Bio

Luigi Pistaferri is a Professor of Economics at Stanford University, a research fellow of NBER, CEPR and IZA, the "Ralph Landau" Senior Fellow at SIEPR, and one of the co-editors of the American Economic Review. His papers are on the intersection between labor economics and macroeconomics. Pistaferri holds a PhD in Economics from University College, London, and a Doctorate in Economic Sciences from IUN in Naples (Italy), where he was born in 1968. Pistaferri joined Stanford University in 1999 after finishing his PhD and has been a member of the faculty ever since, with the exception of one year sabbatical spent at EIEF in Rome.

Academic Appointments

Administrative Appointments

  • "Ralph Landau" Senior Fellow, SIEPR (2013 - Present)
  • Professor, Department of Economics, Stanford University (2011 - Present)
  • Bajola Parisani Visiting Chair in Economics and Institutions, Einaudi Institute for Economics and Finance, Rome (2011 - 2012)
  • Associate Professor, Department of Economics, Stanford University (2006 - 2011)
  • Assistant Professor, Department of Economics, Stanford University (1999 - 2006)
  • Research Economist, Institute for Fiscal Studies (1998 - 1999)

Honors & Awards

  • Excellence in Refereeing Award, American Economic Review (2012)
  • Nominated, Center for Advanced Study in the Behavioral Sciences fellowship, Center for Advanced Study in the Behavioral Sciences (2007)
  • Annual Economics Outstanding Teaching Prize, Stanford University, Department of Economics (2005)
  • "Glenn Campbell and Rita Ricardo-Campbell" National Fellow, Hoover Institution (2003)
  • Co-Winner of the Prize as 1999 Best Italian Young Economist sponsored, Italian Young Economist (1999)
  • James Lanner Memorial scholarship, University College London (1998)
  • Italian Ministry of Universities and Scientific Research (MURST) scholarship, Italian Ministry of Universities and Scientific Research (MURST) (1996)
  • Istituto Universitario Navale scholarship, Istituto Universitario Navale (1995)
  • Ente Einaudi/Bank of Italy scholarship, Ente Einaudi/Bank of Italy (1994)

Boards, Advisory Committees, Professional Organizations

  • Co-Editor, American Economic Review (2012 - Present)
  • Research Associate in Economic Fluctuations and Growth., National Bureau of Economic Research (NBER),
  • Research Affiliate in Labor Economics and Monetary Economics, Centre for Economic and Policy Research (CEPR)
  • Research Fellow, IZA
  • Senior Fellow, Stanford Institute for Economic Policy Research (SIEPR)
  • Faculty Affiliate, Stanford Center on Longevity
  • Associate Editor, Journal of Applied Econometric
  • Co-Editor, Review of Economic Dynamics
  • Panel Member, Economic Policy (2009 - 2011)
  • Member, Program Committee, Meeting of the Society of Labor Economics (2010 - 2011)
  • Member, Program Committee, European Economic Association Annual Congress (2003 - 2007)
  • Member, Program Committee, European Economic Association Annual Congress (2010 - 2013)
  • Member, Program Committee, Annual Meeting of the Society of Economic Dynamics (2005 - 2005)
  • Member, Program Committee, Annual Meeting of the Society of Economic Dynamics (2007 - 2007)

Professional Education

  • Doctorate, Istituto universitario navale (IUN), Economic Sciences (2001)
  • Ph.D., University College, London, Economic (1999)
  • Master, Bocconi University, Economics (1995)
  • B.A., Istituto universitario navale, International Trade and Foreign Exchange Markets (1993)

Contact

  • Academic
    pista@stanford.edu
    University - Faculty Department: Economics Position: Professor
    • Economics Bldg.
    • 6072
    • Stanford,  California  94305-6072 

Additional Info

  • Mail Code: 6072

Links

2024-25 Courses

Stanford Advisees

All Publications

  • Uncertainty and Consumer Durables Adjustment (vol 72, pg 973, 2005) REVIEW OF ECONOMIC STUDIES Bertola, G., Guiso, L., Pistaferri, L. 2024

    View details for DOI 10.1093/restud/rdae030

    View details for Web of Science ID 001194607200001

  • Global trends in income inequality and income dynamics: New insights from GRID QUANTITATIVE ECONOMICS Guvenen, F., Pistaferri, L., Violante, G. L. 2022; 13 (4): 1321-1360

