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Superior Information, Income Shocks and the Permanent Income Hypothesis

Pistaferri, Luigi - Centro Studi di Economia e Finanza (CSEF) - 1998

According to the permanent income hypothesis with quadratic preferences, savings should react only to transitory income shocks, but not to permanent shocks. The problem is that income shock components are not separately observable. I show how the combination of income realizations with...

Persistent link: https://www.econbiz.de/10005626725

The Consumption Response to Liquidity-Enhancing Transfers: Evidence from Italian Earthquakes

Acconcia, Antonio; Corsetti, Giancarlo; Simonelli, Saverio - Centro Studi di Economia e Finanza (CSEF) - 2015

Exploiting three earthquakes in Italy as quasi-experiments, we analyze the response of homeowners’ consumption to … significant effect on non-durable consumption on impact, especially for households with a low level of liquid wealth and bank debt …. In contrast, we find no significant consumption change in response to the in-kind equivalent of cash transfers. Our study …

Persistent link: https://www.econbiz.de/10011211452

The Consumption and Wealth Effects of an Unanticipated Change in Lifetime Resources

Jappelli, Tullio; Padula, Mario - Centro Studi di Economia e Finanza (CSEF) - 2014

lifetime resources, on the current consumption and wealth accumulation of employees affected by the reform. In line with …

Persistent link: https://www.econbiz.de/10011165979

Stockholding: From Participation to Location and to Participation Spillovers

Christelis, Dimitrios; Georgarakos, Dimitris; … - Centro Studi di Economia e Finanza (CSEF) - 2009

This paper provides a joint analysis of household stockholding participation, stock location among stockholding modes, and participation spillovers, using data from the US Survey of Consumer Finances. Our multivariate choice model matches observed participation rates, conditional and...

Persistent link: https://www.econbiz.de/10005025789

Early Life Conditions and Financial Risk–Taking in Older Age

Christelis, Dimitrios; Dobrescu, Loreti I.; Motta, Alberto - Centro Studi di Economia e Finanza (CSEF) - 2011

Using life-history survey data from eleven European countries, we investigate whether childhood conditions, such as socioeconomic status, cognitive abilities and health problems influence portfolio choice and risk attitudes later in life. After controlling for the corresponding conditions in...

Persistent link: https://www.econbiz.de/10009643793

The Age-Saving Profile and the Life-Cycle Hypothesis

Jappelli, Tullio; Modigliani, Franco - Centro Studi di Economia e Finanza (CSEF) - 1998

The life-cycle hypothesis posits that saving is positive for young households and negative for the retired, so that wealth should be hump-shaped. Yet, if one looks at the microeconomic evidence on saving by age, dissaving by the elderly is limited or absent. But the saving measures usually...

Persistent link: https://www.econbiz.de/10005839182

The Foregone Gains of Incomplete Portfolios

Paiella, Monica - Centro Studi di Economia e Finanza (CSEF) - 2006

stock market I estimate an average lower bound ranging between 0.7 and 3.3 percent of consumption. Since annual total …

Persistent link: https://www.econbiz.de/10005802062

Redistributive Policies through Taxation: Theory and Evidence

Grant, Charles; Koulovatianos, Christos; Michaelides, … - Centro Studi di Economia e Finanza (CSEF) - 2003

-incentives. Using a heterogeneous agent model with incomplete markets, we show that higher taxes (and transfers) decrease consumption … inequality but also mean savings and mean consumption. This demonstrates the trade-off between equity and efficiency. These …

Persistent link: https://www.econbiz.de/10005802079

What Determines Earnings and Employment Risk?

Guiso, Luigi; Jappelli, Tullio; Pistaferri, Luigi - Centro Studi di Economia e Finanza (CSEF) - 1998

Expectations and riskiness of future earnings are crucial determinants of individuals’ intertemporal choices. Yet, the empirical literature lacks reliable measures of the distribution of future income. Lacking direct observability, the latter is usually estimated inferring moments of the...

Persistent link: https://www.econbiz.de/10005802094

Do Transfer Taxes Reduce Intergenerational Transfers?

Jappelli, Tullio; Padula, Mario; Pica, Giovanni - Centro Studi di Economia e Finanza (CSEF) - 2010

We estimate the effect of taxes on intergenerational transfers exploiting a sequence of Italian reforms culminating with the abolishment of transfer taxes. We use the 1993-2006 Survey of Household Income and Wealth, which has data on real estate transfers received and information on potential...

Persistent link: https://www.econbiz.de/10008506125