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Measuring wealth mobility

  • Andrea Neri

    ()

    (Bank of Italy)

In the economic literature on mobility measurement issues are generally disregarded. The aim of the paper is to assess their impact on the analysis of Italian households' mobility across the wealth distribution in the 1989-2004 period. The paper shows that response (or measurement) errors and transitory shocks may account up to 30-50 per cent of the observed mobility (depending on the index used). Moreover, also the dynamics of mobility is likely to be biased by the dynamics of response (or measurement) errors. In the case of Italy, the declining level of observed mobility is downward biased by the increasing difficulty in measuring household wealth (which results in an increase of response errors). Measurement issues appear to be more important than socio-demographic characteristics to explain mobility.

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File URL: http://www.bancaditalia.it/pubblicazioni/temi-discussione/2009/2009-0703/en_tema_703.pdf
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Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Temi di discussione (Economic working papers) with number 703.

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Date of creation: Jan 2009
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Handle: RePEc:bdi:wptemi:td_703_09
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  1. Giovanni D'Alessio & Ivan Faiella, 2002. "Non-response behaviour in the Bank of Italy�s Survey of Household Income and Wealth," Temi di discussione (Economic working papers) 462, Bank of Italy, Economic Research and International Relations Area.
  2. Ivan faiella & Andrea Neri, 2004. "La ricchezza delle famiglie italiane e americane," Temi di discussione (Economic working papers) 501, Bank of Italy, Economic Research and International Relations Area.
  3. Luigi, Cannnari & Giovanni, D'Alessio & Romina, Gambacorta, 2008. "Capital Gains and Wealth Distribution in Italy," MPRA Paper 15108, University Library of Munich, Germany.
    • Luigi Cannari & Giovanni D'Alessio & Romina Gambacorta, 2007. "Capital gains and wealth distribution in Italy," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Proceedings of the IFC Conference on "Measuring the financial position of the household sector", Basel, 30-31 August 2006 - Volume 2, volume 26, pages 129-156 Bank for International Settlements.
  4. Mocetti Sauro, 2007. "Intergenerational Earnings Mobility in Italy," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 7(2), pages 1-25, December.
  5. John Fitzgerald & Peter Gottschalk & Robert Moffitt, 1998. "An Analysis of Sample Attrition in Panel Data: The Michigan Panel Study of Income Dynamics," Journal of Human Resources, University of Wisconsin Press, vol. 33(2), pages 251-299.
  6. Luigi Guiso & Tullio Jappelli, 2000. "Household Portfolios in Italy," CSEF Working Papers 43, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  7. Shorrocks, A F, 1978. "The Measurement of Mobility," Econometrica, Econometric Society, vol. 46(5), pages 1013-24, September.
  8. Erik Hurst & Ming Ching Luoh & Frank P. Stafford, 1998. "The Wealth Dynamics of American Families, 1984-94," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 267-338.
  9. Davies, James B. & Shorrocks, Anthony F., 2000. "The distribution of wealth," Handbook of Income Distribution, in: A.B. Atkinson & F. Bourguignon (ed.), Handbook of Income Distribution, edition 1, volume 1, chapter 11, pages 605-675 Elsevier.
  10. Tullio Jappelli & Luigi Pistaferri, 1999. "The Dynamics of Household Wealth Accumulation in Italy," CSEF Working Papers 27, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 01 Dec 2000.
  11. Kennickell, Arthur B & Starr-McCluer, Martha, 1997. "Household Saving and Portfolio Change: Evidence from the 1983-89 SCF Panel," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 43(4), pages 381-99, December.
  12. Checchi, Daniele & Ichino, Andrea & Rustichini, Aldo, 1999. "More equal but less mobile?: Education financing and intergenerational mobility in Italy and in the US," Journal of Public Economics, Elsevier, vol. 74(3), pages 351-393, December.
  13. Richard H. Steckel & Jayanthi Krishnan, 1992. "Wealth Mobility in America: A View from the National Longitudinal Survey," NBER Working Papers 4137, National Bureau of Economic Research, Inc.
  14. Leandro D'Aurizio & Ivan Faiella & Stefano Iezzi & Andrea Neri, 2008. "The under-reporting of households' financial assets in Italy," IFC Bulletins chapters, in: Bank for International Settlements (ed.), The IFC's contribution to the 56th ISI Session, Lisbon, August 2007, volume 28, pages 415-420 Bank for International Settlements.
  15. Claudia Biancotti & Giovanni D'Alessio & Andrea Neri, 2008. "Measurement Error In The Bank Of Italy'S Survey Of Household Income And Wealth," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 54(3), pages 466-493, 09.
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