if this message does not display correctly, click here | Table of Contents Marianna Brunetti, University of Rome Tor Vergata, CEFIN
Rocco Ciciretti, University of Rome II - Department of Economics and Finance
Ljubica D. Djordjevic, Goethe University Frankfurt - Research Center SAFE Luisa Corrado, University of Rome, Tor Vergata - Faculty of Economics
Majlinda Joxhe, University of Rome, Tor Vergata Barbara Annicchiarico, University of Rome, Tor Vergata - Department of Economics and Law
Claudio Cesaroni, University of Rome, Tor Vergata - Department of Economics and Finance | |
CEIS: CENTRE FOR ECONOMIC & INTERNATIONAL STUDIES
Vincenzo Atella - Director "Till Mortgage Do Us Part: Refinancing Costs and Mortgage Shopping" 
CEIS Working Paper No. 364 MARIANNA BRUNETTI, University of Rome Tor Vergata, CEFIN
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ROCCO CICIRETTI, University of Rome II - Department of Economics and Finance
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LJUBICA D. DJORDJEVIC, Goethe University Frankfurt - Research Center SAFE
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We show that the mortgage refinancing costs, which serve as a “lock-in” for mortgage holders, play an important role for mortgage shopping. Using a unique household panel dataset that enables us to infer individual bank switching, in conjunction with a legal reform that exogenously slashed down the refinancing costs, we find that the households responded to this change by increasingly shopping both for a mortgage (switching to take out a mortgage), and with a mortgage (switching to refinance an existing loan). Dissecting these results, we show that the effect of the reform was not uniform across households, with more educated individuals and those residing in ex-ante less competitive markets being at the forefront of the wave of mortgage shopping. "The Effect of Survey Design on Extreme Response Style: Rating Job Satisfaction"
CEIS Working Paper No. 365 LUISA CORRADO, University of Rome, Tor Vergata - Faculty of Economics
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MAJLINDA JOXHE, University of Rome, Tor Vergata
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This paper explores the relationship between survey rating scale and Extreme Response Style (ERS) using experimental data from Understanding Society (Innovation Panel 2008), where a self-assessment questionnaire measuring job satisfaction uses two alternative (7 and 11 points) rating options. Our results suggests that when shifting from a shorter to a longer scale, the survey design generates a tendency to choose response scales at the extreme of the distribution, thus creating a misleading quantification of the variable of interest. The experimental design of the data enables us to test our hypothesis using a non-linear estimation approach where age, gender and education level are shown to affect ERS. "Tax Reforms and the Underground Economy: A Simulation-Based Analysis"
CEIS Working Paper No. 366 BARBARA ANNICCHIARICO, University of Rome, Tor Vergata - Department of Economics and Law
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CLAUDIO CESARONI, University of Rome, Tor Vergata - Department of Economics and Finance
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This paper studies the effects of several tax reforms in an economy in which taxes are partially evaded by means of undeclared work. To this purpose, we consider a two-sector dynamic general equilibrium model calibrated to Italy which explicitly accounts for underground production. We construct various tax reform scenarios, such as deductibility of labor costs from business tax, ex-ante budget-neutral tax shifts from direct to indirect taxes, and various tax cuts financed by decreases of government spending. We find the following results. First, neglecting the existence of the underground sector may lead to severely miscalculate the macroeconomic impact effects of tax reforms, especially in the short run, where policy interventions produce direct and indirect effects on the markup. Second, partial deductibility of labor costs from the business tax base proves to be highly expansionary and highly detrimental to the size of the underground sector. Third, the dimension of the underground sector is permanently and considerably reduced by changes in the tax mix that diminish the labor tax wedge. Finally, all the considered tax reforms take the public-debt-to-output ratio toward a prolonged downward path. | | ^top
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