Tullio Jappelli
Biographic Data
| ID | 1163680 |
|---|---|
| NAME | Tullio Jappelli |
| GIVEN NAMES | Tullio |
| FAMILY NAME | Jappelli |
| SIGNATURE | JAPPELLI T |
| AFFILIATIONS | University of Naples Federico II |
| ORCID | 0000-0001-9254-6526 |
| VERIFIED | Yes |
| TOTAL WORKS | 18 |
| TOTAL CITATIONS | 91 |
| AUTHOR COUNT | 18 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1990 |
| LATEST PUBLICATION YEAR | 2026 |
| H-INDEX | 5 |
Are people willing to pay to prevent natural disasters
Consumption Uncertainty and Precautionary Saving
Using survey data from a representative sample of Dutch households, we estimate the strength of precautionary saving by eliciting subjective expectations on future consumption. Expected consumption risk is positively correlated with self-employment and income risk and negatively with age. We insert these subjective expectations (rather than consumption realizations, as in the existing literature) in an Euler equation for consumption and estimate …
Investment in Financial Information and Portfolio Performance
Financial information allows investors to condition the portfolio allocation on valuable signals on asset returns. Therefore investors have incentives to spend on information gathering. If interpreted correctly, information signals allow investors to obtain higher returns and more efficient portfolios. Since information is costly, wealthier and more risk tolerant investors have stronger incentives to invest in information. Overconfident investors…
Asymmetric Consumption Effects of Transitory Income Shocks
We use the responses of a representative sample of Dutch households to survey questions that ask how much their consumption would change in response to unexpected, transitory income shocks (positive or negative). The questionnaire also distinguishes between relatively small income changes (a one-month increase or drop in income), and relatively larger ones (equal to three-months' income). The results are broadly in line with models of intertempor…
Investment in financial literacy and saving decisions
Financial development and the underground economy
Cognitive Abilities, Healthcare and Screening Tests
Financial Integration and Consumption Smoothing
Journal Article Financial Integration and Consumption Smoothing Get access Tullio Jappelli, Tullio Jappelli Università di Napoli Federico II, CSEF and CEPR Search for other works by this author on: Oxford Academic Google Scholar Luigi Pistaferri Luigi Pistaferri Stanford University, NBER and CEPR Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 121, Issue 553, 1 June 2011, Pages 678–706, https:…
The Consumption Response to Income Changes
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 tests and the effect of predicted income increases and income declines. We also review studies that attempt to estimate the marginal propensity to consume out…
Cognitive abilities and portfolio choice
Economic Literacy
This article uses international panel data on 55 countries from 1995 to 2008, merging indicators of economic literacy with a large set of macroeconomic and institutional variables. Results show that there is substantial heterogeneity of financial and economic competence across countries, and that human capital indicators (PISA test scores and college attendance) are positively correlated with economic literacy. Furthermore, inhabitants of countri…
Income, wealth and financial fragility in Europe
The article examines the distribution of income and wealth among the generation of Europeans aged 65 and over, using data drawn from the first wave of the Survey of Health, Ageing and Retirement in Europe (SHARE). It looks at how cross-country comparisons of income, wealth and debt are affected by differences in purchasing power, household size and taxation, and shows that some seemingly wide international differences appear less so when the prop…
Do the elderly reduce housing equity? An international comparison
An Empirical Analysis of Earnings and Employment Risk
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 Survey of Household Income and Wealth, a large random sample representative of Italian households. The survey elicits information on the distribution of future earnings and on …
The Demand for Money, Financial Innovation, and the Welfare Cost of Inflation
We use microeconomic data on households to estimate the parameters of the demand for currency derived from a generalized Baumol-Tobin model. Our data set contains information on average currency, deposits, and other interest-bearing assets; the number of trips to the bank; the size of withdrawals; and ownership and use of ATM cards. We model the demand for currency accounting for adoption of new transaction technologies and the decision to hold i…
Intertemporal Choice and the Cross-Sectional Variance of Marginal Utility
The theory of intertemporal choice predicts that the cross-sectional variance of the marginal utility of consumption is equal to its own lag plus a constant and a random component. Using general preference specifications and some assumptions about the nature of the random component, we provide an explicit test of this hypothesis. Our approach circumvents the necessity to identify a pure age profile of the cross-sectional variance of consumption a…
Testing for Liquidity Constraints in Euler Equations with Complementary Data Sources
Previous tests for liquidity constraints using consumption Euler equations have frequently split the sample on the basis of wealth, arguing that low-wealth consumers are more likely to be constrained. We propose alternative tests using different and more direct information on borrowing constraints obtained from the 1983 Survey of Consumer Finances. In a first stage we estimate probabilities of being constrained, which are then utilized in a secon…
Who is Credit Constrained in the U. S. Economy?
