Income Mobility and Welfare:
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)...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2013
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 13/24 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | 1 Online-Ressource (28 p) |
| ISBN: | 1475551436 9781475551433 |
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| 520 | 3 | |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 | |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:15Z |
| indexdate | 2024-07-10T09:35:23Z |
| institution | BVB |
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| series2 | IMF Working Papers |
| spelling | Krebs, Tom Verfasser aut Income Mobility and Welfare Krebs, Tom Washington, D.C International Monetary Fund 2013 1 Online-Ressource (28 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 13/24 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 Online-Ausg Krishna, Pravin Sonstige oth Maloney, William Sonstige oth http://elibrary.imf.org/view/IMF001/20243-9781475551433/20243-9781475551433/20243-9781475551433.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Krebs, Tom Income Mobility and Welfare |
| title | Income Mobility and Welfare |
| title_auth | Income Mobility and Welfare |
| title_exact_search | Income Mobility and Welfare |
| title_exact_search_txtP | Income Mobility and Welfare |
| title_full | Income Mobility and Welfare Krebs, Tom |
| title_fullStr | Income Mobility and Welfare Krebs, Tom |
| title_full_unstemmed | Income Mobility and Welfare Krebs, Tom |
| title_short | Income Mobility and Welfare |
| title_sort | income mobility and welfare |
| url | http://elibrary.imf.org/view/IMF001/20243-9781475551433/20243-9781475551433/20243-9781475551433.xml |
| work_keys_str_mv | AT krebstom incomemobilityandwelfare AT krishnapravin incomemobilityandwelfare AT maloneywilliam incomemobilityandwelfare |