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Modelling the overall personal income distribution in the USA from 1994 to 2002

Author

Listed:
  • Ivan O. Kitov

    (Russian Academy of Sciences)

Abstract

Numerical modelling of the personal income distribution (PID) in the USA from 1950 to 2003 is accomplished based on a microeconomic model for the personal income evolution. It is shown that the overall PID demonstrates the existence of some fixed hierarchical income distribution structure in the USA. The PIDs normalized to the total population and corrected for the per capita nominal GDP growth coincide for years from 1994 to 2002. The observed inflation plays a role of some specific mechanism returning the PIDs to the initial shape. The structure of the PID is accurately simulated by using a microeconomic model with some simple assumptions related to the distribution of capabilities to earn money and sizes of earning means – two measurable parameters introduced in the model. The evolution of the overall PID is also well predicted depending on nominal GDP growth from 1994 to 2002.

Suggested Citation

  • Ivan O. Kitov, 2005. "Modelling the overall personal income distribution in the USA from 1994 to 2002," Working Papers 07, ECINEQ, Society for the Study of Economic Inequality.
    • Handle: RePEc:inq:inqwps:ecineq2005-07
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    File URL: http://www.ecineq.org/milano/WP/ECINEQ2005-07.pdf
    File Function: First version, 2005
    Download Restriction: no
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Personal income growth - actually heating of a spherical body in a vacuum
      by Ivan Kitov in Economics as Classical Mechanics on 2021-05-01 07:26:00

    Citations

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    Cited by:

    1. Kitov, Ivan & Kitov, Oleg & Dolinskaya, Svetlana, 2007. "Relationship between inflation, unemployment and labor force change rate in France: cointegration test," MPRA Paper 2736, University Library of Munich, Germany.
    2. Ivan O. KITOV & Oleg I. KITOV & Svetlana A. DOLINSKAYA, 2009. "Modelling Real Gdp Per Capita In The Usa:Cointegration Tests," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 4(1(7)_ Spr).
    3. Ivan Kitov & Oleg Kitov & Svetlana Dolinskaya, 2007. "Linear Lagged Relationship Between Inflation, Unemployment and Labor Force Change Rate in France: Cointegration Test," Mechonomics mechonomics2, Socionet.
    4. Kitov, Ivan & Kitov, Oleg, 2013. "The dynamics of personal income distribution and inequality in the United States," MPRA Paper 48649, University Library of Munich, Germany.
    5. Ivan O. Kitov, 2008. "Modelling the average income dependence on work experience," Papers 0811.0489, arXiv.org.

    More about this item

    Keywords

    personal income distribution; mean income; microeconomic modeling; USA; real GDP; macroeconomics;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • J1 - Labor and Demographic Economics - - Demographic Economics
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

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