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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 … and increases the wealth-income ratio by 0.32. The response is stronger for younger workers and for households where both …

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

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

wealth shocks and unemployment during the Great Recession in the US. We find that many households experienced large capital … to consume with respect to housing and financial wealth are 1 and 3.3 percentage points, respectively. In addition, those … wealth shocks, splitting the sample between households who think that the stock market is likely to recover in a year’s time …

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

Superior Information, Income Shocks and the Permanent Income Hypothesis

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

Italian households drawn from the 1989-1991 Survey of Household Income and Wealth. …

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

Strotz (1956) first suggested that individuals are more impatient when making short-run tradeoffs than long-run ones. Many experimental studies supports his conjecture. Motivated by recent evidence from the British Department of Work and Pension (2006), this paper applies this behavioral...

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 …

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

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

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

An Approximate Consumption Function

Padula, Mario - Centro Studi di Economia e Finanza (CSEF) - 2008

This paper proposes an approximation to the consumption function in the buffer-stock model. The approximation is based on the analytic properties of the consumption function in the buffer-stock model. In such model, the consumption function is increasing and concave and its derivative is bounded...

Persistent link: https://www.econbiz.de/10005750357