Income distribution in the United States: Kuznets' inverted-U hypothesis and data non-stationarity
The hypothesis that income distribution follows an inverted-U pattern with respect to economic growth has been tested against US time-series data by several authors, and rejected. We reconsider this issue, paying special attention to data non-stationarity, and the use of 'unbalanced' Seemingly Unrelated Regressions estimation. We also reject the hypothesis, but find that minimum income inequality occurred at different times for different ethnic groups, and at later dates than suggested by previous studies.
Volume (Year): 7 (1998)
Issue (Month): 4 ()
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