C Meghir… - Econometrica, 2004 - Wiley Online Library
Recent theoretical work has shown the importance of measuring microeconomic uncertainty
for models of both general and partial equilibrium under imperfect insurance. In this paper
the assumption of iid income innovations used in previous empirical studies is removed ...
R Blundell, L Pistaferri… - The American Economic …, 2008 - ingentaconnect.com
Abstract: This paper examines the link between income and consumption inequality. We
create panel data on consumption for the Panel Study of Income Dynamics using an
imputation procedure based on food demand estimates from the Consumer Expenditure ...
L Guiso, L Pistaferri… - 2001 - papers.ssrn.com
Abstract: The full insurance hypothesis states that shocks to the firm's performance do not
affect workers' compensation. In principal-agent models with moral hazard, firms trade off
insurance and incentives to induce workers to supply the optimal level of effort. We use a ...
H Low, C Meghir… - 2009 - nber.org
We specify a structural life-cycle model of consumption, labour supply and job mobility in an
economy with search frictions that allows us to distinguish between different sources of risk
and to estimate their effects. The sources of risk are shocks to productivity, job destruction, ...
L Guiso,
T Jappelli… - Journal of Business and …, 2002 - Taylor & Francis
The mean and higher moments of the distribution of future income are crucial determinants
of individual choices. These moments are usually estimated in panel data from past income
realizations. Inthis article we rely instead on subjective expectations available in the 1995 ...
L Pistaferri - Giornale degli Economisti e Annali di Economia, 1999 - stanford.edu
Abstract In this paper I focus on the effect of informal networks on individuals' job search and
earnings. In the empirical analysis, conducted on data drawn from the 1991 and 1993 Bank
of Italy Survey of Household Income and Wealth, I show that while seeking work through ...
L Pistaferri - Journal of Labor Economics, 2003 - JSTOR
In this article, I estimate how labor supply responds to anticipated wage growth,
unanticipated wage growth, and wage risk using the 1989-93 panel section of the Bank of
Italy Survey of Households' Income and Wealth (SHIW), which collects individual ...
T Jappelli… - European Economic Review, 2000 - Elsevier
We test for precautionary saving and excess sensitivity of consumption to predicted income
growth using a 1989–1993 panel survey of Italian households that has measures of
subjective income and inflation expectations. These expectations provide a powerful ...
N Kocherlakota… - Journal of Political Economy, 2009 - JSTOR
We compare the empirical performance of a standard incomplete markets asset pricing
model with that of a novel model with constrained Pareto-optimal allocations. We represent
the models' stochastic discount factors in terms of the cross-sectional distribution of ...
R Blundell, L Pistaferri… - 2003 - papers.ssrn.com
Abstract: This Paper uses panel data on household consumption and income to evaluate the
degree of insurance to income shocks. Our aim is to describe the transmission of income
inequality into consumption inequality. Our framework nests the special cases of self- ...
R Blundell… - Journal of Human Resources, 2003 - JSTOR
The impact of food assistance programs (food stamps) in a period of rising income inequality
in the United States is analyzed using 1978-92 PSID data. We assess to what extent food
assistance can be viewed as an effective insurance to permanent shocks to income. The ...
L Pistaferri - Review of Economics and Statistics, 2001 - JSTOR
According to the permanent income hypothesis with quadratic preferences, households
save for a rainy day the transitory component of income innovations and consume entirely
the permanent one. The model also rules out precautionary saving. Typically, income ...
G Bertola, L Guiso… - Review of Economic Studies, 2005 - Wiley Online Library
We characterize infrequent durables stock adjustment by consumers who also derive utility
from non-durable consumption flows in the presence of idiosyncratic income uncertainty.
The data we analyse include subjective future income uncertainty measures, which we ...
R Blundell, L Pistaferri… - 2004 - discovery.ucl.ac.uk
In this paper we discuss an empirical strategy that allows researchers to impute
consumptiondata from the CEX to the PSID. The strategy consists of inverting a demand for
food equationestimated in the CEX. We discuss the conditions under which such ...
