Luigi Pistaferri
Ray Lyman Wilbur Professor and Senior Fellow at the Stanford Institute for Economic Policy Research
Economics
Web page: http://web.stanford.edu/~pista/
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
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Professor, Economics
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Senior Fellow, Stanford Institute for Economic Policy Research (SIEPR)
Administrative Appointments
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"Ralph Landau" Senior Fellow, SIEPR (2013 - Present)
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Professor, Department of Economics, Stanford University (2011 - Present)
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Bajola Parisani Visiting Chair in Economics and Institutions, Einaudi Institute for Economics and Finance, Rome (2011 - 2012)
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Associate Professor, Department of Economics, Stanford University (2006 - 2011)
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Assistant Professor, Department of Economics, Stanford University (1999 - 2006)
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Research Economist, Institute for Fiscal Studies (1998 - 1999)
Honors & Awards
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Excellence in Refereeing Award, American Economic Review (2012)
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Nominated, Center for Advanced Study in the Behavioral Sciences fellowship, Center for Advanced Study in the Behavioral Sciences (2007)
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Annual Economics Outstanding Teaching Prize, Stanford University, Department of Economics (2005)
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"Glenn Campbell and Rita Ricardo-Campbell" National Fellow, Hoover Institution (2003)
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Co-Winner of the Prize as 1999 Best Italian Young Economist sponsored, Italian Young Economist (1999)
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James Lanner Memorial scholarship, University College London (1998)
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Italian Ministry of Universities and Scientific Research (MURST) scholarship, Italian Ministry of Universities and Scientific Research (MURST) (1996)
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Istituto Universitario Navale scholarship, Istituto Universitario Navale (1995)
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Ente Einaudi/Bank of Italy scholarship, Ente Einaudi/Bank of Italy (1994)
Boards, Advisory Committees, Professional Organizations
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Co-Editor, American Economic Review (2012 - Present)
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Research Associate in Economic Fluctuations and Growth., National Bureau of Economic Research (NBER),
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Research Affiliate in Labor Economics and Monetary Economics, Centre for Economic and Policy Research (CEPR)
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Research Fellow, IZA
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Senior Fellow, Stanford Institute for Economic Policy Research (SIEPR)
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Faculty Affiliate, Stanford Center on Longevity
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Associate Editor, Journal of Applied Econometric
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Co-Editor, Review of Economic Dynamics
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Panel Member, Economic Policy (2009 - 2011)
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Member, Program Committee, Meeting of the Society of Labor Economics (2010 - 2011)
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Member, Program Committee, European Economic Association Annual Congress (2003 - 2007)
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Member, Program Committee, European Economic Association Annual Congress (2010 - 2013)
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Member, Program Committee, Annual Meeting of the Society of Economic Dynamics (2005 - 2005)
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Member, Program Committee, Annual Meeting of the Society of Economic Dynamics (2007 - 2007)
Professional Education
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Doctorate, Istituto universitario navale (IUN), Economic Sciences (2001)
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Ph.D., University College, London, Economic (1999)
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Master, Bocconi University, Economics (1995)
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B.A., Istituto universitario navale, International Trade and Foreign Exchange Markets (1993)
2024-25 Courses
- Advanced Topics in Econometrics
ECON 102C (Win) - Labor Economics III
ECON 248 (Spr) - Labor Economics Seminar
ECON 345 (Aut, Win, Spr) -
Independent Studies (4)
- Directed Reading
ECON 139D (Aut, Win, Spr) - Directed Reading
ECON 239D (Aut, Win, Spr) - Honors Thesis Research
ECON 199D (Aut, Win, Spr) - Practical Training
ECON 299 (Aut, Win, Spr)
- Directed Reading
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Prior Year Courses
2023-24 Courses
- Advanced Topics in Econometrics
ECON 102C (Win) - Labor Economics I
ECON 246 (Aut) - Labor Economics Seminar
ECON 345 (Aut, Win, Spr)
2022-23 Courses
- Advanced Topics in Econometrics
ECON 102C (Spr) - Labor Economics III
ECON 248 (Spr) - Labor Economics Seminar
ECON 345 (Aut, Win, Spr)
2021-22 Courses
- Advanced Topics in Econometrics
ECON 102C (Win) - Causes and Consequences of the Rise in Inequality
ECON 22N (Aut) - Labor Economics I
ECON 246 (Aut) - Labor Economics Seminar
ECON 345 (Aut, Win, Spr)
- Advanced Topics in Econometrics
All Publications
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Learning Entrepreneurship from Other Entrepreneurs?
