The Trend Behavior of Alternative Income Inequality Measures in the United States from 1947-1990 and the Structural Break
This paper tests the hypothesis that the time-series process of income inequality has experienced a structural break. The timing of the structural break is treated as an unknown parameter to be estimated from the data because it is not possible to associate a single episodic policy event with the break year and to avoid bias in favor of a unit root hypothesis if the break was near the selected year. For several measures of income inequality, a segmented trend model is more appropriate to account for the fundamentals affecting the behavior of income inequality as opposed to a stochastic trend model.
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Volume (Year): 12 (1994)
Issue (Month): 4 (October)
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