T Jappelli… - Fiscal Studies, 2000 - Wiley Online Library
Abstract We examine the dynamics of wealth accumulation distribution in Italy using data
drawn from the Survey of Household Income and Wealth, a representative survey of the
Italian population conducted by the Bank of Italy. We compare survey data with National ...
T Jappelli… - Journal of Public Economics, 2003 - Elsevier
The theoretical literature suggests that taxation can have a large impact on household
portfolio selection and allocation. In this paper we analyze the tax treatment of life insurance,
considering the cancellation of tax incentives in Italian life insurance contracts for ...
T Jappelli… - Journal of the European Economic …, 2006 - Wiley Online Library
The theory of intertemporal consumption choice makes sharp predictions about the
evolution of the entire distribution of household consumption, not just about its conditional
mean. In the paper, we study the empirical transition matrix of consumption using a panel ...
NR Kocherlakota… - The Economic Journal, 2007 - Wiley Online Library
We assume that individuals can fully insure themselves against cross-country shocks but not
against individual-specific shocks. We consider two particular models of limited risk-sharing:
domestically incomplete markets (DI) and private information–Pareto optimal (PIPO) risk- ...
D Krueger,
F Perri, L Pistaferri… - Review of Economic …, 2010 - Elsevier
This article provides an introduction to the special issue of the Review of Economic
Dynamics on “Cross-Sectional Facts for Macroeconomists”. The issue documents, for nine
countries, the level and the evolution, over time and over the life cycle, of several ...
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 ...
J Pencavel, L Pistaferri… - Industrial and Labor Relations …, 2006 - JSTOR
The authors investigate how worker-owned and capitalist enterprises differ with respect to
wages, employment, and capital in Italy, the market economy with the greatest incidence of
worker-owned and worker-managed firms. Estimates calculated using a matched ...
M Padula… - CSEF WP, 2001 - csef.it
Abstract We measure the return to education by accounting for differences in wage and
unemployment risk confronted by individuals with different levels of education. When
markets are incomplete, risk-averse individuals value jobs to which less income risk is ...
We show that the effects of taxes on labor supply are shaped by interactions between
adjustment costs for workers and hours constraints set by firms. We develop a model in
which firms post job offers characterized by an hours requirement and workers pay search ...
K Graddy… - Oxford Bulletin of Economics and …, 2000 - Wiley Online Library
In this paper we use data from the London Business School of measuredifferences in
outgoing salaries of male and female graduates with a Master's in Business Administration
degree. This is a relatively homogeneous population of individuals with very similar ...
H Low… - 2010 - nber.org
This paper provides a life-cycle framework for weighing up the insurance value of disability
benefits against the incentive cost. Within this framework, we estimate the life-cycle risks that
individuals face in the US, as well as the parameters governing the disability insurance ...
T Jappelli… - Review of Economic Dynamics, 2010 - Elsevier
This paper presents stylized facts on labor supply, income, consumption, wealth, and
several measures of consumption and income inequality drawn from the 1980–2006 Survey
of Household Income and Wealth (SHIW) conducted by the Bank of Italy. The SHIW ...
T Jappelli… - University of Salerno and Stanford …, 2004 - econometricsociety.org
Abstract The theory of intertemporal consumption choice makes sharp predictions about the
evolution of the entire distribution of household consumption, not just about its conditional
mean. In a first step, we study the empirical transition matrix of consumption using a panel ...
T Jappelli… - European Economic Review, 2007 - Elsevier
Before 1992 mortgage interests in Italy were fully tax deductible up to 3500 Euro (7000 for
two cosigners). In 1992–1994 the government implemented a series of tax reforms whose
ultimate effect was to eliminate the relation between the after-tax mortgage rate and the ...
Abstract: Before 1992 mortgage interest in Italy was fully tax deductible up to 3,500 euro
(7,000 for two cosigners). Between 1992-94 the government implemented a series of tax
reforms whose ultimate effect was to cancel the relation between the after-tax mortgage ...
