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Is the inequality of lifetime wealth a random walk?

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  • Simon Parker

Abstract

A simple model is presented which predicts that the inequality of lifetime wealth is a bounded random walk process. Empirical support for the model is found using UK data for 1970-94.

Suggested Citation

  • Simon Parker, 1998. "Is the inequality of lifetime wealth a random walk?," Applied Economics Letters, Taylor & Francis Journals, vol. 5(8), pages 523-525.
    • Handle: RePEc:taf:apeclt:v:5:y:1998:i:8:p:523-525
    DOI: 10.1080/135048598354474
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    References listed on IDEAS

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    1. Quah, Danny T, 1996. "Twin Peaks: Growth and Convergence in Models of Distribution Dynamics," Economic Journal, Royal Economic Society, vol. 106(437), pages 1045-1055, July.
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    3. Deaton, Angus & Paxson, Christina, 1994. "Intertemporal Choice and Inequality," Journal of Political Economy, University of Chicago Press, vol. 102(3), pages 437-467, June.
    4. Danny Quah, 1996. "Twin Peaks: Growth and Convergence in Models of Distribution Dynamics," CEP Discussion Papers dp0280, Centre for Economic Performance, LSE.
    5. 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.
    6. Shorrocks, A F, 1980. "The Class of Additively Decomposable Inequality Measures," Econometrica, Econometric Society, vol. 48(3), pages 613-625, April.
    7. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-1072, June.
    8. Hayes, Kathy & Slottje, D. J. & Porter-Hudak, Susan & Scully, Gerald, 1990. "Is the size distribution of income a random walk?," Journal of Econometrics, Elsevier, vol. 43(1-2), pages 213-226.
    9. Banerjee, Anindya & Lumsdaine, Robin L & Stock, James H, 1992. "Recursive and Sequential Tests of the Unit-Root and Trend-Break Hypotheses: Theory and International Evidence," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(3), pages 271-287, July.
    10. Quah, Danny, 1996. "Twin peaks : growth and convergence in models of distribution dynamics," LSE Research Online Documents on Economics 2278, London School of Economics and Political Science, LSE Library.
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