{"id":3618,"date":"2023-10-08T21:43:25","date_gmt":"2023-10-08T20:43:25","guid":{"rendered":"https:\/\/research.reading.ac.uk\/economics\/?post_type=tribe_events&p=3618"},"modified":"2023-11-06T15:11:44","modified_gmt":"2023-11-06T15:11:44","slug":"external-seminar-by-agnes-kovacs-kings-college-london-ifs","status":"publish","type":"tribe_events","link":"https:\/\/research.reading.ac.uk\/economics\/event\/external-seminar-by-agnes-kovacs-kings-college-london-ifs\/","title":{"rendered":"External Seminar by Agnes Kovacs (King’s College London & IFS)"},"content":{"rendered":"
We will be delighted to welcome Agnes Kovacs to the Department on 18 October 2023, to give a Department of Economics invited speaker seminar.<\/div>\n
<\/div>\n
\n

Title<\/u><\/b>: Financial Innovation, the Decline in Household Savings, and the Trade-off between Flexibility and Commitment<\/p>\n

<\/div>\n

Abstract<\/u><\/b>: This paper investigates the trade-off between two opposing views of financial innovation: the benefit of improved flexibility and the potential cost of weakened commitment.<\/p>\n

To disentangle their relative importance, we estimate a model of household behavior that allows for the possibility that housing acts as a savings commitment device. Identification is achieved using novel evidence on consumption growth dynamics. We then use the estimated model to study the macroeconomic and welfare implications of giving households greater access to home equity. We find that the welfare cost of weakened commitment is substantial: approximately 1.7 times larger than the benefit of improved consumption smoothing. Both channels contribute equally to a 2.5 percentage point decline in the personal saving rate. Welfare could be improved using alternative\u00a0mortgage policies that better balance the trade-off between flexibility and commitment.<\/div>\n<\/div>\n
\u00a0<\/span><\/div>\n
Agnes’ latest research is here:\u00a0https:\/\/sites.google.com\/site\/agneskovacs13\/<\/a>\u00a0<\/span><\/div>\n","protected":false},"excerpt":{"rendered":"

