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The Trend Behavior of Alternative Income Inequality Measures in the United States from 1947-1990 and the Structural Break

Author

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  • Raj, Baldev
  • Slottje, Daniel J

Abstract

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.

Suggested Citation

  • Raj, Baldev & Slottje, Daniel J, 1994. "The Trend Behavior of Alternative Income Inequality Measures in the United States from 1947-1990 and the Structural Break," Journal of Business & Economic Statistics, American Statistical Association, vol. 12(4), pages 479-487, October.
    • Handle: RePEc:bes:jnlbes:v:12:y:1994:i:4:p:479-87
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    Cited by:

    1. repec:ebl:ecbull:v:3:y:2004:i:29:p:1-9 is not listed on IDEAS
    2. Simon Parker, 1998. "Is the inequality of lifetime wealth a random walk?," Applied Economics Letters, Taylor & Francis Journals, vol. 5(8), pages 523-525.
    3. Li, Hongyi & Squire, Lyn & Zou, Heng-fu, 1998. "Explaining International and Intertemporal Variations in Income Inequality," Economic Journal, Royal Economic Society, vol. 108(446), pages 26-43, January.
    4. Chun‐Yu Ho & Dan Li, 2008. "Rising regional inequality in China: Policy regimes and structural changes," Papers in Regional Science, Wiley Blackwell, vol. 87(2), pages 245-259, June.
    5. Ozan EksiBy, 2017. "Lower volatility, higher inequality: are they related?," Oxford Economic Papers, Oxford University Press, vol. 69(4), pages 847-869.
    6. Caparoz, Marcel & Marçal, Emerson Fernandes & Mattos, Enlinson, 2019. "A time series analysis of household income inequality in Brazil 1977 to 2013," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 73(4), December.
    7. Vijverberg, Chu-Ping C., 1996. "Macroeconomic conditions, class mobility, and inequality," Journal of Macroeconomics, Elsevier, vol. 18(2), pages 315-340.
    8. Smyth, Russell & Inder, Brett, 2004. "Is Chinese provincial real GDP per capita nonstationary?: Evidence from multiple trend break unit root tests," China Economic Review, Elsevier, vol. 15(1), pages 1-24.
    9. Xiao-Ming Li, 2004. "A Quasi-Bayesian Analysis of Structural Breaks: China's Output and Productivity Series," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 3(1), pages 57-65, April.
    10. Baotai Wang & Tomson Ogwang, 2004. "Is the Size Distribution of Income in Canada a Random Walk?," Economics Bulletin, AccessEcon, vol. 3(29), pages 1-9.
    11. Li, Xiao-Ming, 2000. "The Great Leap Forward, Economic Reforms, and the Unit Root Hypothesis: Testing for Breaking Trend Functions in China's GDP Data," Journal of Comparative Economics, Elsevier, vol. 28(4), pages 814-827, December.
    12. Asmaa Ahmed, 2005. "Random Walks in the Economic Dynamic Series," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 78-100.

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