BRUNELLO, Giorgio, FORT, Margherita, WEBER, Guglielmo
Using data from 12 European countries and the variation across countries and over time in the changes of minimum school leaving age, we study the effects of the quantity of education on the...
FORT, Margherita, BRUNELLO, Giorgio, WEBER, Guglielmo
Using data from 12 European countries and the variation across countries and over time in the changes of minimum school leaving age, we study the effects of the quantity of education on the...
What Do We Learn from Recall Consumption Data? (2000)
Raffaele Miniaci, Erich Battistin, Erich Battistin, Guglielmo Weber, Guglielmo Weber
In this paper we use two complementary Italian data sources (the 1995 Istat and Bank of Italy household surveys) to generate household-speci c non-durable expenditure and savings measures in the Bank...
Are Household Portfolios Efficient? An Analysis Conditional on Housing
Pelizzon, Loriana, Weber, Guglielmo
In this Paper we argue that standard tests of portfolio efficiency are biased because they neglect the existence of illiquid wealth. In the case of household portfolios, the most important illiquid...
Rob Alessie, Agar Brugiavini, Guglielmo Weber
The paper deals with the e.ects of cohabitation of grown children with their parents on household saving, using data from Italy and the Netherlands. It presents a two-period gametheoretical model...
Costas Meghir, Guglielmo Weber
No Abstract available
The Italian recession of 1993: Aggregate implications of microeconomic evidence
Raffaele Miniaci, Guglielmo Weber
No Abstract Available
What do we learn from recall consumption data?
Erich Battistin, Raffaele Miniaci, Guglielmo Weber
In this paper we use two complementary Italian data sources (the 1995 Istat and Bank of Italy household surveys) to generate household-specific non-durable expenditure in the Bank of Italy sample...
Attanasio, Orazio P, Weber, Guglielmo
In this paper, the authors show that some of the predictions of models of consumer intertemporal optimization are in line with the patterns of nondurable expenditure observed in U.S. household-level...
Humps and bumps in lifetime consumption
Orazio Attanasio, James Banks, Costas Meghir, Guglielmo Weber
There is much debate over whether the life-cycle model of consumption can explain consumption growth patterns patterns observed in household level data sources. We argue that once one departs from...
Consumer Credit: Evidence From Italian Micro Data
Rob Alessie, Stefan Hochguertel, Guglielmo Weber
In this paper we analyse unique data on credit applications received by the leading provider of consumer credit in Italy (Findomestic). The data set covers a five-year period (1995-1999) during which...
Are Household Portfolios Efficient? An Analysis Conditional on Housing
Loriana Pelizzon, Guglielmo Weber
In this paper we argue that standard tests of portfolio efficiency are biased because they neglect the existence of illiquid wealth. In the case of household portfolios, the most important illiquid...
Health Care Quality, Economic Inequality, and Precautionary Saving
Tullio Jappelli, Luigi Pistaferri, Guglielmo Weber
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...
Expected Bequests and Current Wealth in SHARE
Dimitrios Christelis, Guglielmo Weber
The life-cycle theory predicts that wealth should be fully annuitized to insure longevity risks. If annuity markets are incomplete and elderly individuals face other risks (notably, health risks)...
Consumption, Product Growth and the Interest Rate
Attanasio, Orazio, Weber, Guglielmo
In this paper we present empirical evidence of the importance of aggregation bias in Euler equations for consumption. The main result is that estimates of the elasticity of intertemporal substitution...
Efficient Portfolios when Housing Needs Change over the Life-Cycle
Loriana Pelizzon, Guglielmo Weber
We address the issue of the efficiency of household portfolios in the presence of housing risk. We treat housing stock as an asset and rents as a stochastic liability stream: over the life-cycle,...
Are Household Portfolios Efficient? An Analysis Conditional on Housing
Loriana Pelizzon, Guglielmo Weber
Standard tests of portfolio efficiency neglect the existence of illiquid wealth. The most important illiquid asset in household portfolios is housing: if housing stock adjustments are infrequent,...
Changes in Consumption Behaviour: Italy in the Early 1990s
Charles Grant, Raffaele Miniaci, Guglielmo Weber
This paper investigates the causes of the Italian consumption decline of the early 1990’s by estimating deviations from normal consumption for 1985-94. The paper uses household data from the Survey...