T Jappelli, M Padula… - Journal of the European …, 2008 - Wiley Online Library
Abstract Recent models with liquidity constraints and impatience emphasize that consumers
use savings to buffer income fluctuations. When wealth is below anoptimal target,
consumers try to increase their buffer stock of wealth by saving more. When it is above ...
T Jappelli… - Center for Studies in Economics and Finance, …, 2002 - Citeseer
Abstract The paper reviews the literature on these tax incentives, with special focus on long-
term saving, housing, and household liabilities. The paper addresses several areas of policy
intervention:(1) the interest rate effect on personal saving;(2) the effect of tax incentives on ...
C Meghir… - Handbook of Labor Economics, 2011 - Elsevier
Abstract We discuss recent developments in the literature that studies how the dynamics of
earnings and wages affect consumption choices over the life cycle. We start by analyzing the
theoretical impact of income changes on consumption—highlighting the role of ...
Introduction• How do taxes affect labor supply and earnings behavior?• Microeconometric
studies examine short-run responses to small changes in tax rates for subgroups• Most find
intensive margin elasticities near zero (Heckman
T Jappelli… - The Economic Journal, 2011 - Wiley Online Library
We test if financial integration improves household consumption smoothing using
microeconomic data. We find that the process of financial market integration and
liberalisation brought about by the introduction of the euro has not affected the sensitivity ...
T Jappelli, L Pistaferri… - Health economics, 2007 - Wiley Online Library
Abstract We argue that health care quality has an important impact on economic inequality
and on saving behavior. We exploit district-wide variability in health care quality provided by
the Italian universal public health system to identify the effect of quality on income ...
L Pistaferri - 1999 - papers.ssrn.com
Abstract: 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 ...
N Kocherlakota… - Unpublished Manuscript, University of …, 2008 - stanford.edu
ABSTRACT We consider two asset pricing models with agents who have privately
observable skill shocks. The first is a standard incomplete markets model. In the second,
agents sign lifetime work/insurance contracts with intermediaries who then trade assets. ...
K Kaufmann… - The American Economic Review, 2009 - JSTOR
The textbook version of the life-cycle perma nent income hypothesis with no liquidity con
straints predicts that consumption should react very mildly to (unanticipated) transitory
income changes and very strongly to permanent ones. This prediction has important ...
Abstract: Expectations and riskiness of future earnings are crucial determinants of
individuals' intertemporal choices. Yet, the empirical literature lacks reliable measures of the
distribution of future income. Lacking direct observability, the latter is usually estimated ...
ABSTRACT We show that the effects of taxes on labor supply are shaped by interactions
between adjustment costs for workers and hours constraints set by firms. We develop a
model in which firms post job offers characterized by an hours requirement and workers ...
L Guiso, L Pistaferri… - Global COE Hi-Stat …, 2009 - digilander.libero.it
Abstract We exploit time variation in the degree of development of local credit markets and
matched employer-employee data to assess the role of the firm as an internal credit market.
Relative to firms located in more developed credit markets, firms operating in less ...
[CITATION] Income risk dynamics and heterogeneity
L Pistaferri - Manuscript, Stanford Univ, 1998
[CITATION] Employment risk and wage risk over the life cycle
H Low, C Meghir… - forthcoming, American Economic Review, 2010
[CITATION] What determines earnings and employment uncertainty?
L Guiso, T Jappelli… - London: CEPR Discussion Paper, 1999
[CITATION] nConsumption inequality and partial insurance, oAmerican Economic Review, forthcoming
R Blundell, L Pistaferri… - 2008
Abstract The theory of full consumption insurance posits that households are insulated from
all idiosyncratic shocks so that the ratio of the marginal utilities of consumption of any two
households is constant over time. Consumption insurance therefore implies absence of ...
G Bertola, L Guiso… - Unpublished manuscript, European …, 2001 - Citeseer
Abstract We study the effect of uncertainty on optimal adjustment of durable good stocks,
and confront the relevant theoretical insights with a data set featuring extensive information
on disaggregated durable goods and subjective measures of future income uncertainty. ...
