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Financial Intermediation, House Prices and the Welfare Effects of the U.S. Great Recession

Menno, Dominik; Oliviero, Tommaso - Centro Studi di Economia e Finanza (CSEF) - 2014

account for the observed collapse in house prices. As a consequence of the loss in housing wealth, our estimates show that …

Persistent link: https://www.econbiz.de/10010894759

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

transfers are akin to loans, mainly affecting the liquidity of households’ wealth. We show that these transfers have little … significant effect on non-durable consumption on impact, especially for households with a low level of liquid wealth and bank debt …

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

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 Consumption Response to Income Changes

Jappelli, Tullio; Pistaferri, Luigi - Centro Studi di Economia e Finanza (CSEF) - 2009

We review different empirical approaches that researchers have taken to estimate how consumption responds to income changes. We critically evaluate the empirical evidence on the sensitivity of consumption to predicted income changes, distinguishing between the traditional excess sensitivity...

Persistent link: https://www.econbiz.de/10008459825

Pension Risk, Retirement Saving and Insurance

Guiso, Luigi; Jappelli, Tullio; Padula, Mario - Centro Studi di Economia e Finanza (CSEF) - 2009

for each individual the subjective distribution of the replacement rate as a summary indicator of social security wealth … risk to individuals’ financial decisions. We find that people try to attenuate the adverse consequences of pension wealth … uncertainty by increasing demand for targeted retirement saving and for insurance. Individuals facing more pension wealth risk …

Persistent link: https://www.econbiz.de/10004991296

The Age-Saving Profile and the Life-Cycle Hypothesis

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

wealth should be hump-shaped. Yet, if one looks at the microeconomic evidence on saving by age, dissaving by the elderly is … accruing to the retired do not represent income produced, but a drawing from the pension wealth accumulated up to retirement …

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

The Foregone Gains of Incomplete Portfolios

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

This paper estimates a lower bound to the foregone gains of incomplete portfolios, which are in turn a lower bound to the (unobserved) entry costs that could rationalize non-participation to financial markets. My estimates provide a heuristic test for the cost-based explanation of limited...

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

Increasing marginal tax rates and making payments to the poor reduce inequality and introduce savings dis-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....

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

on subjective expectations available in the 1995 Survey of Household Income and Wealth, a large random sample …

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