The Wealth Accumulation of Italian Households: Evidence from Shaw
Raffaele Miniaci, Guglielmo Weber
We use SHAW data to assess whether household wealth falls in old age, and what factors affect the shape of the wealth age profile. We find that Italian households fail to run down their financial...
The Retirement Consumption Puzzle: Evidence from a Regression Discontinuity Approach
Agar Brugiavini, Erich Battistin,, Enrico Rettore, Guglielmo Weber
In this paper we investigate the size of the consumption drop at retirement in Italy. We use micro data on food and total non-durable household spending covering the period 1993-2004, and evaluate...
Asking consumption questions in general purpose surveys
Martin Browning, Thomas F. Crossley, Guglielmo Weber
In many research areas it is desirable to have information on household total expenditure ('consumption'). We draw evidence from several sources on the usefulness of recall consumption questions. We...
Is there a retirement consumption puzzle in Italy?
Raffaele Miniaci, Chiara Monfardini, Guglielmo Weber
In this paper we investigate the way consumption changes around retirement in Italy. Using micro data covering the 1985-96 period, we find that consumption age patterns are similar to those found in...
On the Aggregation of Euler Equations for Consumption in Simple Overlapping-Generations Models.
Attanasio, Orazio P, Weber, Guglielmo
If consumers have finite lives, the aggregate consumption growth equation is affected by entries and exits (births and deaths). The authors use two- and three-period overlapping-generations models to...
Giorgio Brunello, Margherita Fort, Guglielmo Weber
Using data from 12 European countries and the variation across countries and over time in the changes of minimum school leaving age, we study the effects of the quantity of education on the...
Are Household Portfolios Efficient? An Analysis Conditional on Housing
Loriana Pelizzon, Guglielmo Weber
Standard tests of portfolio efficiency neglect the existence of illiquid wealth. The most important illiquid asset in household portfolios is housing: if housing stock adjustments are infrequent,...
Efficient Portfolios when Housing Needs Change over the Life-Cycle
Loriana Pelizzon, Guglielmo Weber
We address the issue of the efficiency of household portfolios in the presence of housing risk. We treat housing stock as an asset and rents as a stochastic liability stream: over the life-cycle,...
The Retirement Consumption Puzzle: Evidence from a Regression Discontinuity Approach
Agar Brugiavini, Erich Battistin,, Enrico Rettore, Guglielmo Weber
In this paper we investigate the size of the consumption drop at retirement in Italy. We use micro data on food and total non-durable household spending covering the period 1993-2004, and evaluate...
Efficient Portfolios when Housing Needs Change over the Life-Cycle
Loriana Pelizzon, Guglielmo Weber
We address the issue of the efficiency of household portfolios in the presence of housing risk. We treat housing stock as an asset and rents as a stochastic liability stream: over the life-cycle,...
Health care quality, economic inequality, and precautionary saving
Tullio Jappelli, Luigi Pistaferri, Guglielmo Weber
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...
Asking Consumption Questions in General Purpose Surveys
Martin Browning, Thomas F. Crossley, Guglielmo Weber
In many research areas it is desirable to have information on household total expenditure ("consumption"). We draw evidence from several sources on the usefulness of recall consumption questions. We...
Consumption Growth, the Interest Rate and Aggregation.
Attanasio, Orazio P, Weber, Guglielmo
In this paper, the authors present empirical evidence on aggregation problems with Euler equations for consumption. Their main results are that the estimates of the elasticity of intertemporal...
Meghir, Costas, Weber, Guglielmo
The authors propose a method to test for liquidity constraints that relies on using the within period marginal rate of substitution condition as a benchmark to evaluate the intertemporal Euler...
What Do We Learn About Consumer Demand Patterns from Micro Data?
Blundell, Richard, Pashardes, Panos, Weber, Guglielmo
The aim of this paper is to assess the importance of using micro-level data in the econometric analysis of consumer demand. To do this, the authors utilize a time series of repeated cross sections...
The UK Consumption Boom of the Late 1980s: Aggregate Implications of Microeconomic Evidence.
