We examine whether Italian household consumption exhibits excess sensitivity to “severancepay”, a sizable lump-sum that workers receive at job termination. We find no evidence of excess sensitivity of non-durable expenditure to this anticipated cash-in-hand change.
Does consumption respond to predicted increases in cash-on-hand availability? Evidence from the italian “severance pay”
BORELLA, Margherita;FORNERO, Elsa Maria;ROSSI, Mariacristina
2009-01-01
Abstract
We examine whether Italian household consumption exhibits excess sensitivity to “severancepay”, a sizable lump-sum that workers receive at job termination. We find no evidence of excess sensitivity of non-durable expenditure to this anticipated cash-in-hand change.
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