1,721,065 research outputs found
Consumption responses to a large shock to financial wealth: evidence from Italy
Full text linkWe estimate marginal propensities to consume from wealth shocks for Italian households early in the Great Recession. Large asset-price shocks in 2007-2008 underpin instrumental variables. A euro fall in risky financial wealth resulted in cuts in annual total (non-durable) consumption of 8.5-9 (5.5-5.7) cents. We find small effects on food spending. Counterfactuals indicate financial-wealth effects were relatively important for consumption falls in Italy in 2007/08. The estimated effects are consistent with a simulated lifecycle model that captures the wealth shock. Also consistent with the model are findings of stronger wealth effects for agents who were pessimistic about stock returns
Wealth Effects and the Consumption of Italian Households in the Great Recession
Full text linkWe estimate marginal propensities to consume from wealth shocks for Italian households in the early part of the Great Recession. Large asset price shocks in 2008 underpin an IV estimator. A euro fall in risky financial wealth resulted in cuts in annual total (non‐durable) consumption of 8.5‐9 (5.5‐5.7) cents. There is evidence of effects on food spending. Responses of total and nondurable spending to changes in housing wealth are 0.2 to 0.3 cents/euro. Point estimates of the effect of the financial wealth shock are larger if the youngest and/or oldest households are excluded. Results indicate that responses to the wealth shock were stronger for those who
became pessimistic about the stock market, and for those owners of risky assets who also held mortgage debt. Counterfactuals indicate financial wealth effects were important (relative to other factors) for consumption falls in Italy in 2007/08
How do Housing Price Booms and Busts Affect Home Ownership for Different Birth Cohorts?
No full text• Over the past 40 years there have been considerable differences in the rates at which different
birth cohorts (groups of individuals born in the same calendar year) have entered the housing
market. Ownership rates at age thirty have ranged from around fifty per cent to approximately
seventy per cent.
• This variation is related to house price developments over time, although that relationship
seems stronger before 1990 than since. Overall, our results suggest that when a birth cohort
faces house prices that are 17 percentage points (1 standard deviation) above trend in early
adulthood, then the home-ownership rate of that birth cohort at age thirty is approximately
1.5 percentage points lower.
• There is strong negative correlation between ownership rates at age thirty and subsequent
growth in ownership: birth cohorts that have low ownership at thirty appear to have fast
growth in home ownership subsequently. Historically, cohorts with low home-ownership rates
at thirty have closed about 80 per cent of the “ownership-gap” by the time they reach age forty
Consumption Responses to a Large Shock to Financial Wealth: Evidence from Italy
Full text linkWe estimate marginal propensities to consume from wealth shocks. We exploit large asset-price shocks in 2007-2008 and household-level panel data to implement instrumental variables. A euro fall in risky financial wealth resulted in cuts in annual total (non-durable) consumption of 8.5-9 (5.5-5.7) cents, with small effects on food spending. Effects seem stronger for lower-wealth or indebted households, but significant responses from wealthier households and those without mortgages are important for our baseline results. Counterfactuals indicate financial-wealth effects were relatively important for consumption falls in 2007/08 Italy. The estimated effects are consistent with a simulated lifecycle model capturing the wealth shock
First‐time House Buying and Catch‐up: A Cohort Study
Full text linkWe investigate whether different ages of first‐time house buying lead to persistent differences in homeownership between cohorts. Our data span nearly 40 years and multiple cycles of England's volatile house prices. Ownership rates at thirty have differed substantially, with a significant negative association with prices. The persistence of differences is assessed using synthetic cohort techniques. Two methods of dealing with measurement error problems both indicate that cohorts with low ownership rates at thirty catch up almost all of the ownership gap by forty. Earlier access to homeownership may result in the ownership of slightly larger homes at around forty.</jats:p
Labour supply responses to financial wealth shocks: evidence from Italy
Full text linkWe look at how strongly shocks to asset values affect labour supply, using Italian data. We use asset price shocks to provide a measure of wealth changes that is exogenous to households’ saving and labour supply. Our results point to significant effects of wealth on hours of work and on whether or not agents leave their jobs. The magnitude of these effects can be substantial, for example for those individuals who suffered larger wealth losses during the financial crisis. Family effects reflect similar responses from men and women on average. Older working-age individuals drive the population results
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
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