The Italian Recession of 1993: Aggregate Implications of Microeconomic Evidence
利用1984至1993年家庭数据，研究1993年意大利私人消费下降的原因，发现养老金改革和税收合规措施对工龄家庭和自雇者冲击最大。
We use household-level data covering a ten-year period (1984 to 1993) to investigate the likely determinants of the Italian recession of 1993, the first year after WWII when private consumption fell. Consumption fell most for working-age households and for the self-employed. Our evidence is consistent with the response to permanent negative shocks due to the major pension reform of 1992 and the introduction of stricter tax-compliance measures for the self-employed. This is still true when we control for the role played by job losses and the collapse of the retail sector that characterized the early 1990s. © 1999 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology