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Beggar-Thy-Parents? A Lifecycle Model of Intergenerational Altruism Beggar-Thy-Parents吗?代际利他主义的生命周期模型
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2008-08-31 DOI: 10.2139/ssrn.1313698
S. Cho
{"title":"Beggar-Thy-Parents? A Lifecycle Model of Intergenerational Altruism","authors":"S. Cho","doi":"10.2139/ssrn.1313698","DOIUrl":"https://doi.org/10.2139/ssrn.1313698","url":null,"abstract":"This paper constructs a quantitative general equilibrium model with both lifecycle and dynastic features along with uninsurable labor income to assess differences in wealth and intergenerational transfers across countries. The model features both 'pure' and 'impure' forms of altruism and investigates the role of borrowing constraints in accounting for the timing of intergenerational transfers between intervivos transfers and bequests. Under a perfect capital market, the timing of parental transfers is irrelevant. However, under borrowing constraints, parental transfer will be geared towards helping out borrowing-constrained children. The model is calibrated to match the US and Korean economy. Numerical experiments show that tightening borrowing constraints leads to more intervivos transfers geared towards younger children and lower level of bequest. Borrowing constraints also play a role in accounting for the observed differences in the wealth inequality between the two economies.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132181197","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Adjusting Wages for Price Inflation: The Rational-Arrangements Phillips Curve 物价通胀下的工资调整:理性安排菲利普斯曲线
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2007-12-01 DOI: 10.2139/ssrn.1045321
James E. Annable
{"title":"Adjusting Wages for Price Inflation: The Rational-Arrangements Phillips Curve","authors":"James E. Annable","doi":"10.2139/ssrn.1045321","DOIUrl":"https://doi.org/10.2139/ssrn.1045321","url":null,"abstract":"A model of nominal labor-price dynamics is derived from the choice of an efficient strategy to adjust wages for inflation. The model, named the rational-arrangements Phillips curve, identifies a central role for catch-up to price inflation that has already occurred and a more latent role for rational expectations of future inflation. The reinterpreted Phillips relationship demonstrates a number of desirable properties. It provides a cogent synthesis of money neutrality and non-neutrality, is consistent with inflation persistence in the aftermath of monetary shocks, informs monetary policymaking in hyper-inflationary periods, limits the practical application of the Lucas critique of macroeconometric model-building, and is congruent with practitioner descriptions of wage-setting arrangements.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127199793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
A Two Factor Model of Income Distribution Dynamics 收入分配动态的双因素模型
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2007-08-31 DOI: 10.1111/j.1475-4991.2007.00242.x
Makoto Nirei, W. Souma
{"title":"A Two Factor Model of Income Distribution Dynamics","authors":"Makoto Nirei, W. Souma","doi":"10.1111/j.1475-4991.2007.00242.x","DOIUrl":"https://doi.org/10.1111/j.1475-4991.2007.00242.x","url":null,"abstract":"This paper analyzes empirical income distributions and proposes a simple stochastic model to explain the stationary distribution and deviations from it. Using the individual tax returns data in the U.S. and Japan for 40 years, we first summarize the shape of the income distribution by an exponential decay up to about the 90th percentile and a power decay for the top 1 percent. We then propose a minimal stochastic process of labor and asset income to reproduce the empirical characteristics. In particular, the Pareto exponent is derived analytically and matched with empirical statistics.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117266590","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 139
Chronic Poverty and All that: The Measurement of Poverty Over Time 《长期贫困及其相关问题:随时间变化的贫困衡量》
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2007-08-01 DOI: 10.2139/ssrn.1646392
Cesar Calvo, S. Dercon
{"title":"Chronic Poverty and All that: The Measurement of Poverty Over Time","authors":"Cesar Calvo, S. Dercon","doi":"10.2139/ssrn.1646392","DOIUrl":"https://doi.org/10.2139/ssrn.1646392","url":null,"abstract":"We explore how to measure poverty over time, by focusing on trajectories of poverty rather than poverty at a particular point in time. We consider welfare outcomes over a period in time, consisting of a number of spells. We offer a characterization of desirable properties for measuring poverty across these spells, as well as an explicit discussion of three issues. First, should there be scope for compensation so that a poor spell can be compensated for by a non-poor spell? Second, is there scope for discounting or should all spells be equally valued? Third, does the actual sequence of poor spells matter, for example whether they are consecutive or not? We offer a number of measures that implicitly offer different answers to these questions, in a world of certainty. Finally, we also offer an extension towards a forward-looking measure of vulnerability, defined as the threat of poverty over time, that incorporates risk. An application to data from Ethiopia shows that especially the assumption of compensation results in different inference on poverty.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117097034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 134
Real Wage Cyclicality in the PSID PSID的实际工资周期性
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2007-07-01 DOI: 10.2139/ssrn.1026367
Eric T. Swanson
{"title":"Real Wage Cyclicality in the PSID","authors":"Eric T. Swanson","doi":"10.2139/ssrn.1026367","DOIUrl":"https://doi.org/10.2139/ssrn.1026367","url":null,"abstract":"Previous studies of real wage cyclicality have made only sparing use of the microdata detail that is available in the Panel Study of Income Dynamics (PSID). The present paper brings to bear this additional detail to investigate the robustness of previous results and to examine whether there are important cross-sectional and demographic differences in wage cyclicality. Although real wages were procyclical across the entire distribution of workers from 1967 to 1991, the wages of lower-income, younger, and less-educated workers exhibited greater procyclicality. However, workers' straight-time hourly pay rates have been acyclical, suggesting that more variable pay margins such as bonuses, overtime, late shift premia, and commissions have played a substantial if not primary role in generating procyclicality.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133449632","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 16
