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Estate Taxation and Intergenerational Transfers


  • Jappelli, Tullio
  • Padula, Mario
  • Pica, Giovanni


We estimate the effect of estate taxation on bequests exploiting a sequence of Italian reforms that culminated with the reduction of estate taxes in 1999 and their abolishment in 2001. To perform our exercise, we use the 1993-2006 Survey of Household Income and Wealth, which has data on real estate transfers and information on potential donors as well as recipients. Our sample includes data on 34,885 owners of real estate wealth and 120,686 potential donors. Differences-in-differences estimates indicate that the abolition of estate taxes has increased the propensity to transfer real estate wealth by about 2 percentage points, and square meter transferred by about 4 points.

Suggested Citation

  • Jappelli, Tullio & Padula, Mario & Pica, Giovanni, 2010. "Estate Taxation and Intergenerational Transfers," CEPR Discussion Papers 7701, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:7701

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    References listed on IDEAS

    1. Guiso, Luigi & Jappelli, Tullio, 2002. "Private Transfers, Borrowing Constraints and the Timing of Homeownership," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(2), pages 315-339, May.
    2. Giorgio Bellettini & Filippo Taddei, 2009. "Real Estate Prices and the Importance of Bequest Taxation," Carlo Alberto Notebooks 107, Collegio Carlo Alberto, revised 2011.
    3. Jeffrey M Wooldridge, 2010. "Econometric Analysis of Cross Section and Panel Data," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262232588, July.
    4. Joel Slemrod & Wojciech Kopczuk, 2000. "The Impact of the Estate Tax on the Wealth Accumulation and Avoidance Behavior of Donors," NBER Working Papers 7960, National Bureau of Economic Research, Inc.
    5. Douglas Holtz-Eakin & Donald Marples, 2001. "Distortion Costs of Taxing Wealth Accumulation: Income Versus Estate Taxes," NBER Working Papers 8261, National Bureau of Economic Research, Inc.
    6. A. B. Atkinson, 1971. "Capital Taxes, the Redistribution of Wealth and Individual Savings," Review of Economic Studies, Oxford University Press, vol. 38(2), pages 209-227.
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    Cited by:

    1. Jappelli, T. & Padula, M. & Pica, G., 2011. "GINI DP 21: Transfer Taxes and Inequality," GINI Discussion Papers 21, AIAS, Amsterdam Institute for Advanced Labour Studies.
    2. Bellettini Giorgio & Zanella Giulio & Taddei Filippo, 2013. "Bequest taxes, donations, and house prices," The B.E. Journal of Macroeconomics, De Gruyter, vol. 13(1), pages 1-25, October.

    More about this item


    Bequests; Estate and inheritance taxes; Intergenerational mobility;

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies


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