WebEx
Welcome
Ernest Gnan, Head of Economic Analysis Division, OeNB and SUERF Secretary GeneralOpening Address
Pietro Carlo Padoan, Chairman of the UniCredit GroupKeynote Lecture: The Pandemic reset and its implications for household finances
Michael Haliassos, Chair of Macroeconomics and Finance, Goethe University Frankfurt presentationPaper 1: The Saving and Employment Effects of Higher Job Loss Risk
Ragnar Juelsrud & Ella Getz Wold, Norges Bank presentationPaper 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 presentationIn this video, Arne Holzhausen, Allianz SE, Stefan Gerlach, EFG Bank, Geoff Kenny, ECB, Erik Nielsen, UniCredit Group, Jorge Sicilia, BBVA, Kurtulus T. Diamondopoulos, World Gold Council, and Jens Ulbrich, Deutsche Bundesbank, discuss what has been driving savings – and consumption – behavior during the COVID-19 crises, and how savings, consumption and the economic recovery might evolve going forward.
Savings rates (the share of savings in households” disposable income) have doubled in many countries during the COVID-19 pandemic, as a result of the impossibility to consume due to lockdowns and other containment measures, while households” and businesses” income losses were supported by government aid.
Will households, once the lockdowns will be over, reduce their savings rates back to pre-crisis levels? Will they seek to run down their stock of savings accumulated during the pandemic to pre-crisis levels? Will this leed to a spending spree and trigger a vigorous economic recovery? Or are higher savings here to stay, implying a lacklustre economic recovery? And how has portfolio choice been affected by the COVID and the very low risk-free interest rate? Will there be lasting changes, e.g. towards stocks and real estate?
Household savings during the pandemic
Geoff Kenny, Head, Monetary Economics Section, DG Research, ECB presentationCOVID and savings behaviour: What lessons? Any lasting impact?
Stefan Gerlach, Chief Economist, EFG presentationThe unprecedented changes in households’ and corporates’ savings during the pandemic
Erik Nielsen, Global Chief Economist, UniCredit Group presentationCovid-19 and savings behavior: a few selected issues
Jorge Sicilia, Chief Economist, BBVA presentationSavings behaviour in crisis and post-crisis times
Kurtulus T. Diamondopoulos, Director, Central Banks and Public Policy, World Gold Council presentation
