Italian Ministry of Economy and Finance
Via XX Settembre 97
Institutional Affiliation: Italian Ministry of Economy and Finance
NBER Working Papers and Publications
|March 2020||The Concentration of Personal Wealth in Italy 1995-2016|
with Facundo Alvaredo, Salvatore Morelli
in Measuring and Understanding the Distribution and Intra/Inter-Generational Mobility of Income and Wealth, Raj Chetty, John N. Friedman, Janet C. Gornick, Barry Johnson, and Arthur Kennickell, editors
In this paper we study the distribution and concentration of personal wealth in Italy between 1995 and 2016 using a novel source of data on the full record of inheritance tax files, covering up to 63% of total deceased. Estimates of the shares accrued to top and bottom wealth groups, as well as other inequality indicators, are derived using the estate multiplier method applied to wealth left at death. The benchmark series of wealth concentration is derived to be fully consistent with the National Accounts and suggests that richest 1% of Italian adults increased their share of total personal wealth from 17% to 24% approximately from 1995 to 2016. Differently from what can be estimated from the national survey data, the results suggest strong rise in wealth concentration since the mid 1990s....
|April 2019||"And Yet It Moves": Intergenerational Mobility in Italy|
with Alberto Polo, Giovanni L. Violante: w25732
We link tax returns across two generations to provide the first estimate of intergenerational mobility in Italy based on administrative income data. Italy emerges as less immobile than previously depicted by studies using proxies for economic status or survey data with imputation procedures. This conclusion is robust with respect to a number of concerns, both standard when using administrative data and specific to our sample. A 10 percentile increase in parental income is associated with a percentile increase in child income between 2.5 and 3. The expected rank of children born from parents with income below the median is around 0.43. Upward mobility is higher for sons, first-born children, children of self-employed parents, and for those who migrate once adults. We uncover substantial geo...