Attanasio, Orazio P, Weber, Guglielmo
Two competing explanations of the UK consumer boom in the late 1980s are the financial liberalization-imperfect housing market hypothesis of Muellbauer and Murphy and the hypothesis of King. We use...
Intertemporal Substitution, Risk Aversion and the Euler Equation for Consumption.
Attanasio, Orazio P, Weber, Guglielmo
This paper investigates the empirical performance of intertemporal optimization models that relax the restriction imposed by expected utility that risk aversion and intertemporal substitution are...
What do we learn from recall consumption data?
Erich Battistin, Raffale Miniaci, Guglielmo Weber
In this paper a rich and innovative dataset, the International Adult Literacy Survey, is used to examine the impact of functional literacy on earnings. The IALS surveys 12 OECD countries and...
Changes in Consumption Behaviour: Italy in the Early 1990s
Grant, Charles, Miniaci, Raffaele, Weber, Guglielmo
This paper investigates the causes of the Italian consumption bust of the early 1990s by estimating deviations from 'normal' consumption using household level data for 1985-94. The data set used is a...
Consumer Credit: Evidence from Italian Micro Data
Alessie, Rob, Hochguertel, Stefan, Weber, Guglielmo
In this Paper we analyse unique data on credit applications received by the leading provider of consumer credit in Italy (Findomestic). The data set covers a five year period (1995-99) during which...
Health Care Quality and Economic Inequality
Jappelli, Tullio, Pistaferri, Luigi, Weber, Guglielmo
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...
The Italian Recession Of 1993: Aggregate Implications Of Microeconomic Evidence
Raffaele Miniaci, Guglielmo Weber
We use household-level data covering a ten-year period (1984 to 1993) to investigate the likely determinants of the Italian recession of 1993, the first year after WWII when private consumption fell....
Rob Alessie, Agar Burgiavini, Guglielmo Weber
The paper deals with the effects of cohabitation of grown children with their parents on household saving, using data from Italy and the Netherlands. It presents a twoperiod game-theoretical model...
Orazio P. Attanasio, Guglielmo Weber
In this paper we show that some of the predictions of models of consumer intertemporal optimization are not inconsistent with the patterns of non-durable expenditure observed in US household-level...
Humps and Bumps in Lifetime Consumption
Orazio P. Attanasio, James Banks, Costas Meghir, Guglielmo Weber
In this paper we argue that once one departs from the simple classroom example, or `stripped down life-cycle model,' the empirical model for consumption growth can be made flexible enough to fit the...
The Survey on Health, Aging and Wealth
Agar Brugiavini, Tullio Jappelli, Guglielmo Weber
Until very recently, health information has been mostly absent from Italian surveys of household budgets and economic conditions. Interest in the association between health outcomes, economic...
Health Care Quality and Economic Inequality
Tullio Jappelli, Luigi Pistaferri, Guglielmo Weber
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...
Omar Paccagnella, Vincenzo Rebba, Guglielmo Weber
Using data from SHARE (Survey of Health, Ageing and Retirement in Europe), we analyze the effect of having a voluntary health insurance policy (VPHI) on out-of-pocket (OOP) health spending for...
The retirement consumption puzzle: evidence from a regression discontinuity approach
Erich Battistin, Agar Brugiavini, Enrico Rettore, Guglielmo Weber
In this paper we investigate the size of the consumption drop at retirement in Italy. We use micro data on food and total non-durable household spending covering the period 1993-2004, and evaluate...
Are Household Portfolios Efficient? an Analysis Conditional on Housing
Pelizzon, Loriana, Weber, Guglielmo
Standard tests of portfolio efficiency neglect the existence of illiquid wealth. The most important illiquid asset in household portfolios is housing: if housing stock adjustments are infrequent,...
Ageing and unused capacity in Europe: is there an early retirement trap?
Viola Angelini, Agar Brugiavini, Guglielmo Weber
"We address the issue of how early retirement may interact with limited use of financial markets in producing financial hardship later in life, when some risks (such as long-term care) are not...
What Do We Learn from Recall Consumption Data?
Erich Battistin, Raffaele Miniaci, Guglielmo Weber
In this paper, we use two complementary Italian data sources (the 1995 ISTAT and Bank of Italy household surveys) to generate householdspecific nondurable expenditure in the Bank of Italy sample that...