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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

Optimal Libertarian Sin Taxes

Bassi, Matteo - Centro Studi di Economia e Finanza (CSEF) - 2012

This paper studies the optimal fiscal treatment of addictive goods (cigarettes, drugs, fatty foods, alcohol, gambling etc.). It shows that, when agents have private information about their productivity levels and their degree of rationality, the Atkinson and Stiglitz result of optimal uniform...

Persistent link: https://www.econbiz.de/10010801014

Addiction and The Role of Commitment Devices

Bassi, Matteo - Centro Studi di Economia e Finanza (CSEF) - 2010

This paper studies if external commitment devices are effectively capable of helping agents to reduce their consumption of addictive goods (alcohol, cigarettes, drugs, fatty foods etc.). The main assumption introduced in the model is that individuals are sophisticated hyperbolic discounters. The...

Persistent link: https://www.econbiz.de/10008765692

Wealth Shocks, Unemployment Shocks and Consumption in the Wake of the Great Recession

Christelis, Dimitrios; Georgarakos, Dimitris; Jappelli, … - Centro Studi di Economia e Finanza (CSEF) - 2011

We use data from the 2009 Internet Survey of the Health and Retirement Study to examine the consumption impact of wealth shocks and unemployment during the Great Recession in the US. We find that many households experienced large capital losses in housing and in their financial portfolios, and...

Persistent link: https://www.econbiz.de/10008873571

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

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

In 2000 Italy replaced its traditional system of severance pay for public employees with a new system. Under the old regime, severance pay was proportional to the final salary before retirement; under the new regime it is proportional to lifetime earnings. This reform entails substantial losses...

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

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

An Egg Today and a Chicken Tomorrow: A Model of Social Security with Quasi-Hyperbolic Discounting

Bassi, Matteo - Centro Studi di Economia e Finanza (CSEF) - 2008

with quasi-hyperbolic consumers whosave for post retirement consumption in the first period and choose their retirement age … labor force. When deciding about their retirement age, workers weight too much the costs of remaining at work (i …, who look for a commitment device that increases boththeir saving and retirement age, form a coalition with rich in order …

Persistent link: https://www.econbiz.de/10005626726

Fiscal Policy and MPC Heterogeneity

Jappelli, Tullio; Pistaferri, Luigi - Centro Studi di Economia e Finanza (CSEF) - 2012

We use responses to survey questions in the 2010 Italian Survey of Household Income and Wealth that ask consumers how much of an unexpected transitory income change they would consume. We find that the marginal propensity to consume (MPC) is 48 percent on average, and that there is substantial...

Persistent link: https://www.econbiz.de/10011082497