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Immigration Restriction and Long-Run Cultural Assimilation: Theory and Quasi-Experimental Evidence

Galli, Fausto; Russo, Giuseppe - Centro Studi di Economia e Finanza (CSEF) - 2013

We study the effect of restrictions to immigration on the cultural assimilation of the second generation. Our theoretical model shows that restrictive policies incentivize to permanent immigration individuals with a stronger taste for their original culture. Permanent immigration implies...

Persistent link: https://www.econbiz.de/10010801010

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

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 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

The Consumption Response to Income Changes

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

restrictions that the theory imposes on the joint behavior of consumption and income growth, and combining realizations and …

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

Financial Market Integration and Economic Growth in the EU

Guiso, Luigi; Jappelli, Tullio; Padula, Mario; Pagano, Marco - Centro Studi di Economia e Finanza (CSEF) - 2004

markets. In line with a large recent literature, it is reasonable to expect that financial integration will have a "growth … dividend" in Europe. This paper attempts to quantify this growth dividend, using both industry and firm-level data to estimate … the empirical relationship between financial market development and growth, and to gauge how it will distribute itself …

Persistent link: https://www.econbiz.de/10005802048