Coverart for item
The Resource Income mobility and welfare, (electronic resource)

Income mobility and welfare, (electronic resource)

Label
Income mobility and welfare
Title
Income mobility and welfare
Contributor
Subject
Language
eng
Summary
Annotation
Related
Cataloging source
CaPaEBR
LC call number
HB99.3
LC item number
I63 2013eb
http://library.link/vocab/relatedWorkOrContributorName
  • International Monetary Fund
  • ebrary, Inc
Series statement
IMF Working Papers
Series volume
Working Paper No. 13/24
http://library.link/vocab/subjectName
  • Social service
  • Income distribution
  • Welfare economics
Summary expansion
This paper develops a framework for the quantitative analysis of individual income dynamics, mobility and welfare. Individual income is assumed to follow a stochastic process with two (unobserved) components, an i.i.d. component representing measurement error or transitory income shocks and an AR(1) component representing persistent changes in income. We use a tractable consumption-saving model with labor income risk and incomplete markets to relate income dynamics to consumption and welfare, and derive analytical expressions for income mobility and welfare as a function of the various parameters of the underlying income process. the empirical application of our framework using data on individual incomes from Mexico provides striking results. Much of measured income mobility is driven by measurement error or transitory income shocks and therefore (almost) welfare-neutral. a smaller part of measured income mobility is due to either welfare-reducing income risk or welfare-enhancing catching-up of low-income individuals with high-income individuals, both of which have economically significant effects on social welfare. Decomposing mobility into its fundamental components is thus seen to be crucial from the standpoint of welfare evaluation
Label
Income mobility and welfare, (electronic resource)
Instantiates
Publication
Control code
OCM1bookssj0001079763
Dimensions
unknown
Extent
27 p.
Isbn
9781475567564
Specific material designation
remote
System control number
(WaSeSS)ssj0001079763
Label
Income mobility and welfare, (electronic resource)
Publication
Control code
OCM1bookssj0001079763
Dimensions
unknown
Extent
27 p.
Isbn
9781475567564
Specific material designation
remote
System control number
(WaSeSS)ssj0001079763

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