    View details for DOI 10.3982/QE2260

    View details for Web of Science ID 000920954800001

  • Earnings dynamics and labor market reforms: The Italian case QUANTITATIVE ECONOMICS Hoffmann, E. B., Malacrino, D., Pistaferri, L. 2022; 13 (4): 1637-1667

    View details for DOI 10.3982/QE1865

    View details for Web of Science ID 000920954800008

  • Learning Entrepreneurship from Other Entrepreneurs? JOURNAL OF LABOR ECONOMICS Guiso, L., Pistaferri, L., Schivardi, F. 2021

    View details for DOI 10.1086/708445

    View details for Web of Science ID 000578015100001

  • Reported MPC and Unobserved Heterogeneity AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY Jappelli, T., Pistaferri, L. 2020; 12 (4): 275–97

    View details for DOI 10.1257/pol.20180420

    View details for Web of Science ID 000611111200010

  • Family labor supply and asset returns EUROPEAN ECONOMIC REVIEW Daminato, C., Pistaferri, L. 2020; 124

    View details for DOI 10.1016/j.euroecorev.2020.103389

    View details for Web of Science ID 000528254600002

  • Disability Insurance: Theoretical Trade-Offs and Empirical Evidence* FISCAL STUDIES Low, H., Pistaferri, L. 2020; 41 (1): 129–64

    View details for DOI 10.1111/1475-5890.12215

    View details for Web of Science ID 000534385800005

  • The insurance role of the firm GENEVA RISK AND INSURANCE REVIEW Guiso, L., Pistaferri, L. 2020

    View details for DOI 10.1057/s10713-019-00045-9

    View details for Web of Science ID 000505406100001

  • Consumption Network Effects REVIEW OF ECONOMIC STUDIES De Giorgi, G., Frederiksen, A., Pistaferri, L. 2020; 87 (1): 130–63

    View details for DOI 10.1093/restud/rdz026

    View details for Web of Science ID 000507369500005

  • HETEROGENEITY AND PERSISTENCE IN RETURNS TO WEALTH ECONOMETRICA Fagereng, A., Guiso, L., Malacrino, D., Pistaferri, L. 2020; 88 (1): 115–70

    View details for DOI 10.3982/ECTA14835

    View details for Web of Science ID 000534143500004

  • Children, Time Allocation, and Consumption Insurance (vol 126, pg s73, 2018) JOURNAL OF POLITICAL ECONOMY Blundell, R., Pistaferri, L., Saporta-Eksten, I. 2019; 127 (5): 2559–67

    View details for DOI 10.1086/705489

    View details for Web of Science ID 000490124700013

  • ASYMMETRIC CONSUMPTION EFFECTS OF TRANSITORY INCOME SHOCKS ECONOMIC JOURNAL Christelis, D., Georgarakos, D., Jappelli, T., Pistaferri, L., van Rooij, M. 2019; 129 (622): 2322–41

    View details for DOI 10.1093/ej/uez013

    View details for Web of Science ID 000503177000003

  • Disability Insurance and the Dynamics of the Incentive Insurance Trade-Off. The American economic review Low, H., Pistaferri, L. 2018; 105 (10): 2986-3029

    Abstract

    We provide a life-cycle framework for comparing insurance and disincentive effects of disability benefits. The risks that individuals face and the parameters of the Disability Insurance (DI ) program are estimated from consumption, health, disability insurance, and wage data. We characterize the effects of disability insurance and study how policy reforms impact behavior and welfare. DI features high rejection rates of disabled applicants and some acceptance of healthy applicants. Despite worse incentives, welfare increases as programs become less strict or generosity increases. Disability insurance interacts with welfare programs: making unconditional means-tested programs more generous improves disability insurance targeting and increases welfare.