JOURNAL OF LABOR ECONOMICS
2021
View details for DOI 10.1086/708445
View details for Web of Science ID 000578015100001
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Reported MPC and Unobserved Heterogeneity
AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
2020; 12 (4): 275–97
View details for DOI 10.1257/pol.20180420
View details for Web of Science ID 000611111200010
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Family labor supply and asset returns
EUROPEAN ECONOMIC REVIEW
2020; 124
View details for DOI 10.1016/j.euroecorev.2020.103389
View details for Web of Science ID 000528254600002
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Disability Insurance: Theoretical Trade-Offs and Empirical Evidence*
FISCAL STUDIES
2020; 41 (1): 129–64
View details for DOI 10.1111/1475-5890.12215
View details for Web of Science ID 000534385800005
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The insurance role of the firm
GENEVA RISK AND INSURANCE REVIEW
2020
View details for DOI 10.1057/s10713-019-00045-9
View details for Web of Science ID 000505406100001
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HETEROGENEITY AND PERSISTENCE IN RETURNS TO WEALTH
ECONOMETRICA
2020; 88 (1): 115–70
View details for DOI 10.3982/ECTA14835
View details for Web of Science ID 000534143500004
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Consumption Network Effects
REVIEW OF ECONOMIC STUDIES
2020; 87 (1): 130–63
View details for DOI 10.1093/restud/rdz026
View details for Web of Science ID 000507369500005
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Children, Time Allocation, and Consumption Insurance (vol 126, pg s73, 2018)
JOURNAL OF POLITICAL ECONOMY
2019; 127 (5): 2559–67
View details for DOI 10.1086/705489
View details for Web of Science ID 000490124700013
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ASYMMETRIC CONSUMPTION EFFECTS OF TRANSITORY INCOME SHOCKS
ECONOMIC JOURNAL
2019; 129 (622): 2322–41
View details for DOI 10.1093/ej/uez013
View details for Web of Science ID 000503177000003
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Disability Insurance and the Dynamics of the Incentive Insurance Trade-Off.
The American economic review
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
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Children, Time Allocation, and Consumption Insurance
JOURNAL OF POLITICAL ECONOMY
2018; 126: S73–S115
View details for DOI 10.1086/698752
View details for Web of Science ID 000445879400004
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Portfolio Choices, Firm Shocks, and Uninsurable Wage Risk
REVIEW OF ECONOMIC STUDIES
2018; 85 (1): 437–74
View details for DOI 10.1093/restud/rdx023
View details for Web of Science ID 000419576600012
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Heterogeneity in Returns to Wealth and the Measurement of Wealth Inequality
AMERICAN ECONOMIC REVIEW
2016; 106 (5): 651-655
View details for DOI 10.1257/aer.p20161022
View details for Web of Science ID 000379341300123
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Consumption Inequality
JOURNAL OF ECONOMIC PERSPECTIVES
2016; 30 (2): 3-28
View details for DOI 10.1257/jep.30.2.3
View details for Web of Science ID 000378239600001
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Consumption Inequality and Family Labor Supply
AMERICAN ECONOMIC REVIEW
2016; 106 (2): 387-435
View details for DOI 10.1257/aer.20121549
View details for Web of Science ID 000369142300006
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Disability Insurance and the Dynamics of the Incentive Insurance Trade-Off
AMERICAN ECONOMIC REVIEW
2015; 105 (10): 2986-3029
View details for DOI 10.1257/aer.20110108
View details for Web of Science ID 000363884900002
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Fiscal Policy and MPC Heterogeneity
AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
2014; 6 (4): 107-136
View details for DOI 10.1257/mac.6.4.107
View details for Web of Science ID 000343661000004
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Consumption Inequality over the Last Half Century: Some Evidence Using the New PSID Consumption Measure
AMERICAN ECONOMIC REVIEW
2014; 104 (5): 122-126
View details for DOI 10.1257/aer.104.5.122
View details for Web of Science ID 000338925400020
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Credit within the Firm
REVIEW OF ECONOMIC STUDIES
2013; 80 (1): 211-247
View details for DOI 10.1093/restud/rds024
View details for Web of Science ID 000314884500007
- Disuguaglianza e consumo Rapporto sulla disuguaglianza in Italia edited by Checchi, D. Il Mulino. 2012
- Consumption and the great recession Analyses of the Great Recession edited by Grusky, D., Western, B., Wimer, C. Russel Sage Foundation 2. 2012
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How much do educational outcomes matter in OECD countries?
52nd Panel Meeting of Economic Policy
WILEY-BLACKWELL. 2011: 429-?
View details for DOI 10.1111/j.1468-0327.2011.00265.x
View details for Web of Science ID 000293517600004
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Financial Integration and Consumption Smoothing
ECONOMIC JOURNAL
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
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ADJUSTMENT COSTS, FIRM RESPONSES, AND MICRO VS. MACRO LABOR SUPPLY ELASTICITIES: EVIDENCE FROM DANISH TAX RECORDS
QUARTERLY JOURNAL OF ECONOMICS
2011; 126 (2): 749-804
View details for DOI 10.1093/qje/qjr013
View details for Web of Science ID 000292839400005
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If you pay peanuts do you get monkeys? A cross-country analysis of teacher pay and pupil performance
ECONOMIC POLICY
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 edited by Ashenfelter, O., Cards, D. 2011: 774–854
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Wage Risk and Employment Risk over the Life Cycle
AMERICAN ECONOMIC REVIEW
2010; 100 (4): 1432-1467
View details for DOI 10.1257/aer.100.4.1432
View details for Web of Science ID 000281911400005
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Disability, capacity for work and the business cycle: an international perspective
ECONOMIC POLICY
2010: 483-536
View details for Web of Science ID 000280126800003
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Does consumption inequality track income inequality in Italy?
