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

Bellettini, Giorgio ; Taddei, Filippo ; Zanella, Giulio (2014) Intergenerational altruism and house prices: evidence from bequest tax reforms in Italy. Bologna: Dipartimento di Scienze economiche DSE, p. 22. DOI 10.6092/unibo/amsacta/4026. In: Quaderni - Working Paper DSE (947). ISSN 2282-6483.
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Abstract

We identify the degree of intergenerational altruism in an OLG framework à la Barro exploiting the quasi-experimental variation generated by reforms of bequest taxation (estate or inheritance tax, in the U.S.) and taxes on inter vivos real estate donations (gift tax, in the U.S.) that were enacted in Italy between 2000 and 2001. Employing a unique data set containing information on the housing stock and house prices in 13 large Italian cities between 1993 and 2004, we identify the structural parameter of interest via the effect of changes in the tax rate on house prices. We find that the intergenerational altruism parameter is about 20%. Given the possible anticipation of the reform this estimate should be interpreted as a lower bound.

Abstract
Document type
Monograph (Working Paper)
Creators
CreatorsAffiliationORCID
Bellettini, Giorgio
Taddei, Filippo
Zanella, Giulio
Keywords
altruism, bequests, inheritance tax, gift tax, house prices
Subjects
ISSN
2282-6483
DOI
Deposit date
23 May 2014 06:46
Last modified
16 Mar 2015 15:15
URI

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