    View details for PubMedID 29546971

  • Children, Time Allocation, and Consumption Insurance JOURNAL OF POLITICAL ECONOMY Blundell, R., Pistaferri, L., Saporta-Eksten, I. 2018; 126: S73–S115

    View details for DOI 10.1086/698752

    View details for Web of Science ID 000445879400004

  • Portfolio Choices, Firm Shocks, and Uninsurable Wage Risk REVIEW OF ECONOMIC STUDIES Fagereng, A., Guiso, L., Pistaferri, L. 2018; 85 (1): 437–74

    View details for DOI 10.1093/restud/rdx023

    View details for Web of Science ID 000419576600012

  • Heterogeneity in Returns to Wealth and the Measurement of Wealth Inequality AMERICAN ECONOMIC REVIEW Fagereng, A., Guiso, L., Malacrino, D., Pistaferri, L. 2016; 106 (5): 651-655

    View details for DOI 10.1257/aer.p20161022

    View details for Web of Science ID 000379341300123

  • Consumption Inequality JOURNAL OF ECONOMIC PERSPECTIVES Attanasio, O. P., Pistaferri, L. 2016; 30 (2): 3-28

    View details for DOI 10.1257/jep.30.2.3

    View details for Web of Science ID 000378239600001

  • Consumption Inequality and Family Labor Supply AMERICAN ECONOMIC REVIEW Blundell, R., Pistaferri, L., Saporta-Eksten, I. 2016; 106 (2): 387-435

    View details for DOI 10.1257/aer.20121549

    View details for Web of Science ID 000369142300006

  • Disability Insurance and the Dynamics of the Incentive Insurance Trade-Off AMERICAN ECONOMIC REVIEW Low, H., Pistaferri, L. 2015; 105 (10): 2986-3029

    View details for DOI 10.1257/aer.20110108

    View details for Web of Science ID 000363884900002

  • Fiscal Policy and MPC Heterogeneity AMERICAN ECONOMIC JOURNAL-MACROECONOMICS Jappelli, T., Pistaferri, L. 2014; 6 (4): 107-136

    View details for DOI 10.1257/mac.6.4.107

    View details for Web of Science ID 000343661000004

  • Consumption Inequality over the Last Half Century: Some Evidence Using the New PSID Consumption Measure AMERICAN ECONOMIC REVIEW Attanasio, O., Pistaferri, L. 2014; 104 (5): 122-126

    View details for DOI 10.1257/aer.104.5.122

    View details for Web of Science ID 000338925400020

  • Credit within the Firm REVIEW OF ECONOMIC STUDIES Guiso, L., Pistaferri, L., Schivardi, F. 2013; 80 (1): 211-247

    View details for DOI 10.1093/restud/rds024

    View details for Web of Science ID 000314884500007

  • Consumption and the great recession Analyses of the Great Recession Petev, I., Saporta, I., Pistaferri, L. edited by Grusky, D., Western, B., Wimer, C. Russel Sage Foundation 2. 2012
  • Disuguaglianza e consumo Rapporto sulla disuguaglianza in Italia Jappelli, T., Marino, I., Pistaferri, L. edited by Checchi, D. Il Mulino. 2012
  • How much do educational outcomes matter in OECD countries? 52nd Panel Meeting of Economic Policy Hanushek, E. A., Woessmann, L. WILEY-BLACKWELL. 2011: 429-?

    View details for DOI 10.1111/j.1468-0327.2011.00265.x

    View details for Web of Science ID 000293517600004

  • Financial Integration and Consumption Smoothing ECONOMIC JOURNAL Jappelli, T., Pistaferri, L. 2011; 121 (553): 678-706

    View details for DOI 10.1111/j.1468-0297.2010.02410.x

    View details for Web of Science ID 000291230400003

  • ADJUSTMENT COSTS, FIRM RESPONSES, AND MICRO VS. MACRO LABOR SUPPLY ELASTICITIES: EVIDENCE FROM DANISH TAX RECORDS QUARTERLY JOURNAL OF ECONOMICS Chetty, R., Friedman, J. N., Olsen, T., Pistaferri, L. 2011; 126 (2): 749-804

    View details for DOI 10.1093/qje/qjr013

    View details for Web of Science ID 000292839400005

  • If you pay peanuts do you get monkeys? A cross-country analysis of teacher pay and pupil performance ECONOMIC POLICY Dolton, P., Marcenaro-Gutierrez, O. D., Pistaferri, L., Algan, Y. 2011: 5-55

