2007 Household Wealth in Italy Conference (Archive)最新文献

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The Effects of Housing and Financial Wealth on Personal Consumption: Aggregate Evidence for Italian Households 住房和金融财富对个人消费的影响:意大利家庭的综合证据
2007 Household Wealth in Italy Conference (Archive) Pub Date : 2008-06-16 DOI: 10.2139/ssrn.1182522
Antonio Bassanetti, Francesco Zollino
{"title":"The Effects of Housing and Financial Wealth on Personal Consumption: Aggregate Evidence for Italian Households","authors":"Antonio Bassanetti, Francesco Zollino","doi":"10.2139/ssrn.1182522","DOIUrl":"https://doi.org/10.2139/ssrn.1182522","url":null,"abstract":"In this paper we focus on Italian aggregate quarterly time series covering the 1980-2008 sample period and test the presence and size of wealth effects on consumption, taking separately account of financial assets and residential property on the basis of new stock measures. We find sound evidence in favour of a cointegrating relation, in which both wealth components display the expected, positive effect on households‘ consumption. In particular, our results point to a lower marginal propensity to consume out of housing than out of non housing net worth, with a respective size laying in the range of 1.5-2 and 4-6 cents. Following the estimate of a vector error correction model, we discuss the role played by transitory and permanent shocks in driving changes in the variables we consider. We have found that both consumption and wealth respond almost exclusively to permanent shocks, which are the sole determinants of the common stochastic trend in our theoretical set-up. As a result, we are confident that our estimates of wealth coefficients in the cointegrating vector match very closely the true long run marginal propensity to consume for Italian households.","PeriodicalId":250525,"journal":{"name":"2007 Household Wealth in Italy Conference (Archive)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129429964","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 39
Comparing Wealth Distribution Across Rich Countries: First Results from the Luxembourg Wealth Study 比较富裕国家的财富分配:卢森堡财富研究的初步结果
2007 Household Wealth in Italy Conference (Archive) Pub Date : 2006-08-01 DOI: 10.2139/ssrn.2119957
Eva Sierminska, A. Brandolini, T. Smeeding
{"title":"Comparing Wealth Distribution Across Rich Countries: First Results from the Luxembourg Wealth Study","authors":"Eva Sierminska, A. Brandolini, T. Smeeding","doi":"10.2139/ssrn.2119957","DOIUrl":"https://doi.org/10.2139/ssrn.2119957","url":null,"abstract":"The new Luxembourg Wealth Study (LWS) creates for the first time a harmonized crossnational database on household assets and liabilities. This paper describes the project, outlines conceptual and practical issues that need to be addressed in preparing harmonized and comparable wealth data across countries, and summarizes the initial results for the eight countries participating in the initial phase: Canada, Cyprus, Finland, Germany, Italy, Norway, Sweden, the United Kingdom and the United States.","PeriodicalId":250525,"journal":{"name":"2007 Household Wealth in Italy Conference (Archive)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126450609","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 61
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