issue of the Research Department’s Business Review and on the Payment Cards Center’s website.

Conference Papers

  • “Liquidity Constraints and Imperfect Information in Subprime Lending”
    Jonathan Levin and Liran Einav, Stanford University, and William Adams, Citigroup
  • “Information Technology and the Rise of Household Bankruptcy”
    Borghan M. Narajabad, Rice University
  • “Who Makes Credit Card Mistakes?”
    Barry Scholnick, University of Alberta; Nadia Massoud, York University; and Anthony Saunders, New York University
  • “The Age of Reason: Financial Decisions Over the Lifecycle”
    Sumit Agarwal, Federal Reserve Bank of Chicago; Xavier Gabaix, New York University; David Laibson, Harvard University; and John C. Driscoll, Board of Governors of the Federal Reserve System
  • “Bankruptcy: Is It Enough to Forgive or Must We Also Forget?”
    Ronel Elul, Federal Reserve Bank of Philadelphia, and Piero Gottardi, Università Ca’ Foscari di Venezia
  • “Interest Rates and Consumer Choice in the Residential Mortgage Market”
    James Vickery, Federal Reserve Bank of New York.

Discussants included, in order, Paige Marta Skiba, Vanderbilt University Law School; Kartik Athreya, Federal Reserve Bank of Richmond; Nicholas Souleles, University of Pennsylvania; Annamaria Lusardi, Dartmouth College; Anne Villamil, University of Illinois; and Brent Ambrose, Pennsylvania State University

Conference presenters (left to right): Borghan Narajabad, Rice University; Barry Scholnick, University of Alberta; Jonathan Levin, Stanford University; James Vickery, Federal Reserve Bank of New York; Ronel Elul, Federal Reserve Bank of Philadelphia; and John C. Driscoll, Board of Governors of the Federal Reserve System.Conference presenters (left to right): Borghan Narajabad, Rice University; Barry Scholnick, University of Alberta; Jonathan Levin, Stanford University; James Vickery, Federal Reserve Bank of New York; Ronel Elul, Federal Reserve Bank of Philadelphia; and John C. Driscoll, Board of Governors of the Federal Reserve System.

Conference discussants (left to right): Brent Ambrose, Penn State University; Anne Villamil, University of Illinois; Paige Marta Skiba, Vanderbilt University Law School; Nicholas Souleles, University of Pennsylvania; Kartik Athreya, Federal Reserve Bank of Richmond; and Annamaria Lusardi, Dartmouth College.Conference discussants (left to right): Brent Ambrose, Penn State University; Anne Villamil, University of Illinois; Paige Marta Skiba, Vanderbilt University Law School; Nicholas Souleles, University of Pennsylvania; Kartik Athreya, Federal Reserve Bank of Richmond; and Annamaria Lusardi, Dartmouth College.