Data and code for: "Permanent income shocks, target wealth and the wealth gap"

Principal Investigator(s):  View help for Principal Investigator(s) Tullio Jappelli, University of Naples Federico II; Luigi Pistaferri, Stanford University

Version:  View help for Version V1

Name File Type Size Last Modified
README_AEJ_JP.pdf application/pdf 1 MB 09/20/2023 07:13:AM
comp.dta application/x-stata-dta 22.2 MB 09/20/2023 07:03:AM
config_stata.do text/plain 1.2 KB 09/20/2023 07:03:AM
cons.dta application/x-stata-dta 6.2 MB 09/20/2023 07:03:AM
data_jp_aej.dta application/x-stata-dta 23.5 MB 09/20/2023 07:50:AM
defl.dta application/x-stata-dta 2.8 KB 09/20/2023 07:03:AM
fami.dta application/x-stata-dta 47 MB 09/20/2023 07:03:AM
file0.do text/plain 11.7 KB 09/20/2023 07:39:AM
file1.do text/plain 16.8 KB 09/20/2023 07:40:AM
file2.do text/plain 9 KB 09/20/2023 07:56:AM

Project Citation: 

Jappelli, Tullio, and Pistaferri, Luigi. Data and code for: “Permanent income shocks, target wealth and the wealth gap.” Nashville, TN: American Economic Association [publisher], 2024. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2024-11-22. https://doi.org/10.3886/E192402V1

Project Description

Summary:  View help for Summary We test the key implication of the buffer stock model, namely that any revision in permanent income leads to a proportionate revision in target wealth. We use panel data on the amount of wealth that people think they must hold for precautionary purposes. Using the covariance restrictions that the model imposes on the joint behavior of income and target wealth, we find that households indeed revise approximately one-for-one their target wealth in response to permanent income shocks. The speed of adjustment of actual wealth to target wealth is similar to that obtained in simulations of a buffer stock model.
Funding Sources:  View help for Funding Sources Italian Ministry of University and Research (2017 PRIN Grant)

Scope of Project

JEL Classification:  View help for JEL Classification
      D12 Consumer Economics: Empirical Analysis
      D14 Household Saving; Personal Finance
      E21 Macroeconomics: Consumption; Saving; Wealth
Geographic Coverage:  View help for Geographic Coverage Italy
Time Period(s):  View help for Time Period(s) 2002 – 2016 (2002, 2004, 2010, 2012, 2014, 2016)
Universe:  View help for Universe Italian population
Data Type(s):  View help for Data Type(s) survey data
Collection Notes:  View help for Collection Notes N/A

Methodology

Response Rate:  View help for Response Rate See https://www.bancaditalia.it/statistiche/tematiche/indagini-famiglie-imprese/bilanci-famiglie/index.h...

Sampling:  View help for Sampling See https://www.bancaditalia.it/statistiche/tematiche/indagini-famiglie-imprese/bilanci-famiglie/index.h...
Data Source:  View help for Data Source Survey of Household Income and Wealth, see https://www.bancaditalia.it/statistiche/tematiche/indagini-famiglie-imprese/bilanci-famiglie/index.h...

Collection Mode(s):  View help for Collection Mode(s) mixed mode
Weights:  View help for Weights See https://www.bancaditalia.it/statistiche/tematiche/indagini-famiglie-imprese/bilanci-famiglie/index.h...

Not used in our study
Unit(s) of Observation:  View help for Unit(s) of Observation Household

Related Publications

Download this project

Published Versions

V1 [2024-11-22]

Export Metadata

Dublin Core

DDI 2.5

Report a Problem

Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.

This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.