[CITATION] Wage Risk and Employment over the Life Cycle
H Low, C Meghir… - 2008 - Working Paper
T Jappelli, L Pistaferri… - CEPR Discussion Paper No. …, 2004 - papers.ssrn.com
Abstract: We argue that health care quality has an important impact on economic inequality
and on saving behavior. We exploit district-wide variability in health care quality provided by
the Italian universal public health system to identify the effect of quality on income ...
[CITATION] Partial Insurance
R Blundell, L Pistaferri… - Information and Consumption, 2002
R Blundell, L Pistaferri… - … of Economics, University …, 2001 - econometricsociety.org
Abstract Several economic models are developed under the assumption of complete
markets. In models of self-insurance, in contrast, the only mechanism available to smooth
idiosyncratic shocks is saving. These two models sit amidst a wide range of missing ...
[CITATION] Wage risk, employment risk, and precautionary saving
H Low, C Meghir… - … University, University College London, and Stanford …, 2006
Abstract Increasingly, economists rely on microeconomic data to analyze macroeconomic
policy shifts and structural reforms. This paper presents stylized facts on labor supply,
income, consumption, wealth, and several measures of consumption and income ...
L Pistaferri, R Blundell… - 2004 Meeting Papers, 2004 - ideas.repec.org
This paper uses panel data on household consumption and income to describe the
transmission of income inequality into consumption inequality. We do this by contrasting
shifts in the cross-sectional distribution of income growth with shifts in the cross-sectional ...
[CITATION] Consumption and the Great Recession
I Petev, L Pistaferri, I Saporta - … of the Great …, 2011 - Russel Sage Foundation ( …
L Pistaferri, H Low… - 2004 Meeting Papers, 2004 - ideas.repec.org
We define the distinction between productivity and employment risk and estimate the
components of risk using wage and mobility data from the Panel Study of Income Dynamics.
We then calibrate a model of intertemporal consumption and labor supply and study the ...
N Kocherlakota… - Journal of the European …, 2008 - Wiley Online Library
Abstract Kocherlakota and Pistaferri (2007) describe two different models (Private
Information Pareto Optimal and Incomplete Markets) of how households partially insure
themselves against idiosyncratic shocks. They demonstrate that the models differ in terms ...
L Pistaferri, L Guiso… - 2010 - nber.org
We exploit time variation in the degree of development of local credit markets and matched
employer-employee data to assess the role of the firm as an internal credit market. In less
developed local credit markets firms can offer a flatter wage-tenure profile than firms in ...
[CITATION] Two Views of Inequality Over the Life Cycle: A Comment
L Pistaferri - 2009 - Mimeo, Stanford University
T Jappelli… - Taxation of financial intermediation: …, 2003 - books.google.com
Modern theories of intertemporal consumption choice emphasize that individuals may save
for a variety of motives: to smooth lifecycle fluctuations in income (the retirement, or life-cycle
motive), to face emergencies arising from income or health risks (the precautionary motive ...
[CITATION] Wage risk and employment risk over the life-cycle
H Low, C Meghir… - 2003 - Draft
[CITATION] VHousehold Size and the Demand for Private Goods
L Pistaferri, T Schoellman… - V Unpublished Manuscript, Stanford University, 2005
M Kuismanen… - ECB Working Paper No. 572, 2006 - papers.ssrn.com
Abstract: Most of the empirical literature on consumption behaviour over the last decades
has focused on estimating Euler equations. However, there is now consensus that data-
related problems make this approach unfruitful, especially for answering policy relevant ...
[CITATION] Forthcoming.“Adjustment Costs, Firm Responses, and Micro vs. Macro Labor Supply Elasticities: Evidence from Danish Tax Records.”
R Chetty, JN Friedman, T Olsen… - Quarterly Journal of Economics
L Guiso, L Pistaferri… - 2006 - papers.ssrn.com
Abstract: This paper studies the costs of adjusting employment, distinguishing between firms'
firing and workers' mobility costs. We construct a simple dynamic general equilibrium model
of labour demand and supply and show that only the joint response of employment and ...
Abstract: The Paper reviews the literature on these tax incentives, with special focus on long-
term saving, housing, and household liabilities. The Paper addresses several areas of policy
intervention:(1) the interest rate effect on personal saving;(2) the effect of tax incentives on ...
