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Age-specific rise of income and consumption inequality

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  • Zhu, Guozhong

Abstract

Based on Panel Study of Income Dynamics (PSID) and Consumer Expenditure Survey (CEX), the author presents evidence that the rise of income/consumption inequality over the past decades is more significant among younger households. This is consistent with the theory that the secular rise of inequality is due to increasing heterogeneity in earning ability. The author further shows that such age-specificity implies significant changes to the previously documented life-cycle profiles of inequality which are the basis of many important economic inferences. --

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Bibliographic Info

Paper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2013-21.

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Date of creation: 2013
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Handle: RePEc:zbw:ifwedp:201321

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Keywords: age-specific inequality; consumption inequality; income inequality; life-cycle profile;

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  1. Deaton, A. & Paxson, C., 1993. "Intertemporal Choice and Inequality," Papers, Princeton, Woodrow Wilson School - Development Studies 168, Princeton, Woodrow Wilson School - Development Studies.
  2. Pricila Maziero & Laurence Ales, 2008. "Accounting for private information," Working Papers, Federal Reserve Bank of Minneapolis 663, Federal Reserve Bank of Minneapolis.
  3. Fatih Guvenen, 2007. "Learning Your Earning: Are Labor Income Shocks Really Very Persistent?," American Economic Review, American Economic Association, American Economic Association, vol. 97(3), pages 687-712, June.
  4. Storesletten, Kjetil & Telmer, Christopher I. & Yaron, Amir, 2004. "Consumption and risk sharing over the life cycle," Journal of Monetary Economics, Elsevier, Elsevier, vol. 51(3), pages 609-633, April.
  5. Mark Huggett & Juan Carlos Parra, 2010. "How Well Does the U.S. Social Insurance System Provide Social Insurance?," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 118(1), pages 76-112, 02.
  6. Jonathan Heathcote & Kjetil Storesletten & Giovanni L. Violante, 2005. "Two Views of Inequality Over the Life Cycle," Journal of the European Economic Association, MIT Press, MIT Press, vol. 3(2-3), pages 765-775, 04/05.
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