if this message does not display correctly, click here | Table of Contents Marco Angrisani, Center for Economic and Social Research (CESR), RAND Corporation
Vincenzo Atella, University of Rome, Tor Vergata - Centre for International Studies on Economic Growth (CEIS), Department of Economics and Finance, University of Rome, Tor Vergata - Faculty of Economics
Marianna Brunetti, University of Rome Tor Vergata, CEFIN Leonardo Becchetti, University of Rome, Tor Vergata - Faculty of Economics
Vittorio Pelligra, Universita di Cagliari - Department of Economics
Francesco Salustri, University of Rome, Tor Vergata - Department of Economics and Finance Barbara Annicchiarico, University of Rome, Tor Vergata - Department of Economics and Law
Luca Correani, UniversitĂ degli studi della Tuscia
Fabio Di Dio, Sogei S.p.a. | |
CEIS: CENTRE FOR ECONOMIC & INTERNATIONAL STUDIES
Vincenzo Atella - Director "Getting Older and Riskier: The Effect of Medicare on Household Portfolio Choices" 
CEIS Working Paper No. 382 MARCO ANGRISANI, Center for Economic and Social Research (CESR), RAND Corporation
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VINCENZO ATELLA, University of Rome, Tor Vergata - Centre for International Studies on Economic Growth (CEIS), Department of Economics and Finance, University of Rome, Tor Vergata - Faculty of Economics
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MARIANNA BRUNETTI, University of Rome Tor Vergata, CEFIN
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The rise of health-care costs has become an increasingly important contributor to financial risk for households. To the extent that these costs can be large, unpredictable, and not fully insured, they represent a source of background risk that could potentially deter households’ financial risk taking. Using longitudinal data from the Health and Retirement Study over the period 1992-2012, we adopt a fixed-effects estimation strategy to empirically test whether universal health insurance, such as the one provided by Medicare to over-65 Americans, acts as a shelter against this background risk and, in turn, promotes household stock holding. We find that households in poor health status, who face a higher risk of large medical expenses, are significantly less likely to hold stocks than their healthier counterparts. Yet, this gap is, for the most part, eliminated by Medicare eligibility. Notably, this offsetting effect is primarily experienced by households without private health insurance over the observation period. Our results are robust to several sample selections and model specifications. "Environmental Policy and Endogenous Market Structure"
CEIS Working Paper No. 384 BARBARA ANNICCHIARICO, University of Rome, Tor Vergata - Department of Economics and Law
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LUCA CORREANI, UniversitĂ degli studi della Tuscia
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FABIO DI DIO, Sogei S.p.a.
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This paper presents a simple dynamic general equilibrium model with supply-side strategic interactions to study the economic effects of mitigating greenhouse gas emissions in an economy with an emission cap and oligopolistic firms competing on prices. With such endogenous market structure a gradual decarbonization policy is likely to induce higher markups, while the number of active firms displays a U-shaped behavior, first decreasing and then increasing. In the long run more firms are active, but they transfer a part of the compliance cost to households by charging a higher markup. The negative effects on the level of economic activity of this anti-competitive outcome are strongly mitigated by recycling policies. | | ^top
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