REVIEW OF ECONOMIC DYNAMICS
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 2010; 61
- Italians are late: Does it matter? Demography and the Economy edited by Shoven, J. University of Chicago Press. 2010
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The Consumption Response to Income Changes
ANNUAL REVIEW OF ECONOMICS, VOL 2
2010; 2: 479-506
View details for DOI 10.1146/annurev.economics.050708.142933
View details for Web of Science ID 000290636900018
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Cross-sectional facts for macroeconomists
REVIEW OF ECONOMIC DYNAMICS
2010; 13 (1): 1-14
View details for DOI 10.1016/j.red.2009.12.001
View details for Web of Science ID 000273754300001
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Asset Pricing Implications of Pareto Optimality with Private Information
JOURNAL OF POLITICAL ECONOMY
2009; 117 (3): 555-590
View details for Web of Science ID 000266638800005
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Disentangling Insurance and Information in Intertemporal Consumption Choices
121st Annual Meeting of the American-Economic-Association
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 2009; 56 (1): 134-46
- The life-cycle hypothesis: An assessment of some recent evidence Rivista Italiana di Politica Economica 2009; IV-VI: 35-65
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Consumption Inequality and Partial Insurance
AMERICAN ECONOMIC REVIEW
2008; 98 (5): 1887-1921
View details for DOI 10.1257/aer.98.5.1887
View details for Web of Science ID 000262025800007
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A DIRECT TEST OF THE BUFFER-STOCK MODEL OF SAVING
JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
2008; 6 (6): 1186-1210
View details for Web of Science ID 000260959100003
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Inequality and real exchange rates
22nd Annual Congress of the European-Economic-Association/Econometric-Society-European Meeting
WILEY-BLACKWELL. 2008: 597–608
View details for Web of Science ID 000255691700027
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Health care quality, economic inequality, and precautionary saving
HEALTH ECONOMICS
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
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Household heterogeneity and real exchange rates
ECONOMIC JOURNAL
2007; 117 (519): C1-C25
View details for Web of Science ID 000245741900001
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Do people respond to tax incentives? An analysis of the Italian reform of the deductibility of home mortgage interests
EUROPEAN ECONOMIC REVIEW
2007; 51 (2): 247-271
View details for DOI 10.1016/j.euroecorev.2006.04.003
View details for Web of Science ID 000244412300001
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Wages, employment, and capital in capitalist and worker-owned firms
INDUSTRIAL & LABOR RELATIONS REVIEW
2006; 60 (1): 23-44
View details for Web of Science ID 000241536200002
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Intertemporal choice and consumption mobility
JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
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 2006; 60 (1): 23-44
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Insurance within the firm
JOURNAL OF POLITICAL ECONOMY
2005; 113 (5): 1054-1087
View details for Web of Science ID 000232271200005
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Uncertainty and consumer durables adjustment
REVIEW OF ECONOMIC STUDIES
2005; 72 (4): 973-1007
View details for Web of Science ID 000233209600002
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Income variance dynamics and heterogeneity
ECONOMETRICA
2004; 72 (1): 1-32
View details for Web of Science ID 000188202200001
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Tax incentives and the demand for life insurance: evidence from Italy
JOURNAL OF PUBLIC ECONOMICS
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
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Anticipated and unanticipated wage changes, wage risk, and intertemporal labor supply
JOURNAL OF LABOR ECONOMICS
2003; 21 (3): 729-754
View details for Web of Science ID 000185185200009
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Income volatility and household consumption - The impact of food assistance programs
Conference on Income Volatility and Implications for Food Assistance Programs
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, Oxford University Press: Oxford,. 2003
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An empirical analysis of earnings and employment risk
JOURNAL OF BUSINESS & ECONOMIC STATISTICS
2002; 20 (2): 241-253
View details for Web of Science ID 000178038200007
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Superior information, income shocks, and the permanent income hypothesis
REVIEW OF ECONOMICS AND STATISTICS
2001; 83 (3): 465-476
View details for Web of Science ID 000170079800007
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Wage differences by gender: Evidence from recently graduated MBAs
OXFORD BULLETIN OF ECONOMICS AND STATISTICS
2000; 62: 837-?
View details for Web of Science ID 000166146200006
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Using subjective income expectations to test for excess sensitivity of consumption to predicted income growth
EUROPEAN ECONOMIC REVIEW
2000; 44 (2): 337-358
View details for Web of Science ID 000084482900006
- Savings and Intertemporal Choice Il Mulino: Bologna. 2000
- The dynamics of household wealth accumulation in Italy Fiscal Studies 2000; 21 (2): 269-95
- Informal networks in the Italian labor market Giornale degli Economisti 1999; 58 (3-4): 355-75