Journal Article Who is Credit Constrained in the U. S. Economy? Get access Tullio Jappelli Tullio Jappelli Istituto di Studi Economici, I.U.N., Naples, Italy Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 105, Issue 1, February 1990, Pages 219–234, https://doi.org/10.2307/2937826 Published: 01 February 1990
Economic Literacy
This article uses international panel data on 55 countries from 1995 to 2008, merging indicators of economic literacy with a large set of macroeconomic and institutional variables. Results show that there is substantial heterogeneity of financial and economic competence across countries, and that human capital indicators (PISA test scores and college attendance) are positively correlated with economic literacy. Furthermore, inhabitants of countri…
Do the elderly reduce housing equity? An international comparison
Income, wealth and financial fragility in Europe
The article examines the distribution of income and wealth among the generation of Europeans aged 65 and over, using data drawn from the first wave of the Survey of Health, Ageing and Retirement in Europe (SHARE). It looks at how cross-country comparisons of income, wealth and debt are affected by differences in purchasing power, household size and taxation, and shows that some seemingly wide international differences appear less so when the prop…
Financial development and the underground economy
Asymmetric Consumption Effects of Transitory Income Shocks
We use the responses of a representative sample of Dutch households to survey questions that ask how much their consumption would change in response to unexpected, transitory income shocks (positive or negative). The questionnaire also distinguishes between relatively small income changes (a one-month increase or drop in income), and relatively larger ones (equal to three-months' income). The results are broadly in line with models of intertempor…
Financial Integration and Consumption Smoothing
Journal Article Financial Integration and Consumption Smoothing Get access Tullio Jappelli, Tullio Jappelli Università di Napoli Federico II, CSEF and CEPR Search for other works by this author on: Oxford Academic Google Scholar Luigi Pistaferri Luigi Pistaferri Stanford University, NBER and CEPR Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 121, Issue 553, 1 June 2011, Pages 678–706, https:…
Investment in Financial Information and Portfolio Performance
Financial information allows investors to condition the portfolio allocation on valuable signals on asset returns. Therefore investors have incentives to spend on information gathering. If interpreted correctly, information signals allow investors to obtain higher returns and more efficient portfolios. Since information is costly, wealthier and more risk tolerant investors have stronger incentives to invest in information. Overconfident investors…
The Demand for Money, Financial Innovation, and the Welfare Cost of Inflation
We use microeconomic data on households to estimate the parameters of the demand for currency derived from a generalized Baumol-Tobin model. Our data set contains information on average currency, deposits, and other interest-bearing assets; the number of trips to the bank; the size of withdrawals; and ownership and use of ATM cards. We model the demand for currency accounting for adoption of new transaction technologies and the decision to hold i…
Who is Credit Constrained in the U. S. Economy?