We will be delighted to welcome Agnes Kovacs to the Department on 18 October 2023, to give a Department of Economics invited speaker seminar. Title: Financial Innovation, the Decline in…Read More ><\/a><\/p>\n","protected":false},"author":207,"featured_media":0,"template":"","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"__cvm_playback_settings":[],"__cvm_video_id":"","_tribe_events_status":"","_tribe_events_status_reason":"","footnotes":""},"tags":[41],"tribe_events_cat":[6],"coauthors":[26],"class_list":["post-3618","tribe_events","type-tribe_events","status-publish","hentry","tag-labour-and-household-economics","tribe_events_cat-external-seminars","cat_external-seminars"],"acf":[],"aioseo_notices":[],"yoast_head":"\nExternal Seminar by Agnes Kovacs (King's College London & IFS) - Economics Research<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/research.reading.ac.uk\/economics\/event\/external-seminar-by-agnes-kovacs-kings-college-london-ifs\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"External Seminar by Agnes Kovacs (King's College London & IFS) - Economics Research\" \/>\n<meta property=\"og:description\" content=\"We will be delighted to welcome Agnes Kovacs to the Department on 18 October 2023, to give a Department of Economics invited speaker seminar. Title: Financial Innovation, the Decline in...Read More >\" \/>\n<meta property=\"og:url\" content=\"https:\/\/research.reading.ac.uk\/economics\/event\/external-seminar-by-agnes-kovacs-kings-college-london-ifs\/\" \/>\n<meta property=\"og:site_name\" content=\"Economics Research\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-06T15:11:44+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n\t<meta name=\"twitter:label2\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data2\" content=\"Alexander Mihailov\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/research.reading.ac.uk\/economics\/event\/external-seminar-by-agnes-kovacs-kings-college-london-ifs\/\",\"url\":\"https:\/\/research.reading.ac.uk\/economics\/event\/external-seminar-by-agnes-kovacs-kings-college-london-ifs\/\",\"name\":\"External Seminar by Agnes Kovacs (King's College London & IFS) - Economics Research\",\"isPartOf\":{\"@id\":\"https:\/\/research.reading.ac.uk\/economics\/#website\"},\"datePublished\":\"2023-10-08T20:43:25+00:00\",\"dateModified\":\"2023-11-06T15:11:44+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/research.reading.ac.uk\/economics\/event\/external-seminar-by-agnes-kovacs-kings-college-london-ifs\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/research.reading.ac.uk\/economics\/event\/external-seminar-by-agnes-kovacs-kings-college-london-ifs\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/research.reading.ac.uk\/economics\/event\/external-seminar-by-agnes-kovacs-kings-college-london-ifs\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/research.reading.ac.uk\/economics\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Events\",\"item\":\"https:\/\/research.reading.ac.uk\/economics\/events\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"External Seminar by Agnes Kovacs (King’s College London & IFS)\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/research.reading.ac.uk\/economics\/#website\",\"url\":\"https:\/\/research.reading.ac.uk\/economics\/\",\"name\":\"Economics Research\",\"description\":\"A hub of news, events, publications & research clusters \",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/research.reading.ac.uk\/economics\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"External Seminar by Agnes Kovacs (King's College London & IFS) - Economics Research","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/research.reading.ac.uk\/economics\/event\/external-seminar-by-agnes-kovacs-kings-college-london-ifs\/","og_locale":"en_GB","og_type":"article","og_title":"External Seminar by Agnes Kovacs (King's College London & IFS) - Economics Research","og_description":"We will be delighted to welcome Agnes Kovacs to the Department on 18 October 2023, to give a Department of Economics invited speaker seminar. Title: Financial Innovation, the Decline in...Read More >","og_url":"https:\/\/research.reading.ac.uk\/economics\/event\/external-seminar-by-agnes-kovacs-kings-college-london-ifs\/","og_site_name":"Economics Research","article_modified_time":"2023-11-06T15:11:44+00:00","twitter_card":"summary_large_image","twitter_misc":{"Estimated reading time":"1 minute","Written by":"Alexander Mihailov"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/research.reading.ac.uk\/economics\/event\/external-seminar-by-agnes-kovacs-kings-college-london-ifs\/","url":"https:\/\/research.reading.ac.uk\/economics\/event\/external-seminar-by-agnes-kovacs-kings-college-london-ifs\/","name":"External Seminar by Agnes Kovacs (King's College London & IFS) - Economics Research","isPartOf":{"@id":"https:\/\/research.reading.ac.uk\/economics\/#website"},"datePublished":"2023-10-08T20:43:25+00:00","dateModified":"2023-11-06T15:11:44+00:00","breadcrumb":{"@id":"https:\/\/research.reading.ac.uk\/economics\/event\/external-seminar-by-agnes-kovacs-kings-college-london-ifs\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/research.reading.ac.uk\/economics\/event\/external-seminar-by-agnes-kovacs-kings-college-london-ifs\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/research.reading.ac.uk\/economics\/event\/external-seminar-by-agnes-kovacs-kings-college-london-ifs\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/research.reading.ac.uk\/economics\/"},{"@type":"ListItem","position":2,"name":"Events","item":"https:\/\/research.reading.ac.uk\/economics\/events\/"},{"@type":"ListItem","position":3,"name":"External Seminar by Agnes Kovacs (King’s College London & IFS)"}]},{"@type":"WebSite","@id":"https:\/\/research.reading.ac.uk\/economics\/#website","url":"https:\/\/research.reading.ac.uk\/economics\/","name":"Economics Research","description":"A hub of news, events, publications & research clusters ","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/research.reading.ac.uk\/economics\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"}]}},"_links":{"self":[{"href":"https:\/\/research.reading.ac.uk\/economics\/wp-json\/wp\/v2\/tribe_events\/3618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/research.reading.ac.uk\/economics\/wp-json\/wp\/v2\/tribe_events"}],"about":[{"href":"https:\/\/research.reading.ac.uk\/economics\/wp-json\/wp\/v2\/types\/tribe_events"}],"author":[{"embeddable":true,"href":"https:\/\/research.reading.ac.uk\/economics\/wp-json\/wp\/v2\/users\/207"}],"version-history":[{"count":2,"href":"https:\/\/research.reading.ac.uk\/economics\/wp-json\/wp\/v2\/tribe_events\/3618\/revisions"}],"predecessor-version":[{"id":3636,"href":"https:\/\/research.reading.ac.uk\/economics\/wp-json\/wp\/v2\/tribe_events\/3618\/revisions\/3636"}],"wp:attachment":[{"href":"https:\/\/research.reading.ac.uk\/economics\/wp-json\/wp\/v2\/media?parent=3618"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/research.reading.ac.uk\/economics\/wp-json\/wp\/v2\/tags?post=3618"},{"taxonomy":"tribe_events_cat","embeddable":true,"href":"https:\/\/research.reading.ac.uk\/economics\/wp-json\/wp\/v2\/tribe_events_cat?post=3618"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/research.reading.ac.uk\/economics\/wp-json\/wp\/v2\/coauthors?post=3618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}