| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2026 |
| DP2026 Risk Arbitrage in Takeovers | |
| Francesca Cornelli; David Daokui Li | |
| 发表日期 | 1998-11-30 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | 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 particularly rich, but as yet unexplored, source recently released by ISTAT. It contains detailed demographic and expenditure information for over 30,000 Italian households each year. The main findings are that the decline in consumption was larger for the working age households. The fall in consumption was also stronger in the south, among the self-employed, and among public sector employees. The decline can be dated from the third quarter of 1992. We use a simulation to show how these results can be reconciled with the life-cycle model of consumption in which there is a permanent and unexpected shock to lifetime income induced by the pension and other reforms introduced by the Amato government. |
| 主题 | International Macroeconomics |
| 关键词 | Business cycle Consumption Micro data |
| URL | https://cepr.org/publications/dp2026 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531154 |
| 推荐引用方式 GB/T 7714 | Francesca Cornelli,David Daokui Li. DP2026 Risk Arbitrage in Takeovers. 1998. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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