    View details for DOI 10.1111/j.1468-0327.2010.00257.x

    View details for Web of Science ID 000286107500002

  • Earnings, consumption and life cycle choices Handbook of Labor Economics Pistaferri, L., Meghir, C. edited by Ashenfelter, O., Cards, D. 2011: 774–854
  • Wage Risk and Employment Risk over the Life Cycle AMERICAN ECONOMIC REVIEW Low, H., Meghir, C., Pistaferri, L. 2010; 100 (4): 1432-1467

    View details for DOI 10.1257/aer.100.4.1432

    View details for Web of Science ID 000281911400005

  • Disability, capacity for work and the business cycle: an international perspective ECONOMIC POLICY Benitez-Silva, H., Disney, R., Jimenez-Martin, S. 2010: 483-536

    View details for Web of Science ID 000280126800003

  • Does consumption inequality track income inequality in Italy? REVIEW OF ECONOMIC DYNAMICS Jappelli, T., Pistaferri, L. 2010; 13 (1): 133-153

    View details for DOI 10.1016/j.red.2009.11.001

    View details for Web of Science ID 000273754300006

  • The E¤ect of Employment Protection Legislation and Financial Market Imperfections on Investment: Evidence from a Firm-Level Panel of EU Countries Economic Policy Pistaferri, L. 2010; 61
  • Italians are late: Does it matter? Demography and the Economy Pistaferri, L. edited by Shoven, J. University of Chicago Press. 2010
  • The Consumption Response to Income Changes ANNUAL REVIEW OF ECONOMICS, VOL 2 Jappelli, T., Pistaferri, L. 2010; 2: 479-506

    View details for DOI 10.1146/annurev.economics.050708.142933

    View details for Web of Science ID 000290636900018

  • Cross-sectional facts for macroeconomists REVIEW OF ECONOMIC DYNAMICS Krueger, D., Perri, F., Pistaferri, L., Violante, G. L. 2010; 13 (1): 1-14

    View details for DOI 10.1016/j.red.2009.12.001

    View details for Web of Science ID 000273754300001

  • Asset Pricing Implications of Pareto Optimality with Private Information JOURNAL OF POLITICAL ECONOMY Kocherlakota, N., Pistaferri, L. 2009; 117 (3): 555-590

    View details for Web of Science ID 000266638800005

  • Disentangling Insurance and Information in Intertemporal Consumption Choices 121st Annual Meeting of the American-Economic-Association Kaufmann, K., Pistaferri, L. AMER ECONOMIC ASSOC. 2009: 387–92

    View details for DOI 10.1257/aer.99.2.387

    View details for Web of Science ID 000266458300064

  • Turbulence in Firms and Wages Carnegie- Rochester Conference Series on Public Policy Pistaferri, L. 2009; 56 (1): 134-46
  • The life-cycle hypothesis: An assessment of some recent evidence Rivista Italiana di Politica Economica Pistaferri, L. 2009; IV-VI: 35-65
  • Consumption Inequality and Partial Insurance AMERICAN ECONOMIC REVIEW Blundell, R., Pistaferri, L., Preston, I. 2008; 98 (5): 1887-1921

    View details for DOI 10.1257/aer.98.5.1887

    View details for Web of Science ID 000262025800007

  • A DIRECT TEST OF THE BUFFER-STOCK MODEL OF SAVING JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION Jappelli, T., Padula, M., Pistaferri, L. 2008; 6 (6): 1186-1210

    View details for Web of Science ID 000260959100003

  • Inequality and real exchange rates 22nd Annual Congress of the European-Economic-Association/Econometric-Society-European Meeting Kocherlakota, N., Pistaferri, L. WILEY-BLACKWELL. 2008: 597–608

    View details for Web of Science ID 000255691700027

  • Health care quality, economic inequality, and precautionary saving HEALTH ECONOMICS Jappelli, T., Pistaferri, L., Weber, G. 2007; 16 (4): 327-346

    Abstract

    We argue that health care quality has an important impact on economic inequality and on saving behavior. We exploit district-wide variability in health care quality provided by the Italian universal public health system to identify the effect of quality on income inequality, health inequality and precautionary saving. We find that in lower quality districts there is greater income and health dispersion and higher precautionary saving. The analysis carries important insights for the ongoing debate about the validity of the life-cycle model and interesting policy implications for the design of health care systems.

