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Wealth Dynamics in the 1980' and 1990's: Sweden and the U.S

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  • Klevmarken, A.
  • Lupton, J.
  • Stafford, F.

Abstract

Given differences in public saving programs between Sweden and the United States, an examination of household private wealth accumulation in these two countries can be enlightening. In this paper we examine wealth inequality and mobility in Sweden and the United States over the past decade. We show that wealth inequality has been significantly greater in the U.S. than in Sweden and, while remaining relatively constant since the mid-1980's s in Sweden, has increased in the United States. In addition to less inequality and a higher median wealth, we also show that wealth quintile mobility in the 1990's has been 25.7% higher in Sweden, as measured by Shorrocks' index. Noting the role of various demographic components in shaping the patterns of wealth mobility as well as the importance of the initial wealth distribution, we utilize a matching algorithm that controls for these differences.

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Bibliographic Info

Paper provided by Uppsala - Working Paper Series in its series Papers with number 2000:18.

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Length: 39 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:fth:uppaal:2000:18

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Postal: UPPSALA UNIVERSITY, DEPARTMENT OF ECONOMICS, S-751 20 UPPSALA SWEDEN.
Phone: + 46 18 471 25 00
Fax: + 46 18 471 14 78
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Web page: http://www.nek.uu.se/
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Keywords: WEALTH ; DEMOGRAPHY ; DISTRIBUTION;

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References

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  1. Pierre-Olivier Gourinchas & Jonathan A. Parker, 1999. "Consumption Over the Life Cycle," NBER Working Papers 7271, National Bureau of Economic Research, Inc.
  2. Kerwin Kofi Charles & Erik Hurst, 2002. "The Transition To Home Ownership And The Black-White Wealth Gap," The Review of Economics and Statistics, MIT Press, vol. 84(2), pages 281-297, May.
  3. Deaton, A., 1989. "Saving And Liquidity Constraints," Papers 153, Princeton, Woodrow Wilson School - Public and International Affairs.
  4. Christopher D. Carroll, 1991. "Buffer stock saving and the permanent income hypothesis," Working Paper Series / Economic Activity Section 114, Board of Governors of the Federal Reserve System (U.S.).
  5. Francine D. Blau & John W. Graham, 1990. "Black-White Differences in Wealth and Asset Composition," NBER Working Papers 2898, National Bureau of Economic Research, Inc.
  6. Solon, Gary, 1992. "Intergenerational Income Mobility in the United States," American Economic Review, American Economic Association, vol. 82(3), pages 393-408, June.
  7. Menchik, Paul L & Jianakoplos, Nancy Ammon, 1997. "Black-White Wealth Inequality: Is Inheritance the Reason?," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 35(2), pages 428-42, April.
  8. F. Thomas Juster & James P. Smith, 2004. "Improving the Quality of Economic Data: Lessons from the HRS and AHEAD," Labor and Demography, EconWPA 0402010, EconWPA.
  9. Klevmarken, Anders, 1982. "Household Market and Nonmarket Activities (HUS) – A Pilot Study," Working Paper Series, Research Institute of Industrial Economics 77, Research Institute of Industrial Economics.
  10. Shorrocks, A F, 1978. "The Measurement of Mobility," Econometrica, Econometric Society, Econometric Society, vol. 46(5), pages 1013-24, September.
  11. Erik Hurst & Ming Ching Luoh & Frank P. Stafford, 1998. "The Wealth Dynamics of American Families, 1984-94," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 267-338.
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Cited by:
  1. Hochguertel, Stefan & Ohlsson, Henry, 2012. "Who is at the top? Wealth mobility over the life cycle," Working Paper Series, Uppsala University, Department of Economics 2012:1, Uppsala University, Department of Economics.
  2. Hugh Rockoff, 2008. "Great Fortunes of the Gilded Age," NBER Working Papers 14555, National Bureau of Economic Research, Inc.
  3. Hochguertel, Stefan & Ohlsson, Henry, 2011. "Wealth mobility and dynamics over entire individual working life cycles," Working Paper Series 1301, European Central Bank.

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