NICOLA PAVONI

Publications

The Precautionary Saving Effect of Government Consumption (30/10/2018)


PAVONI 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 change 08/09/2011