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Savings behaviour in crisis and post-crisis times

8th SUERF & UniCredit Foundation Research Prize and Workshop

Savings behaviour in crisis and post-crisis times

Date:   22 April 2021
Time:  13:30-16:30
Venue: Cisco Webex Events

The Global Financial Crisis and COVID-19 crisis have, among many other things, also affected savings behaviour. Changes involve both aggregate household savings ratios, individual propensity to consume and to save, as well as portfolio choice. While the post-GFC and COVID-induced very low interest rates have likely reduced income motives for saving, crises put precautionary savings into the foreground. In the COVID-19 crisis, new attention was directed to savings motives, given the impossibility to consume, resulting in “forced savings”. The COVID-19 crisis also raises the question whether consumption and household savings behaviour will change more permanently, and beyond the time of the constraints imposed by the pandemic and related containment measures. Such changes would have important permanent consequences on aggregate demand, structural employment/unemployment, potential growth, the sectoral composition of output, the natural rate of interest and, as a result, the environment in which fiscal and monetary policies act.

Thursday, 22 April 2021
13:10 Online connection
13:30 Welcome & opening

Ernest Gnan, Head of Economic Analysis Division, OeNB and SUERF Secretary General

Opening Address
Pier Carlo Padoan, Chairman of the UniCredit Group

Keynote Lecture
Michael Haliassos, Chair of Macroeconomics and Finance, Goethe University

14:30 8th SUERF Unicredit Foundation Award: Paper Presentations

Paper 1: The Saving and Employment Effects of Higher Job Loss Risk
Ragnar Juelsrud & Ella Getz Wold, Norges Bank

Paper 2: The Great depression as a saving glut
Victor Degorce & Eric Monnet, PhD student at the EHESS | Paris School of Economics and EHESS CEPR Research affiliate

15:00 Panel: COVID and savings behaviour: What lessons? Any lasting impact?

Moderator: Arne Holzhausen, Head of Insurance, Wealth and Trend Research, Allianz SE

Jens Ulbrich, Director, Bundesbank

Geoff Kenny, Head, Monetary Policy Research, ECB

Stefan Gerlach, Chief Economist, EFG

Erik Nielsen, Global Chief, Economist UniCredit

Jorge Sicilia, Chief Economist, BBVA

Kurtulus T. Diamondopoulos, Director, Central Banks and Public Policy, World Gold Council

16:30 End

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