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Life cycle income and consumption patterns in transition

There is vast literature examining how households’ income and consumption change over the life cycle. These studies, however, are usually restricted to developed economies. The main objective of this paper is to add to this literature by investigating the life cycle profiles and relative income mobility in a transition economy, facing rapid structural economic and social changes, such as Poland. It is shown that, in contrast to the US, where income inequality over the life cycle follows a roughly linear trend, the age-variance profile of income in Poland is hump-shaped. This finding might indicate that the income process at a micro level in Poland exhibits less persistence than in the US. The estimates of relative income mobility confirm this conjecture.

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Paper provided by National Bank of Poland, Economic Institute in its series National Bank of Poland Working Papers with number 133.

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Length: 36
Date of creation: 2012
Date of revision:
Handle: RePEc:nbp:nbpmis:133
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  1. David M. Blau, 2008. "Retirement and Consumption in a Life Cycle Model," Journal of Labor Economics, University of Chicago Press, vol. 26, pages 35-71.
  2. Javier Díaz-Giménez & Andrew Glover & José-Víctor Ríos-Rull, 2011. "Facts on the distributions of earnings, income, and wealth in the United States: 2007 update," Quarterly Review, Federal Reserve Bank of Minneapolis.
  3. Deaton, Angus, 1985. "Panel data from time series of cross-sections," Journal of Econometrics, Elsevier, vol. 30(1-2), pages 109-126.
  4. repec:nbp:nbpbik:v:43:y:2012:i:5:p:5-20 is not listed on IDEAS
  5. Aaberge, Rolf, et al, 2002. "Income Inequality and Income Mobility in the Scandinavian Countries Compared to the United States," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 48(4), pages 443-69, December.
  6. Abe, Naohito & Yamada, Tomoaki, 2009. "Nonlinear income variance profiles and consumption inequality over the life cycle," Journal of the Japanese and International Economies, Elsevier, vol. 23(3), pages 344-366, September.
  7. Cagetti, Marco, 2003. "Wealth Accumulation over the Life Cycle and Precautionary Savings," Journal of Business & Economic Statistics, American Statistical Association, vol. 21(3), pages 339-53, July.
  8. Kjetil Storesletten & Chris Telmer & Amir Yaron, 1997. "Consumption and risk sharing over the life cycle," GSIA Working Papers 228, Carnegie Mellon University, Tepper School of Business.
  9. Fang Yang, 2009. "Consumption over the Life Cycle: How Different is Housing?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(3), pages 423-443, July.
  10. Lukiyanova, Anna & Oshchepkov, Aleksey, 2012. "Income mobility in Russia (2000–2005)," Economic Systems, Elsevier, vol. 36(1), pages 46-64.
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