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PublicationsPAVONI NICOLA (joint with Valerio Ercolani) BE Journal of Macroeconomics (Frontiers) We study a largely neglected channel through which government expenditures can boost private consumption. We set up a dynamic model in which households are subject to health shocks. We take the model to the data and estimate a negative impact of public health care on household consumption dispersion, wealth and saving. According to our model, this result is explained by a change in the level of precautionary saving, with public health care acting as a form of consumption insurance. We compute the implied consumption multipliers by simulating the typical government consumption shock within a calibrated general equilibrium version of our model, with flexible prices. The impact consumption multiplier generated by the decrease in the level of precautionary saving is positive and sizable. When we include the effect of taxation, the sign of the impact multiplier depends on a few features of the model, such as the persistence of the health shocks. The long-run cumulative multiplier is negative across all calibrations.
Last change 15/11/2018 The Dual Approach to Recursive Optimization: Theory and Examples (2018) PAVONI NICOLA (Joint with C. Sleet and M. Messner) Econometrica Last change 15/11/2018 The Evolution of Belief Ambiguity During the Process of High School Choice (2017) PAVONI NICOLA (joint with Pamela Giustinelli) Review of Economic Dynamics Last change 15/11/2018 Intergenerational Disagreement and Optimal Taxation of Parental Transfers (2016) PAVONI NICOLA (joint with Hakki Yazici) Review of Economic Studies Last change 15/11/2018 The Design of `Soft' Welfare Programs (20/03/2016) PAVONI NICOLA (joint with O. Setty and G. Violante) Review of Economic Dynamics Last change 15/11/2018 Optimal Income Taxation when Asset Taxation is Limited (05/03/2016) PAVONI NICOLA (joint with A. Ábráham and S. Koehne) Journal of Public Economics, Last change 15/11/2018 Optimal Life-cycle Capital Taxation under Self-Control Problems (forthcoming) PAVONI NICOLA (joint with H. Yazici) Economic Journal Last change 15/11/2018 Recursive Methods for Incentive Problems (10/2012) PAVONI NICOLA with M. Messner & C. Sleet Review of Economic Dynamics 15(4), October: 501-525 Last change 15/11/2018 Risk Sharing in Private Information Models with Asset Accumulation: Explaining the Excess Smoothness of Consumption (07/2011) PAVONI NICOLA with O. Attanasio Econometrica 79(4), July: 1027-1068 Last change 28/11/2012 On the First-order Approach in Principal-Agent Models with Hidden Borrowing and Lending (07/2011) PAVONI NICOLA with A. Abraham and S. Koehne Journal of Economic Theory 146(4), July: 1331-1361 Last change 15/11/2018 Optimal Unemplyment Insurance with Human Capital Depreciation and Duration Dependence (05/2009) PAVONI NICOLA Internation Economic Review, May:323-362 Last change 15/11/2018 Efficient Allocation with Moral Hazard and Hidden Borrowing and Lending (10/2008) PAVONI NICOLA with A. Abraham the Review for Economic Dynamics, 11, October:781-803 Last change 21/11/2011 Social Preferences, Skill Segregation and Wage Dynamics (01/2008) PAVONI NICOLA with A. Cabrales and A. Calvo-Armengol Review of Economic Studies, 75, January: 65-98 Last change 15/11/2018 Optimal Welfare-to-Work Programs (01/2007) PAVONI NICOLA with G. Violante Review of Economic Studies, 74, january: 238-318 Last change 15/11/2018 On Optimal Unemployment Compensation (2007) PAVONI NICOLA Journal of Monetary Economics, 54: 1612-1630 Last change 21/11/2011 The Efficient Allocation of Consumption under Moral Hazard and Hidden Access to the Credit Market (2005) PAVONI NICOLA with A. Abraham Journal of the European Economic Association Last change 15/11/2018 Optimal Income Taxation and Hidden Borrowing and Lending: The First-Order Approach in Two Periods (2008) PAVONI NICOLA with A. Abraham Carlo Alberto Notebooks, No. 102 Last change 21/11/2011 On the recursive Saddle Point Method (2004) PAVONI NICOLA with Matthias Messner IGIER-Bocconi University Workig Paper no. 255 Last change 21/11/2011 Innefficiencies in Dynamic Family Decisions: An incomplete Contracts Approach to Labor Supply (1998) PAVONI NICOLA Center of Household, Income, Labor ad Demographic Economics Last change 21/11/2011 Last updated September 08, 2011
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