    View details for DOI 10.1002/hec.1172

    View details for Web of Science ID 000245473400001

    View details for PubMedID 17009387

  • Household heterogeneity and real exchange rates ECONOMIC JOURNAL Kocherlakota, N. R., Pistaferri, L. 2007; 117 (519): C1-C25

    View details for Web of Science ID 000245741900001

  • Do people respond to tax incentives? An analysis of the Italian reform of the deductibility of home mortgage interests EUROPEAN ECONOMIC REVIEW Jappelli, T., Pistaferri, L. 2007; 51 (2): 247-271

    View details for DOI 10.1016/j.euroecorev.2006.04.003

    View details for Web of Science ID 000244412300001

  • Wages, employment, and capital in capitalist and worker-owned firms INDUSTRIAL & LABOR RELATIONS REVIEW Pencavel, J., Pistaferri, L., Schivardi, F. 2006; 60 (1): 23-44

    View details for Web of Science ID 000241536200002

  • Intertemporal choice and consumption mobility JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION Jappelli, T., Pistaferri, L. 2006; 4 (1): 75-115

    View details for Web of Science ID 000237152100003

  • Wage, employment and capital determination in capitalist and worker-owned firms Industrial and Labor Relations Review Pencavel, J., Schivardi, F., Pistaferri, L. 2006; 60 (1): 23-44
  • Insurance within the firm JOURNAL OF POLITICAL ECONOMY Guiso, L., Pistaferri, L., Schivardi, F. 2005; 113 (5): 1054-1087

    View details for Web of Science ID 000232271200005

  • Uncertainty and consumer durables adjustment REVIEW OF ECONOMIC STUDIES Bertola, G., Guiso, L., Pistaferri, L. 2005; 72 (4): 973-1007

    View details for Web of Science ID 000233209600002

  • Income variance dynamics and heterogeneity ECONOMETRICA Meghir, C., Pistaferri, L. 2004; 72 (1): 1-32

    View details for Web of Science ID 000188202200001

  • Tax incentives and the demand for life insurance: evidence from Italy JOURNAL OF PUBLIC ECONOMICS Jappelli, T., Pistaferri, L. 2003; 87 (7-8): 1779-1799

    View details for DOI 10.1016/S0047-2727(01)00180-3

    View details for Web of Science ID 000184745700019

  • Anticipated and unanticipated wage changes, wage risk, and intertemporal labor supply JOURNAL OF LABOR ECONOMICS Pistaferri, L. 2003; 21 (3): 729-754

    View details for Web of Science ID 000185185200009

  • Income volatility and household consumption - The impact of food assistance programs Conference on Income Volatility and Implications for Food Assistance Programs Blundell, R., Pistaferri, L. UNIV WISCONSIN PRESS. 2003: 1032–1050

    View details for Web of Science ID 000186128700002

  • Tax incentives for household saving and borrowing Taxation of Financial Intermediation, Jappelli, T., Pistaferri, L., Honohan, P. Oxford University Press: Oxford,. 2003
  • An empirical analysis of earnings and employment risk JOURNAL OF BUSINESS & ECONOMIC STATISTICS Guiso, L., Jappelli, T., Pistaferri, L. 2002; 20 (2): 241-253

    View details for Web of Science ID 000178038200007

  • Superior information, income shocks, and the permanent income hypothesis REVIEW OF ECONOMICS AND STATISTICS Pistaferri, L. 2001; 83 (3): 465-476

    View details for Web of Science ID 000170079800007

  • Wage differences by gender: Evidence from recently graduated MBAs OXFORD BULLETIN OF ECONOMICS AND STATISTICS Graddy, K., Pistaferri, L. 2000; 62: 837-?

    View details for Web of Science ID 000166146200006

  • Using subjective income expectations to test for excess sensitivity of consumption to predicted income growth EUROPEAN ECONOMIC REVIEW Jappelli, T., Pistaferri, L. 2000; 44 (2): 337-358

    View details for Web of Science ID 000084482900006

  • The dynamics of household wealth accumulation in Italy Fiscal Studies Jappelli, T., Pistaferri, L. 2000; 21 (2): 269-95
  • Savings and Intertemporal Choice Pistaferri, L., Jappelli, T. Il Mulino: Bologna. 2000
  • Informal networks in the Italian labor market Giornale degli Economisti Pistaferri, L. 1999; 58 (3-4): 355-75