This paper is the Ely Lecture delivered at the annual meeting of the American Economic Association on January 3, 2016. I thank the Sloan Foundation for financial support, and my coauthors Steffen Andersen, Cristian Badarinza, Laurent Calvet, Howell Jackson, Brigitte Madrian, Kasper Meisner Nielsen, Tarun Ramadorai, Benjamin Ranish, Paolo Sodini, and Peter Tufano for joint work that I draw upon here. I also thank Cristian Badarinza for his work with international survey data on household balance sheets, Laurent Bach, Laurent Calvet, and Paolo Sodini for sharing their results on Swedish wealth inequality, Ben Ranish for his analysis of Indian equity data, Annamaria Lusardi for her assistance with financial literacy survey data, Steven Bass, Sean Collins, Emily Gallagher, and Sarah Holden of ICI and Jack VanDerhei of EBRI for their assistance with data on US retirement savings, Eduardo Davila and Paul Rothstein for correspondence and discussions about behavioral welfare economics, and Daniel Fang for able research assistance. I have learned a great deal from my service on the Academic Research Council of the Consumer Financial Protection Bureau, and from conversations with CFPB staff. Finally I gratefully acknowledge insightful comments from participants in the Sixth Miami Behavioral Finance Conference and the Fourth Conference on Household Finance and Consumption at the European Central Bank, and from Alexei Alexandrov, Julianne Begenau, John Beshears, Ron Borzekowski, Chris Carroll, Paulo Costa, Xavier Gabaix, Peter Ganong, Stefano Giglio, Michael Haliassos, Deborah Lucas, Annamaria Lusardi, Vijay Narasiman, Pascal Noel, James Poterba, Tarun Ramadorai, Jon Reuter, Paul Rothstein, Antoinette Schoar, Robert Shiller, Andrei Shleifer, Emil Siriwardane, Jeremy Stein, Cass Sunstein, Richard Thaler, and Jessica Wachter. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.
John Y. Campbell
John Y. Campbell
Outside Activities Since 2006
A. Compensated Activities1
Asset Management
Founding partner since 1999, Arrowstreet Capital, LP: www.arrowstreetcapital.com
Commissioned Research
Alfred P. Sloan Foundation: grant for international comparative studies of household finance, 2011-2014
Brookings Institution: paper with Robert Shiller and Luis M. Viceira, “Understanding
Inflation-Indexed Bond Markets”, Brookings Papers on Economic Activity 79-120, Spring
2009
Conference Organization
National Bureau of Economic Research, conference on Asset Prices and Monetary Policy,
2007
Speaking Engagements
Journal of Investment Management, 2007
Mellon Global Investments, Brazil, 2007
Real Colegio Complutense, 2007 and 2008
Pension Real Estate Association, 2008
International Conference on Economics, Finance, and Accounting, National Taiwan
University, 2009
China International Conference in Finance, Beijing, 2010
Forum for the Future of Higher Education, Aspen, 2011
Karl Borch Lecture, NHH, Bergen, Norway, 2011
David Kinley Lecture, University of Illinois, 2012
Purvis Lecture, Canadian Economic Association, 2012
Morgan Stanley Lecture, New Economic School, Moscow, 2012
International Monetary Fund, Washington, DC, 2012
Hirtle Callaghan Investment Leadership Award, Philadelphia, PA, 2013
European Financial Management Association, Reading, UK, 2013
B. Significant Non-Compensated Activities
American Economic Journal Macroeconomics: Editorial Board, 2007-09
Econometric Society: Council, 2002-09; Investments Committee, 2006-10
Harvard Management Company: Board, 2004-11
International Atlantic Economic Society: President, 2008-09
Journal of Financial Econometrics: Advisory Board, 2001-present
Journal of Financial Economics: Associate Editor, 2007-present
Journal of Money, Credit, and Banking: Advisory Board, 2001-present
Oxford-Man Institute: Academic Advisory Board, 2012-present
Board of Trustees, Andover Newton Theological School, 2012-present
Academic Research Council, Consumer Financial Protection Bureau, 2012-present
Financial Research Advisory Committee, Office of Financial Research, US Treasury, 2014-present
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1 Excludes honoraria from non-profit institutions, government agencies, and academic journals of $3,000 or less
in a given year, and payments from for-profit firms of $500 or less in a given year.
