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Measuring Income Risk

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  • Simon Burgess
  • Karen Gardiner
  • Stephen P Jenkins
  • Carol Propper

Abstract

We provide a critique of the methods that have been used to derive measures of income risk and draw attention to the importance of demographic factors as a source of income risk. We also propose new measures of the contribution to total income risk of demographic and labour market factors. Empirical evidence supporting our arguments is provided using data from the British Household Survey.

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File URL: http://sticerd.lse.ac.uk/dps/case/cp/CASEpaper40.pdf
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Bibliographic Info

Paper provided by Centre for Analysis of Social Exclusion, LSE in its series CASE Papers with number case40.

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Date of creation: Jun 2000
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Handle: RePEc:cep:sticas:case40

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Web page: http://sticerd.lse.ac.uk/case/_new/publications/default.asp

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Keywords: Income risk; demographics; panel data;

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References

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  1. Mark Kazarosian, 1997. "Precautionary Savings-A Panel Study," The Review of Economics and Statistics, MIT Press, vol. 79(2), pages 241-247, May.
  2. Guiso, Luigi & Jappelli, Tullio & Terlizzese, Daniele, 1996. "Income Risk, Borrowing Constraints, and Portfolio Choice," American Economic Review, American Economic Association, American Economic Association, vol. 86(1), pages 158-72, March.
  3. Miles, David, 1997. "A Household Level Study of the Determinants of Incomes and Consumption," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 107(440), pages 1-25, January.
  4. Richard Blundell & Ian Preston, 1997. "Consumption, inequality and income uncertainty," IFS Working Papers, Institute for Fiscal Studies W97/15, Institute for Fiscal Studies.
  5. Charles R. Nelson & Andrew F. Siegel, 1985. "Parsimoneous Modeling of Yield Curves for U.S. Treasury Bills," NBER Working Papers 1594, National Bureau of Economic Research, Inc.
  6. James Banks & Richard Blundell & Agar Brugiavini, 1995. "Income uncertainty and consumption growth in the UK," IFS Working Papers, Institute for Fiscal Studies W95/13, Institute for Fiscal Studies.
  7. Mary Jo Bane & David T. Ellwood, 1986. "Slipping into and out of Poverty: The Dynamics of Spells," Journal of Human Resources, University of Wisconsin Press, vol. 21(1), pages 1-23.
  8. R. Moffitt & P. Gottschalk, . "Trends in the covariance structure of earnings in the United States: 1969-1987," Institute for Research on Poverty Discussion Papers 1001-93, University of Wisconsin Institute for Research on Poverty.
  9. Burkhauser, Richard V, et al, 1990. "Economic Burdens of Marital Disruptions: A Comparison of the United States and the Federal Republic of Germany," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 36(4), pages 319-33, December.
  10. Susan Dynarski & Jonathan Gruber, 1997. "Can Families Smooth Variable Earnings?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 28(1), pages 229-303.
  11. Stevens, Ann Huff, 1994. "The Dynamics of Poverty Spells: Updating Bane and Ellwood," American Economic Review, American Economic Association, American Economic Association, vol. 84(2), pages 34-37, May.
  12. MaCurdy, Thomas E., 1982. "The use of time series processes to model the error structure of earnings in a longitudinal data analysis," Journal of Econometrics, Elsevier, Elsevier, vol. 18(1), pages 83-114, January.
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Citations

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Cited by:
  1. James Banks & Richard Blundell & James P. Smith, 2000. "Wealth inequality in the United States and Great Britain," IFS Working Papers, Institute for Fiscal Studies W00/20, Institute for Fiscal Studies.
  2. Ramos, Xavi & Schluter, Christian, 2006. "Subjective Income Expectations and Income Risk," IZA Discussion Papers 1950, Institute for the Study of Labor (IZA).
  3. Morissette, Rene & Ostrovsky, Yuri, 2005. "Summary Of: The Instability of Family Earnings and Family Income in Canada, 1986 to 1991 and 1996 to 2001," Analytical Studies Branch Research Paper Series 2005266e, Statistics Canada, Analytical Studies Branch.
  4. Patricia Justino & Julie Litchfield, 2003. "Poverty Dynamics in Rural Vietnam: Winners and Losers During Reform," PRUS Working Papers, Poverty Research Unit at Sussex, University of Sussex 10, Poverty Research Unit at Sussex, University of Sussex.
  5. James Banks & Richard Blundell & James P. Smith, 2003. "Understanding Differences in Household Financial Wealth between the United States and Great Britain," Journal of Human Resources, University of Wisconsin Press, vol. 38(2).
  6. Xavi Ramos & Christian Schluter, 2003. "Subjective Income Expectations, Canonical Models and Income Risk," Working Papers wpdea0310, Department of Applied Economics at Universitat Autonoma of Barcelona.
  7. Morissette, Rene & Ostrovsky, Yuri, 2005. "The Instability of Family Earnings and Family Income in Canada, 1986 to 1991 and 1996 to 2001," Analytical Studies Branch Research Paper Series 2005265e, Statistics Canada, Analytical Studies Branch.
  8. Sonia Bhalotra, 2001. "Growth and welfare provisioning: lessons from the English Poor Laws?," Journal of International Development, John Wiley & Sons, Ltd., vol. 13(7), pages 1083-1096.
  9. Hans-Peter Weikard, 2004. "Poverty Measurement Under Income Risk," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 224(3), pages 337-350, May.
  10. James Banks & Richard Blundell & James P. Smith, 2001. "Financial Wealth Inequality in the United States and Great Britain," Working Papers, RAND Corporation Publications Department 01-01, RAND Corporation Publications Department.
  11. Yoko Niimi & Puja Vasudeva Dutta & Alan Winters, 2003. "Trade Liberalisation and Poverty Dynamics in Vietnam," PRUS Working Papers, Poverty Research Unit at Sussex, University of Sussex 17, Poverty Research Unit at Sussex, University of Sussex.

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