This paper investigates the high frequency behaviour of US, British and German stock market exuberance using an index provided by standard portfolio arbitrage relationships. Symmetric and asymmetric multivariate GARCH models are implemented to quantify international volatility comovements. In...

This paper assesses empirically whether speculation affects oil price dynamics. The growing presence of financial operators in the oil markets has led to the diffusion of trading techniques based on extrapolative expectations. Strategies of this kind foster feedback trading that may cause large...

A tax shifting from labour income to housing taxation is generally advocated on efficiency grounds. However, most of the empirical literature focuses on the distributional implications of property tax reforms without paying much attention to potential consequences on the labour market. The aim...

A tax shifting from labour income to housing taxation is generally advocated on efficiency grounds. However, most of the empirical literature focuses on the distributional implications of property tax reforms without paying much attention to potential consequences on the labour market. The aim...

Financial education is today a primary issue. We experimentally test whether a programme (“treatment”) of financial education on savings, targeted to children aged 8 and 9, is effective and to what extent. We measure the interest rate required by the children before and after the treatment...

A tax shifting from labour income to housing taxation is generally advocated on efficiency grounds. However, most of the empirical literature focuses on the distributional implications of property tax reforms without paying much attention to potential consequences on the labour market. The aim...

In this work we revisit the retirement consumption puzzle using Italian panel data. As emphasised in the literature, the observed consumption drop might be due to unexpected wealth shocks at retirement which modify optimal consumption plans. Using an Euler equation approach, we test the impact...