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Modelling the overall personal income distribution in the USA from 1994 to 2002

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Author Info

  • Ivan O. Kitov

    ()
    (Russian Academy of Sciences)

Abstract

Numerical modelling of the personal income distribution (PID) in the USA from 1950 to 2003 is accomplished based on a microeconomic model for the personal income evolution. It is shown that the overall PID demonstrates the existence of some fixed hierarchical income distribution structure in the USA. The PIDs normalized to the total population and corrected for the per capita nominal GDP growth coincide for years from 1994 to 2002. The observed inflation plays a role of some specific mechanism returning the PIDs to the initial shape. The structure of the PID is accurately simulated by using a microeconomic model with some simple assumptions related to the distribution of capabilities to earn money and sizes of earning means – two measurable parameters introduced in the model. The evolution of the overall PID is also well predicted depending on nominal GDP growth from 1994 to 2002.

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File URL: http://www.ecineq.org/milano/WP/ECINEQ2005-07.pdf
File Function: First version, 2005
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Bibliographic Info

Paper provided by ECINEQ, Society for the Study of Economic Inequality in its series Working Papers with number 07.

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Length: 24 pages
Date of creation: Nov 2005
Date of revision:
Handle: RePEc:inq:inqwps:ecineq2005-07

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Web page: http://www.ecineq.org
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Related research

Keywords: personal income distribution; mean income; microeconomic modeling; USA; real GDP; macroeconomics;

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Cited by:
  1. Kitov, Ivan & Kitov, Oleg & Dolinskaya, Svetlana, 2007. "Relationship between inflation, unemployment and labor force change rate in France: cointegration test," MPRA Paper 2736, University Library of Munich, Germany.
  2. Ivan O. Kitov & Oleg I. Kitov & Svetlana A. Dolinskaya, 2008. "Modelling real GDP per capita in the USA: cointegration test," Papers 0811.0490, arXiv.org.
  3. Kitov, Ivan & Kitov, Oleg, 2013. "The dynamics of personal income distribution and inequality in the United States," MPRA Paper 48649, University Library of Munich, Germany.
  4. Ivan Kitov & Oleg Kitov & Svetlana Dolinskaya, 2007. "Linear Lagged Relationship Between Inflation, Unemployment and Labor Force Change Rate in France: Cointegration Test," Mechonomics mechonomics2, Socionet.
  5. Ivan O. Kitov, 2008. "Modelling the average income dependence on work experience," Papers 0811.0489, arXiv.org.

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