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Recent Developments in Consumer Credit and Payments

September 20-21, 2007
Federal Reserve Bank of Philadelphia
Ten Independence Mall, Philadelphia, PA 19106


September 20, 2007


4:30 p.m.


5:00 p.m.

Welcome and Reception

7:30 p.m.

Reception Ends

September 21, 2007

8:00 a.m .

Continental Breakfast

8:45 a.m .

Introductory Remarks
Loretta J. Mester, Senior Vice President & Director of Research
Federal Reserve Bank of Philadelphia

Charles I. Plosser, President
Federal Reserve Bank of Philadelphia

9:00 a.m.

Session I

Liquidity Constraints and Imperfect Information in Subprime Lending
(PDF; 316KB, 42 pages)
Presenting: Jonathan Levin, Stanford University

Co-authors: William Adams, Citigroup
Liran Einav, Stanford University

Discussant: Paige Marta Skiba, Vanderbilt University Law School


Information Technology and the Rise of Household Bankruptcy (PDF; 257KB, 27 pages)
Presenting: Borghan Narajabad, Rice University

Discussant: Kartik Athreya, Federal Reserve Bank of Richmond

10:40 a.m.


11:00 a.m.

Session II

Who Makes Credit Card Mistakes?(PDF; 92KB, 29 pages)
Presenting: Barry Scholnick, University of Alberta

Co-authors: Nadia Massoud, York University
Anthony Saunders, New York University

Discussant: Nicholas Souleles, University of Pennsylvania


The Age of Reason: Financial Decisions Over the Lifecycle (PDF; 347KB, 51 pages)
Presenting: John C. Driscoll, Board of Governors of the Federal Reserve System

Co-authors: Sumit Agarway, Federal Reserve Bank of Chicago
Xavier Gabaix, New York University
David Laibson, Harvard University

Discussant: Annamaria Lusardi, Dartmouth College

12:45 p.m.


2:00 p.m.

Session III

Bankruptcy: Is It Enough to Forgive or Must We Also Forget?
(PDF; 1,301KB, 55 pages)

Presenting: Ronel Elul, Federal Reserve Bank of Philadelphia

Co-author: Piero Gottardi, Università Ca' Foscari di Venezia

Discussant: Anne Villamil, University of Illinois


Interest Rates and Consumer Choice in the Residential Mortgage Market (PDF; 230KB, 42 pages)

Presenting: James Vickery, Federal Reserve Bank of New York

Discussant: Brent Ambrose: Pennsylvania State University

3:40 p.m.

Concluding Remarks
Peter Burns, Vice President and Director, Payment Cards Center
Federal Reserve Bank of Philadelphia

Loretta J. Mester, Senior Vice President & Director of Research
Federal Reserve Bank of Philadelphia

4:00 p.m.