[CITATION] och Preston, Ian
R Blundell… - Income risk and consumption inequality: a simulation …
H Low… - 2010 - stanford.edu
Abstract We provide a lifecycle framework for comparing the insurance value of disability
benefits and the incentive cost. We estimate the risks that individuals face and the
parameters governing the disability insurance program using longitudinal US data on ...
The Paper reviews the literature on these tax incentives, with special focus on long-term
saving, housing, and household liabilities. The Paper addresses several areas of policy
intervention:(1) the interest rate effect on personal saving;(2) the effect of tax incentives on ...
Zusammenfassung: The theory of intertemporal consumption choice makes sharp
predictions about the evolution of the entire distribution of household consumption, not just
about its conditional mean. In the paper, we study the empirical transition matrix of ...
We argue that health care quality has an important impact on economic inequality and on
saving behaviour. We exploit district-wide variability in health care quality provided by the
Italian universal public health system to identify the effect of quality on income inequality, ...
L Guiso, L Pistaferri… - EIEF Working Papers Series, 2009 - ideas.repec.org
We exploit time variation in the degree of development of local credit markets and matched
employer-employee data to assess the role of the rm as an internal credit market. In less
developed local credit markets rms can o er a atter wage-tenure pro le than rms in more ...
Before 1992 mortgage interest in Italy was fully tax deductible up to 3,500 euro (7,000 for
two cosigners). Between 1992-94 the government implemented a series of tax reforms
whose ultimate effect was to cancel the relation between the after-tax mortgage rate and ...
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 ...
L Guiso, L Pistaferri… - CEPR Discussion Paper No. …, 2010 - papers.ssrn.com
Abstract: We exploit time variation in the degree of development of local credit markets and
matched employer-employee data to assess the role of the firm as an internal credit market.
In less developed local credit markets firms can offer a flatter wage-tenure profile than ...
L Pistaferri - 2010 - nber.org
NATIONAL BUREAU OF ECONOMIC RESEARCH. NATIONAL BUREAU OF
ECONOMIC RESEARCH. HOME PAGE. Comment on "Italians are Late: Does it Matter?".
Luigi Pistaferri. Chapter in NBER book Demography and the ...
L Guiso, L Pistaferri… - 2006 - cepr.org
This paper studies the costs of adjusting employment, distinguishing between firms' firing
and workers' mobility costs. We construct a simple dynamic general equilibrium model of
labour demand and supply and show that only the joint response of employment and ...
RE Rates, NR Kocherlakota… - The Economic Journal, 2007 - res.org.uk
We assume that individuals can fully insure themselves against cross-country shocks but not
against individual-specific shocks. We consider two particular models of limited risk-sharing:
domestically incomplete markets (DI) and private information–Pareto optimal (PIPO) risk- ...
L Guiso, L Pistaferri… - 2001 - cepr.org
The full insurance hypothesis states that shocks to the firm's performance do not affect
workers' compensation. In principal-agent models with moral hazard, firms trade off
insurance and incentives to induce workers to supply the optimal level of effort. We use a ...
We test for excess sensitivity of consumption to predicted income growth using a 1989–93
panel survey of Italian households that includes measures of subjective income and inflation
expectations. These expectations provide a powerful instrument for predicting income ...
[CITATION] Call for Papers Call for Papers (p. iii)
CL Foote, WC Whatley, G Wright… - Journal of Labor …, 2003 - JSTOR
L Jönsson, C Meghir… - 2011 - iza.org
There has been an increased interest in understanding pay policies of firms, and in
particular the extent to which firm level productivity shocks are transmitted to worker's wages.
Such departures from perfect competition and the law of one price have been motivated ...
T Jappelli… - The Economic Journal, 2010 - res.org.uk
We test if financial integration improves household consumption smoothing using
microeconomic data. We find that the process of financial market integration and
liberalisation brought about by the introduction of the euro has not affected the sensitivity ...
