Income mobility and welfare:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.]
International Monetary Fund
©2013
|
| Schriftenreihe: | IMF working paper
WP/13/24 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed Feb. 5, 2013). - "Research Department"--Page 2 of pdf. - "January 2013"--Page 2 of pdf "This paper develops a framework for the quantitative analysis of individual income dynamics, mobility and welfare. Individual income is assumed to follow a stochastic process with two (unobserved) components, an i.i.d. component representing measurement error or transitory income shocks and an AR(1) component representing persistent changes in income. We use a tractable consumption-saving model with labor income risk and incomplete markets to relate income dynamics to consumption and welfare, and derive analytical expressions for income mobility and welfare as a function of the various parameters of the underlying income process. The empirical application of our framework using data on individual incomes from Mexico provides striking results. Much of measured income mobility is driven by measurement error or transitory income shocks and therefore (almost) welfare-neutral. A smaller part of measured income mobility is due to either welfare-reducing income risk or welfare-enhancing catching-up of low-income individuals with high-income individuals, both of which have economically significant effects on social welfare. Decomposing mobility into its fundamental components is thus seen to be crucial from the standpoint of welfare evaluation"--Abstract Includes bibliographical references (pages 19-23) |
| Beschreibung: | 1 Online-Ressource (28 pages) |
| ISBN: | 9781475536348 1475536348 |
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| 100 | 1 | |a Krebs, Tom |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Income mobility and welfare |c Tom Krebs, Pravin Krishna, William Maloney |
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| 500 | |a Title from PDF title page (IMF Web site, viewed Feb. 5, 2013). - "Research Department"--Page 2 of pdf. - "January 2013"--Page 2 of pdf | ||
| 500 | |a "This paper develops a framework for the quantitative analysis of individual income dynamics, mobility and welfare. Individual income is assumed to follow a stochastic process with two (unobserved) components, an i.i.d. component representing measurement error or transitory income shocks and an AR(1) component representing persistent changes in income. We use a tractable consumption-saving model with labor income risk and incomplete markets to relate income dynamics to consumption and welfare, and derive analytical expressions for income mobility and welfare as a function of the various parameters of the underlying income process. The empirical application of our framework using data on individual incomes from Mexico provides striking results. Much of measured income mobility is driven by measurement error or transitory income shocks and therefore (almost) welfare-neutral. A smaller part of measured income mobility is due to either welfare-reducing income risk or welfare-enhancing catching-up of low-income individuals with high-income individuals, both of which have economically significant effects on social welfare. Decomposing mobility into its fundamental components is thus seen to be crucial from the standpoint of welfare evaluation"--Abstract | ||
| 500 | |a Includes bibliographical references (pages 19-23) | ||
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| 650 | 7 | |a Income / Econometric models |2 fast | |
| 650 | 7 | |a Social mobility / Econometric models |2 fast | |
| 650 | 7 | |a Welfare economics / Econometric models |2 fast | |
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| 650 | 4 | |a Social mobility |z Mexico |x Econometric models | |
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| 700 | 1 | |a Maloney, William F. |e Sonstige |4 oth | |
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| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.1/52 |
| dewey-search | 332.1/52 |
| dewey-sort | 3332.1 252 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| geographic_facet | Mexiko |
| id | DE-604.BV042964553 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:13:55Z |
| institution | BVB |
| isbn | 9781475536348 1475536348 |
| language | English |
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| physical | 1 Online-Ressource (28 pages) |
| psigel | ZDB-4-EBU FLA_PDA_EBU |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | International Monetary Fund |
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| spelling | Krebs, Tom Verfasser aut Income mobility and welfare Tom Krebs, Pravin Krishna, William Maloney [Washington, D.C.] International Monetary Fund ©2013 1 Online-Ressource (28 pages) txt rdacontent c rdamedia cr rdacarrier IMF working paper WP/13/24 Title from PDF title page (IMF Web site, viewed Feb. 5, 2013). - "Research Department"--Page 2 of pdf. - "January 2013"--Page 2 of pdf "This paper develops a framework for the quantitative analysis of individual income dynamics, mobility and welfare. Individual income is assumed to follow a stochastic process with two (unobserved) components, an i.i.d. component representing measurement error or transitory income shocks and an AR(1) component representing persistent changes in income. We use a tractable consumption-saving model with labor income risk and incomplete markets to relate income dynamics to consumption and welfare, and derive analytical expressions for income mobility and welfare as a function of the various parameters of the underlying income process. The empirical application of our framework using data on individual incomes from Mexico provides striking results. Much of measured income mobility is driven by measurement error or transitory income shocks and therefore (almost) welfare-neutral. A smaller part of measured income mobility is due to either welfare-reducing income risk or welfare-enhancing catching-up of low-income individuals with high-income individuals, both of which have economically significant effects on social welfare. Decomposing mobility into its fundamental components is thus seen to be crucial from the standpoint of welfare evaluation"--Abstract Includes bibliographical references (pages 19-23) BUSINESS & ECONOMICS / Banks & Banking bisacsh Consumption (Economics) / Econometric models fast Income / Econometric models fast Social mobility / Econometric models fast Welfare economics / Econometric models fast Wirtschaft Ökonometrisches Modell Income Mexico Econometric models Social mobility Mexico Econometric models Welfare economics Econometric models Consumption (Economics) Econometric models Mexiko Krishna, Pravin Sonstige oth Maloney, William F. Sonstige oth International Monetary Fund Research Department Sonstige oth http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=548040 Aggregator Volltext |
| spellingShingle | Krebs, Tom Income mobility and welfare BUSINESS & ECONOMICS / Banks & Banking bisacsh Consumption (Economics) / Econometric models fast Income / Econometric models fast Social mobility / Econometric models fast Welfare economics / Econometric models fast Wirtschaft Ökonometrisches Modell Income Mexico Econometric models Social mobility Mexico Econometric models Welfare economics Econometric models Consumption (Economics) Econometric models |
| title | Income mobility and welfare |
| title_auth | Income mobility and welfare |
| title_exact_search | Income mobility and welfare |
| title_full | Income mobility and welfare Tom Krebs, Pravin Krishna, William Maloney |
| title_fullStr | Income mobility and welfare Tom Krebs, Pravin Krishna, William Maloney |
| title_full_unstemmed | Income mobility and welfare Tom Krebs, Pravin Krishna, William Maloney |
| title_short | Income mobility and welfare |
| title_sort | income mobility and welfare |
| topic | BUSINESS & ECONOMICS / Banks & Banking bisacsh Consumption (Economics) / Econometric models fast Income / Econometric models fast Social mobility / Econometric models fast Welfare economics / Econometric models fast Wirtschaft Ökonometrisches Modell Income Mexico Econometric models Social mobility Mexico Econometric models Welfare economics Econometric models Consumption (Economics) Econometric models |
| topic_facet | BUSINESS & ECONOMICS / Banks & Banking Consumption (Economics) / Econometric models Income / Econometric models Social mobility / Econometric models Welfare economics / Econometric models Wirtschaft Ökonometrisches Modell Income Mexico Econometric models Social mobility Mexico Econometric models Welfare economics Econometric models Consumption (Economics) Econometric models Mexiko |
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