Journal Article Who is Credit Constrained in the U. S. Economy? Get access Tullio Jappelli Tullio Jappelli Istituto di Studi Economici, I.U.N., Naples, Italy Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 105, Issue 1, February 1990, Pages 219–234, https://doi.org/10.2307/2937826 Published: 01 February 1990
Testing for Liquidity Constraints in Euler Equations with Complementary Data Sources
Previous tests for liquidity constraints using consumption Euler equations have frequently split the sample on the basis of wealth, arguing that low-wealth consumers are more likely to be constrained. We propose alternative tests using different and more direct information on borrowing constraints obtained from the 1983 Survey of Consumer Finances. In a first stage we estimate probabilities of being constrained, which are then utilized in a secon…
Intertemporal Choice and the Cross-Sectional Variance of Marginal Utility
The theory of intertemporal choice predicts that the cross-sectional variance of the marginal utility of consumption is equal to its own lag plus a constant and a random component. Using general preference specifications and some assumptions about the nature of the random component, we provide an explicit test of this hypothesis. Our approach circumvents the necessity to identify a pure age profile of the cross-sectional variance of consumption a…
An Empirical Analysis of Earnings and Employment Risk
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 Survey of Household Income and Wealth, a large random sample representative of Italian households. The survey elicits information on the distribution of future earnings and on …
The Demand for Money, Financial Innovation, and the Welfare Cost of Inflation
We use microeconomic data on households to estimate the parameters of the demand for currency derived from a generalized Baumol-Tobin model. Our data set contains information on average currency, deposits, and other interest-bearing assets; the number of trips to the bank; the size of withdrawals; and ownership and use of ATM cards. We model the demand for currency accounting for adoption of new transaction technologies and the decision to hold i…
Do the elderly reduce housing equity? An international comparison
Income, wealth and financial fragility in Europe
The article examines the distribution of income and wealth among the generation of Europeans aged 65 and over, using data drawn from the first wave of the Survey of Health, Ageing and Retirement in Europe (SHARE). It looks at how cross-country comparisons of income, wealth and debt are affected by differences in purchasing power, household size and taxation, and shows that some seemingly wide international differences appear less so when the prop…
The Consumption Response to Income Changes
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 tests and the effect of predicted income increases and income declines. We also review studies that attempt to estimate the marginal propensity to consume out…
Cognitive abilities and portfolio choice
Economic Literacy
This article uses international panel data on 55 countries from 1995 to 2008, merging indicators of economic literacy with a large set of macroeconomic and institutional variables. Results show that there is substantial heterogeneity of financial and economic competence across countries, and that human capital indicators (PISA test scores and college attendance) are positively correlated with economic literacy. Furthermore, inhabitants of countri…
Cognitive Abilities, Healthcare and Screening Tests
Financial Integration and Consumption Smoothing
Journal Article Financial Integration and Consumption Smoothing Get access Tullio Jappelli, Tullio Jappelli Università di Napoli Federico II, CSEF and CEPR Search for other works by this author on: Oxford Academic Google Scholar Luigi Pistaferri Luigi Pistaferri Stanford University, NBER and CEPR Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 121, Issue 553, 1 June 2011, Pages 678–706, https:…
Financial development and the underground economy
Investment in financial literacy and saving decisions
Asymmetric Consumption Effects of Transitory Income Shocks
We use the responses of a representative sample of Dutch households to survey questions that ask how much their consumption would change in response to unexpected, transitory income shocks (positive or negative). The questionnaire also distinguishes between relatively small income changes (a one-month increase or drop in income), and relatively larger ones (equal to three-months' income). The results are broadly in line with models of intertempor…
Consumption Uncertainty and Precautionary Saving
Using survey data from a representative sample of Dutch households, we estimate the strength of precautionary saving by eliciting subjective expectations on future consumption. Expected consumption risk is positively correlated with self-employment and income risk and negatively with age. We insert these subjective expectations (rather than consumption realizations, as in the existing literature) in an Euler equation for consumption and estimate …
Investment in Financial Information and Portfolio Performance
Financial information allows investors to condition the portfolio allocation on valuable signals on asset returns. Therefore investors have incentives to spend on information gathering. If interpreted correctly, information signals allow investors to obtain higher returns and more efficient portfolios. Since information is costly, wealthier and more risk tolerant investors have stronger incentives to invest in information. Overconfident investors…
Are people willing to pay to prevent natural disasters
Economics (17 works) · Financial Literacy, Pension, Retirement Analysis (13 works) · Housing Market and Economics (10 works) · Econometrics (7 works) · Finance (5 works) · Macroeconomics (5 works) · Consumption (sociology) (4 works) · Demographic economics (4 works) · Economic theories and models (4 works) · Political science (4 works)