Wage Differentials, Discrimination and Inequality: A Cautionary Note on the Juhn, Murphy and Pierce Decomposition Method 工资差异、歧视和不平等:对约翰、墨菲和皮尔斯分解方法的警示
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2007-07-01 DOI: 10.1111/j.1467-9485.2009.00475.x
Myeong-Su Yun
{"title":"Wage Differentials, Discrimination and Inequality: A Cautionary Note on the Juhn, Murphy and Pierce Decomposition Method","authors":"Myeong-Su Yun","doi":"10.1111/j.1467-9485.2009.00475.x","DOIUrl":"https://doi.org/10.1111/j.1467-9485.2009.00475.x","url":null,"abstract":"This paper shows how difficult it is to study the roles of discrimination and unobserved skills when studying changes in racial and gender wage gaps over time by examining merits and shortcomings of a popular decomposition method by Juhn, Murphy and Pierce (1991). The JMP method shows that wage dispersion can offer a compelling explanation of the wage gap. However, JMP have to rely on a few strong assumptions in order to derive their decomposition equation which introduces wage inequality as the price of unobserved skills (the standard deviation of the residuals) into their decomposition equation.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"138 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124357260","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 52
Relative Price Changes, Wages and Unemployment in a Specific Factors Model with Search Frictions 考虑搜索摩擦的特定因素模型中的相对价格变化、工资和失业率
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2006-08-01 DOI: 10.1111/j.1467-9361.2006.00366.x
K. Wälde, Pia Weiss
{"title":"Relative Price Changes, Wages and Unemployment in a Specific Factors Model with Search Frictions","authors":"K. Wälde, Pia Weiss","doi":"10.1111/j.1467-9361.2006.00366.x","DOIUrl":"https://doi.org/10.1111/j.1467-9361.2006.00366.x","url":null,"abstract":"This paper analyzes the effects of changes in the relative product price on wages and unemployment of a small open economy in a specific factors model characterized by search frictions. It shows that unemployment and wages move in opposite directions, i.e., high unemployment is associated with low wages and low unemployment with high wages. The reason for the employment effect is found to be individual wage bargaining.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115260658","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
Measuring Labor's Share of Income 衡量劳动收入占比
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2004-11-01 DOI: 10.2139/ssrn.1024847
Paul Gomme, Peter Rupert
{"title":"Measuring Labor's Share of Income","authors":"Paul Gomme, Peter Rupert","doi":"10.2139/ssrn.1024847","DOIUrl":"https://doi.org/10.2139/ssrn.1024847","url":null,"abstract":"Recent Bureau of Labor Statistics (BLS) data show labor’s share of income at a historic low. This Policy Discussion Paper explores the BLS calculations with an eye to understanding the factors leading to the recent fall in labor’s share. While data limitations prohibit replication of the BLS series, alternative measures of labor’s share of income, based on either the nonfinancial corporate business sector or the macroeconomy more generally, are near their historic averages, quite unlike the BLS series.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122007553","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 130
How Important are Wages to the Elderly? Evidence from the New Beneficiary Data System and the Social Security Earnings Test 工资对老年人有多重要?来自新受益人数据系统和社会保障收入测试的证据
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 2003-06-01 DOI: 10.2139/ssrn.1090912
Steven J. Haider, David Loughran
{"title":"How Important are Wages to the Elderly? Evidence from the New Beneficiary Data System and the Social Security Earnings Test","authors":"Steven J. Haider, David Loughran","doi":"10.2139/ssrn.1090912","DOIUrl":"https://doi.org/10.2139/ssrn.1090912","url":null,"abstract":"More than 40 percent of Social Security beneficiaries continue to work after age 65. This research investigates the extent to which these individuals substitute labor across periods in response to anticipated wage changes induced by the Social Security earnings test. While we find that a disproportionate number of individuals choose earnings within a few percentage points of the earnings limit, we find no evidence that these individuals substitute labor supply between","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131463929","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Income Distribution, Market Size, and Industrialization 收入分配、市场规模与工业化
ERN: Wages; Intergenerational Income Distribution (Topic) Pub Date : 1988-09-01 DOI: 10.2307/2937810
Kevin M. Murphy, Andrei Shleifer, Robert W. Vishny
{"title":"Income Distribution, Market Size, and Industrialization","authors":"Kevin M. Murphy, Andrei Shleifer, Robert W. Vishny","doi":"10.2307/2937810","DOIUrl":"https://doi.org/10.2307/2937810","url":null,"abstract":"When world trade is not free and costless, a less developed country can profitably industrialize only if its domestic markets are large enough. In such a country, for increasing returns technologies to break even, sales must be high enough to cover the set-up costs, This paper studies some determinants of the size of the domestic market, and focuses on two conditions conducive to industrialization. First, agriculture or exports must provide the source of autonomous demand for manufactures. Such expansion of autonomous demand usually results from increases in farm productivity or from opening of new export markets. Second, income generated in agriculture or exports must be broadly enough distributed that it materializes as demand for mass-produced domestic goods, and not just for luxuries. We resort to these two determinants of the size of domestic markets to interpret several historical development episodes.","PeriodicalId":196465,"journal":{"name":"ERN: Wages; Intergenerational Income Distribution (Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1988-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132223924","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 727
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