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...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Körperschaft: | |
| Weitere 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 |
| 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"--Abstract. |
| 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. |
| Beschreibung: | 1 online resource (28 pages) |
| Bibliographie: | Includes bibliographical references (pages 19-23). |
| ISBN: | 9781475536348 1475536348 9781475551433 1475551436 9781475567564 1475567561 |
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| 245 | 1 | 0 | |a Income mobility and welfare / |c Tom Krebs, Pravin Krishna, William Maloney. |
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| 500 | |a "Research Department"--Page 2 of pdf. | ||
| 500 | |a "January 2013"--Page 2 of pdf. | ||
| 520 | |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. | ||
| 504 | |a Includes bibliographical references (pages 19-23). | ||
| 505 | 0 | |a Cover; Income Mobility and Welfare; Abstract; I. Introduction; II. Income and Mobility; II. 1. Income Process; II. 2. Mobility; III. Econometric Implementation; III. 1. Estimation; IV. Data; V. Results; VI. Welfare Analysis; VI. 1. Consumption; VI. 2. Mobility and Welfare; VII. Conclusions; References; Tables; Table 1: Summary Statistics: 1987-2003; Table 2: Mincer Regression; Table 3: Estimation of Mobility Parameters; Table 4: Mobility Analysis; Table 5: Welfare Analysis. | |
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| contents | Cover; Income Mobility and Welfare; Abstract; I. Introduction; II. Income and Mobility; II. 1. Income Process; II. 2. Mobility; III. Econometric Implementation; III. 1. Estimation; IV. Data; V. Results; VI. Welfare Analysis; VI. 1. Consumption; VI. 2. Mobility and Welfare; VII. Conclusions; References; Tables; Table 1: Summary Statistics: 1987-2003; Table 2: Mincer Regression; Table 3: Estimation of Mobility Parameters; Table 4: Mobility Analysis; Table 5: Welfare Analysis. |
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| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Krebs, Tom. http://id.loc.gov/authorities/names/no99015551 Income mobility and welfare / Tom Krebs, Pravin Krishna, William Maloney. [Washington, D.C.] : International Monetary Fund, ©2013. 1 online resource (28 pages) text txt rdacontent computer c rdamedia online resource 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). Cover; Income Mobility and Welfare; Abstract; I. Introduction; II. Income and Mobility; II. 1. Income Process; II. 2. Mobility; III. Econometric Implementation; III. 1. Estimation; IV. Data; V. Results; VI. Welfare Analysis; VI. 1. Consumption; VI. 2. Mobility and Welfare; VII. Conclusions; References; Tables; Table 1: Summary Statistics: 1987-2003; Table 2: Mincer Regression; Table 3: Estimation of Mobility Parameters; Table 4: Mobility Analysis; Table 5: Welfare Analysis. Income Mexico Econometric models. Social mobility Mexico Econometric models. Welfare economics Econometric models. Consumption (Economics) Econometric models. Revenu Mexique Modèles économétriques. Mobilité sociale Mexique Modèles économétriques. Économie du bien-être Modèles économétriques. BUSINESS & ECONOMICS Banks & Banking. bisacsh Consumption (Economics) Econometric models fast Income Econometric models fast Social mobility Econometric models fast Welfare economics Econometric models fast Mexico fast https://id.oclc.org/worldcat/entity/E39QbtfRkxCrqQ3XXbCkdP63kc Krishna, Pravin. http://id.loc.gov/authorities/names/n98065019 Maloney, William F. (William Francis), 1959- https://id.oclc.org/worldcat/entity/E39PBJxMktdyry9HT4bVCRmWXd http://id.loc.gov/authorities/names/no96064782 International Monetary Fund. Research Department. http://id.loc.gov/authorities/names/n77001219 has work: Income mobility, income risk and welfare (Text) https://id.oclc.org/worldcat/entity/E39PCGdBQqb6jY3MtMCRqvQ7wP https://id.oclc.org/worldcat/ontology/hasWork IMF working paper ; WP/13/24. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=548040 Volltext |
| spellingShingle | Krebs, Tom Income mobility and welfare / IMF working paper ; Cover; Income Mobility and Welfare; Abstract; I. Introduction; II. Income and Mobility; II. 1. Income Process; II. 2. Mobility; III. Econometric Implementation; III. 1. Estimation; IV. Data; V. Results; VI. Welfare Analysis; VI. 1. Consumption; VI. 2. Mobility and Welfare; VII. Conclusions; References; Tables; Table 1: Summary Statistics: 1987-2003; Table 2: Mincer Regression; Table 3: Estimation of Mobility Parameters; Table 4: Mobility Analysis; Table 5: Welfare Analysis. Income Mexico Econometric models. Social mobility Mexico Econometric models. Welfare economics Econometric models. Consumption (Economics) Econometric models. Revenu Mexique Modèles économétriques. Mobilité sociale Mexique Modèles économétriques. Économie du bien-être Modèles économétriques. BUSINESS & ECONOMICS Banks & Banking. bisacsh Consumption (Economics) Econometric models fast Income Econometric models fast Social mobility Econometric models fast Welfare economics Econometric models fast |
| 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 | Income Mexico Econometric models. Social mobility Mexico Econometric models. Welfare economics Econometric models. Consumption (Economics) Econometric models. Revenu Mexique Modèles économétriques. Mobilité sociale Mexique Modèles économétriques. Économie du bien-être Modèles économétriques. BUSINESS & ECONOMICS Banks & Banking. bisacsh Consumption (Economics) Econometric models fast Income Econometric models fast Social mobility Econometric models fast Welfare economics Econometric models fast |
| topic_facet | Income Mexico Econometric models. Social mobility Mexico Econometric models. Welfare economics Econometric models. Consumption (Economics) Econometric models. Revenu Mexique Modèles économétriques. Mobilité sociale Mexique Modèles économétriques. Économie du bien-être Modèles économétriques. BUSINESS & ECONOMICS Banks & Banking. Consumption (Economics) Econometric models Income Econometric models Social mobility Econometric models Welfare economics Econometric models Mexico |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=548040 |
| work_keys_str_mv | AT krebstom incomemobilityandwelfare AT krishnapravin incomemobilityandwelfare AT maloneywilliamf incomemobilityandwelfare AT internationalmonetaryfundresearchdepartment incomemobilityandwelfare |