R Blundell, L Pistaferri… - 2007 - eprints.ucl.ac.uk
• In this model, self-insurance is driven by the parameter π, which corresponds to the ratio of
human capital wealth to total wealth (the sum of financial and human capital wealth)• For
given level of human capital wealth, past savings imply higher financial wealth today, and ...
L Guiso, L Pistaferri… - 2005 - eea-esem.com
Abstract A large body of literature has shown that both employment and wages respond to
shocks to the firm. Previous empirical work has considered these two aspects separately.
We use a dynamic general equilibrium model of labor and wages adjustment where firms ...
T Jappelli… - THE ECONOMIC JOURNAL, 2010 - res.cwslive.wiley.com
We test if financial integration improves household consumption smoothing using microeconomic
data. We find that the process of financial market integration and liberalisation brought about
by the introduction of the euro has not affected the sensitivity of consumption with respect ...
RW Blundell, L Pistaferri… - 2002 - cepr.org
This Paper uses panel data on household consumption and income to evaluate the degree
of insurance to income shocks. Our aim is to describe the transmission of income inequality
into consumption inequality. Our framework nests the special cases of self-insurance and ...
G Bertola, L Guiso… - 2002 - cepr.org
We study infrequent durables stock adjustment by consumers who also derive utility from
non-durable consumption flows, in the presence of idiosyncratic income uncertainty. We first
characterize how the extent of uncertainty bears theoretically on the cross-sectional ...
R Blundell, L Pistaferri… - Citeseer
• In this model, self-insurance is driven by the parameter π, which corresponds to the ratio of
human capital wealth to total wealth (the sum of financial and human capital wealth)• For
given level of human capital wealth, past savings imply higher financial wealth today, and ...
Zusammenfassung: Recent models with liquidity constraints and impatience emphasize that
consumers use savings to buffer income fluctuations. When wealth is below an optimal
target, consumers try to increase their buffer stock of wealth by saving more. When it is ...
R Blundell, L Pistaferri… - 2012 - dse.unibo.it
Abstract In this paper we examine the link between wage inequality and consumption
inequality using a life cycle model that incorporates a two earnersqhousehold consumption
and labor supply decisions. We derive analytical expressions based on approximations ...
This chapter is a preliminary draft unless otherwise noted. It may not have been subjected to
the formal review process of the NBER. This page will be updated as the chapter is revised. ...
This chapter is not currently available on-line. ... Bulletin on Aging and Health Digest — ...
Expectations and riskiness of future earnings are crucial determinants of individuals'
intertemporal choices. Yet, the empirical literature lacks reliable measures of the distribution
of future income. Lacking direct observability, the latter is usually estimated inferring the ...
L Pistaferri - Economics, 2000 - itunes.stanford.com
-Bound, J., Jaeger, DA, and Baker, RM (1995). Problems with instrumental variables
estimation when the correlation between the instruments and the endogenous explanatory
variable is weak. JASA, 90: 443–450.-Symposia on Social Experiments (1995), Journal of ...
[CITATION] Mini-Course, CFS Frankfurt, November 2011
L Pistaferri - Journal of Economic Literature
[CITATION] Household Size and the Demand for Private Goods: United States 1850-2000
L Jönsson, C Meghir… - 2010 - econ.au.dk
There has been an increased interest in understanding pay policies of firms, and in
particular the extent to which firm level productivity shocks are transmitted to worker's wages.
Such departures from perfect competition and the law of one price have been motivated ...
T Jappelli… - Computer Codes, 2009 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. In case of further problems read the IDEAS help page. Note that these files are
not on the IDEAS site. Please be patient as the files may be large.
Recent models with liquidity constraints and impatience emphasize that consumers use
savings to buffer income fluctuations. When wealth is below an optimal target, consumers try
to increase their buffer stock of wealth by saving more. When it is above target, they ...
L Pistaferri - 2002 - cepr.org
We address the question of how labour supply responds to anticipated wage growth,
unanticipated wage growth, and wage risk. We use the 1989-93 panel section of the Bank of
Italy SHIW, which collects individual-based quantitative expectation of future wage growth. ...
Create email alert
About Google Scholar - All About Google - My Citations
©2012 Google