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Tax Incentives and the Demand for Life Insurance: Evidence from Italy
Jappelli, Tullio; Pistaferri, Luigi - Centro Studi di Economia e Finanza (CSEF) - 2001
allocation. In this paper we consider the tax treatment of life insurance, considering the cancellation of tax incentives in … Italian life insurance contracts for investors with high marginal tax rates and the introduction of incentives for those with … decision to invest in life insurance or the amount invested. The likely explanations are the lack of information and lack of …
Persistent link: https://www.econbiz.de/10005839177
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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
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The Consumption Response to Income Changes
Jappelli, Tullio; Pistaferri, Luigi - National Bureau of Economic Research (NBER) - 2010
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/10008619286
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L’ipotesi del ciclo vitale, la politica fiscale e la previdenza sociale
Jappelli, Tullio - In: Moneta e Credito 58 (2005) 230-231, pp. 187-202
The paper summarizes the main implications of the life cycle hypothesis regarding the individual and aggregate saving, fiscal policy and social security, focusing on the most important contributions of Modigliani on these issues. Although it is not easy to reconcile some recent empirical results...
Persistent link: https://www.econbiz.de/10010658877
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The life-cycle hypothesis, fiscal policy and social security
Jappelli, Tullio - In: BNL Quarterly Review 58 (2005) 233-234, pp. 173-186
In the early 1950s Modigliani, with Brumberg and Ando, formulated the life-cycletheory of consumption and savings that enjoyed a huge and undisputed success. But, since the early 1980s, the life-cycle theory has increasingly come under attack. One reason is the existence of an important...
Persistent link: https://www.econbiz.de/10010854342
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The life-cycle hypothesis, fiscal policy and social security
Jappelli, Tullio - In: Banca Nazionale del Lavoro Quarterly Review 58 (2005) 233-234, pp. 173-186
In the early 1950s Modigliani, with Brumberg and Ando, formulated the life-cycletheory of consumption and savings that enjoyed a huge and undisputed success. But, since the early 1980s, the life-cycle theory has increasingly come under attack. One reason is the existence of an important...
Persistent link: https://www.econbiz.de/10010752552
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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
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
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Wealth Shocks, Unemployment Shocks and Consumption in the Wake of the Great Recession
Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, … - C.E.P.R. Discussion Papers - 2014
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/10011083841
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Fiscal Policy and MPC Heterogeneity
Jappelli, Tullio; Pistaferri, Luigi - C.E.P.R. Discussion Papers - 2013
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/10011084014
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Fiscal policy and MPC heterogeneity
Jappelli, Tullio; Pistaferri, Luigi - Center for Financial Studies - 2013
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/10010958511