Income Inequality and Macroeconomic Volatility: an Empirical Investigation
AbstractRecently, there has been a resurgence in the interest in the determinants of income inequality across countries. This paper adds to this literature by examining the role of one further explanatory variable: macroeconomic volatility. Using a cross-section of developed and developing countries, the authors regress income inequality on volatility, defined as the standard deviation of the rate of output growth. They find that greater volatility increases the Gini coefficient and the income share of the top quintile, while it reduces the share of the other quintiles. The other variable that seems to play an important role is relative labour productivity, supporting previous findings.
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Bibliographic InfoPaper provided by Economics Group, Nuffield College, University of Oxford in its series Economics Papers with number 1999-w20.
Length: 41 pages
Date of creation: 1999
Date of revision:
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Web page: http://www.nuff.ox.ac.uk/economics/
INCOME ; POVERTY ; SOCIAL WELFARE;
Other versions of this item:
- Richard Breen & Cecilia García-Peñalosa, 2005. "Income Inequality and Macroeconomic Volatility: An Empirical Investigation," Review of Development Economics, Wiley Blackwell, vol. 9(3), pages 380-398, 08.
- Breen, R. & Garcia-Penalosa, C., 1999. "Income Inequality and Macroeconomic Volatility: an Empirical Investigation," G.R.E.Q.A.M. 99b11, Universite Aix-Marseille III.
- I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
- O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
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