Dimitris Christelis

CSEF, University of Naples Federico II
Via Cintia, Monte S. Angelo
I-80126 Napoli (NA)
Tel: (+39) 081 675372
Fax: (+39) 081 675372

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliations: University of Naples Federico II and CSEF and CFS

NBER Working Papers and Publications

June 2019Wealth Shocks and MPC Heterogeneity
with Dimitris Georgarakos, Tullio Jappelli, Luigi Pistaferri, Maarten van Rooij: w25999
We use the responses of a representative sample of Dutch households to survey questions that ask how much their consumption would change in response to unexpected, permanent, positive or negative shocks to their home value. The average MPC is in the 2.1-4.7% range, in line with econometric estimates that use housing wealth and consumption realizations. However, our analysis uncovers significant sample heterogeneity, with over 90% of the sample reporting no consumption adjustment to positive or negative wealth shocks. The relation between the MPC from wealth shocks and cash-on-hand is negative, consistent with models with precautionary saving and liquidity constraints.
January 2003Inefficiency of Corporate Investment and Distortion of Savings Behavior in Japan
with Albert Ando, Tsutomu Miyagawa: w9444
The value of corporate equity in Japan is dramatically smaller than that implied by the sum of the reproduction cost of accumulated investment and the market value of land owned by corporations (that is, the Tobin's average 'q' is much smaller than unity). This discrepancy appears to result from the very low rate of return earned on corporate investment and also from the extraordinarily small and stagnant dividend payments. It has persisted at least since l965, and its size has become progressively larger over time. If the value of corporate equity were sufficiently high to close the discrepancy, the net worth of the household sector would have been larger than its actual value by some 395 trillion yen in l998. Such an addition to household net worth would have generated additional consump...

Published: Blomstrom, Magnus, Jennifer Corbett, Fumio Hayashi, and Anil Kashyap. Structural Impediments to Growth in Japan. Chicago, IL: University of Chicago Press, 2003.

Inefficiency of Corporate Investment and Distortion of Savings Behavior in Japan
with Albert Ando, Tsutomu Miyagawa
in Structural Impediments to Growth in Japan, Magnus Blomström, Jennifer Corbett, Fumio Hayashi and Anil Kashyap, editors

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