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Intergenerational altruism and house prices: Evidence from bequest tax reforms in Italy

Giorgio Bellettini (), Filippo Taddei and Giulio Zanella ()

European Economic Review, 2017, vol. 92, issue C, 1-12

Abstract: The degree of intergenerational altruism is estimated in a benchmark Barro-type OLG framework with imperfect altruism, exploiting the exogenous variation generated by reforms of the tax treatment of bequests and inter vivos real estate donations enacted in Italy between 2000 and 2001. Using longitudinal information on the housing stock and house prices in 13 large Italian cities between 1993 and 2004, the structural parameter of interest is estimated via the effect of the reform on house prices. We estimate a degree of intergenerational altruism ranging between 0.2 and 0.3, a magnitude consistent with existing parameterizations for the US economy.

Keywords: Bequests; Intergenerational altruism; Inheritance tax; Gift tax; House prices (search for similar items in EconPapers)
JEL-codes: E60 E65 H24 (search for similar items in EconPapers)
Date: 2017
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Working Paper: Intergenerational altruism and house prices: evidence from bequest tax reforms in Italy (2014) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:eee:eecrev:v:92:y:2017:i:c:p:1-12

DOI: 10.1016/j.euroecorev.2016.11.006

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European Economic Review is currently edited by T.S. Eicher, A. Imrohoroglu, E. Leeper, J. Oechssler and M. Pesendorfer

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