Nicola Sartor

• University of Verona

The paper presents a large scale overlapping generation model with heterogeneous agents, where the household is the decision unit. We calibrate the model for three European countries - France, Italy and Sweden - which show marked differences in the design of some public programmes. We examine the properties in terms of annual and life cycle redistr...

The paper presents a large scale overlapping generation model with heterogeneous agents, where the family is the decision unit. We model a large number of tax and public expenditure (cash and in kind) programmes , so that the equity and efficiency implications of public sector intervention may be assessed in its complexity. We do this for three eur...

A correct assessment of public policies requires the analysis of deliberate and involuntary redistribution. Redistributive policies have an interpersonal as well as an intrapersonal dimension. To assess the latter, the entire lifetime of individuals and families has to be taken into consideration. Traditionally, redistribution is analysed with stat...

II lavoro analizza i sussidi pubblici destinati alle famiglie italiane con figli a carico e i benefici che la collettività ottiene dalla presenza di nuove coorti. A tal fine viene elaborato un modello di "contabilità generazionale" esteso alle famiglie. Dai risultati emerge come il sostegno pubblico copra, in media, circa un terzo del "costo" total...

In recent years, the Italian debate on fiscal and social policies toward families has focussed on the issue of dependants for two important reasons. The first one is related to the sharp and persistent decline of the fertility rate. Fertility decline is partly responsible for the increase in the old-age dependency ratio. This, in turn, is causing a...

The paper analysesthe reforms of the Italian mandatory pension scheme for employeeslegislated in the 1990s. To assess the effects of the reforms,a microsimulation model calibrated on cross-section data is developed.The model is aimed at estimating the average income of a memberof a cohort, as well as the average per capita income of allindividuals...

Roberto Cardarelli and Nicola Sartor present generational accounting estimates for Italy which is characterised by the very low fertility rate, the high public debt and the large proportion of social expenditure targeted to the elderly. The paper points to the reduction in the intergenerational imbalance achieved in the past decade, but also to the...

The evolution of private saving and its interaction with government fiscal policy play an important and complex role in the development of the national economy. To gain insight into this process, it is imperative that we improve our understanding of the savings behaviour of individual households and of the ways in which they aggregate over the enti...

We introduce a new hybrid approach to joint estimation of Value at Risk (VaR) and Expected Shortfall (ES) for high quantiles of return distributions. We investigate the relative performance of VaR and ES models using daily returns for sixteen stock market indices (eight from developed and eight from emerging markets) prior to and during the 2008 fi...

An examination of the generational imbalance in current Italian fiscal policy, showing that unless dramatic steps are taken soon, future generations' net tax bill will be four or more times the amount that today's newborns are slated to pay.

The early 1980s were a time of large budget deficits and increasing ratios of government debt to GNP for many of the OECD countries (Table 1), prompting concerns that the fiscal policies which led to such outcomes were not only unwise, but also unsustainable. Assessing wisdom is not easy, however, and surely not an exercise which can or should be r...

During the past decade, the formulation of fiscal policy has been increasingly founded on medium-term considerations associated with public debt and economic efficiency. In this regard, this paper, and the ones by Olivier Blanchard and Edward Gramlich in the same Working Paper Series, considers the implications of this development for the overall a...

Pour apprécier le caractère plus ou moins soutenable de la politique budgétaire, on se fonde habituellement sur des projections du rapport de la dette publique au PNB, qui tiennent compte de l'évolution anticipée des budgets des administrations publiques. Dans le même esprit, cet article présente un indicateur de "soutenabilité" permettant d'illust...

In this paper the effect of changes in the average rate and in the progressivity of direct taxes on (a) the level of wages and (b) the extent to which cost-of-living increases are transmitted to wages are considered for a unionized labour market. These effects are derived theoretically for different union objectives and the models applied to data f...

Contains three separate chapters: Chapter 1. Generational Accounts, Fiscal Policy and Business Cycles in Finland, 1990-2000, by Reijo Vanne. Chapter 2. Intragenerational Distribution across Families: What do generational accounts tell us?, by Nicola Sartor, Carlo Azzarri, Maria Cozzolino, Carlo Declich, Veronica Polin and Alberto Roveda. Chapter 3....