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A micro simulation model of demographic development and households' economic behavior in Italy
Ando, Albert; Nicoletti-Altimari, Sergio - Banca d'Italia - 2004
The relationship between the demographic structure and the saving rate of a society is the reflection of the aggregation of the behaviour of heterogeneous households, differing from one another in the type of living arrangements and in the characteristics of their members. In order to contribute...
Persistent link: https://www.econbiz.de/10005113518
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Italian households' debt: determinants of demand and supply
Magri, Silvia - Banca d'Italia - 2002
This paper analyzes the determinants of Italian households� participation in the debt market, considering both demand and supply effects and using the Bank of Italy�s Survey of Household Income and Wealth. The probability of debt is positively influenced by age (until 35 years), which...
Persistent link: https://www.econbiz.de/10005113535
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Do capital gains affect consumption? Estimates of wealth effects from Italian households� behavior
Guiso, Luigi; Paiella, Monica; Visco, Ignazio - Banca d'Italia - 2005
We use detailed data on housing prices in Italy available for a large number of years and with a fine geographical … breakdown to compute capital gains and losses on the most widespread asset among consumers, housing, and inquire whether changes … in housing values affect consumption. We find that consumer expenditures do react to capital gains, with a marginal …
Persistent link: https://www.econbiz.de/10005113619
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Fiscal Policy and Macroeconomic Imbalances
Baldacci, Emanuele; Gupta, Sanjeev; Mulas-Granados, Carlos - Banca d'Italia - 2014
The volume collects the essays presented at the 15th Workshop on Public Finance organised by Banca d'Italia in Perugia from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised four sessions. The first session concentrated on the...
Persistent link: https://www.econbiz.de/10011277938
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Households' savings in China
Cristadoro, Riccardo; Marconi, Daniela - Banca d'Italia - 2011
This paper studies the determinants of Chinese households� saving. Domestic saving in China is the highest in the world in terms of GDP and it is mirrored in a large and persistent current account surplus. First, we show that notwithstanding the rising contribution of government and firms...
Persistent link: https://www.econbiz.de/10009386393
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The effects of financial and real wealth on consumption: new evidence from OECD countries
Bonis, Riccardo De; Silvestrini, Andrea - Banca d'Italia - 2011
In this paper we present new estimates of the effect of households� financial and real wealth on consumption. The analysis makes reference to eleven OECD countries and takes into account quarterly data from 1997 to 2008. Unlike most of the previous literature on European countries, we...
Persistent link: https://www.econbiz.de/10009386397
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Wealth effects in emerging economies
Ciarlone, Alessio - Banca d'Italia - 2012
household consumption positively in the long-run, with the elasticity of housing wealth being greater than that of stock market … vulnerable to further adverse developments in the housing market. …
Persistent link: https://www.econbiz.de/10009645796
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Revisiting the Implications of Heterogeneity in Financial Market Participation for the C-CAPM
Paiella, Monica - Banca d'Italia - 2003
Recent studies have explored the possibility that accounting for limited participation in financial markets, and in the stock market in particular, might rationalize the empirical inconsistency of the Consumption-based Capital Asset Pricing Model (C-CAPM). The rational behind this stand is that...
Persistent link: https://www.econbiz.de/10005111562
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The forgone gains of incomplete portfolios
Paiella, Monica - Banca d'Italia - 2007
This paper proposes a test for the cost-based explanation of non-participation, by estimating a lower bound to the forgone gains of incomplete portfolios; these are in turn a lower bound to the costs that could rationalize non-participation in financial markets: high bounds would imply...
Persistent link: https://www.econbiz.de/10005113553
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Consumption and fiscal policies: medium-run non-Keynesian effects
Rodano, Giorgio; Saltari, Enrico - Banca d'Italia - 2001
In this paper we study the effects of fiscal policies on current consumption, distinguishing between Keynesian effects (KE), due to changes in current disposable income, and non-Keynesian effects (NE), due to expected changes in future disposable income. The literature has argued that permanent...
Persistent link: https://www.econbiz.de/10005113559