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  E-mail Message: I thought you might be interested in this item at http://www.worldcat.org/oclc/1182785212 Title: Permanent-income inequality Author: Brant Abbott; Giovanni Gallipoli Publisher: Kingston, Ontario, Canada Department of Economics, Queen's University 2-2019 OCLC:1182785212

  
  

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Permanent-income inequality

Author:	Brant Abbott; Giovanni Gallipoli
Publisher:	Kingston, Ontario, Canada Department of Economics, Queen's University 2-2019
Series:	Queen's University; Economics Department; Queen's Economics Department working paper
Edition/Format:	eBook : Document : English : This draft: February 17, 2019View all editions and formats
Summary:	We characterize the distribution of permanent-income and quantify the value of assets and human capital in lifetime wealth portfolios. We estimate the distribution of human wealth using nonparametric identification results that allow for state-dependent stochastic discounting and unobserved heterogeneity. The approach imposes no restrictions on income processes or utility. Accounting for the value of human capital delivers a different view of inequality: (i) in 2016 the top 10% share of permanent-income was 1/3 lower than the corresponding share of assets; (ii) however, since 1989, the top 10% share of permanent-income has grown much faster than the corresponding share of assets. Human wealth has a mitigating influence on inequality, but this effect has waned over time due to the growing importance of assets in lifetime wealth portfolios. We find that consumption expenditures are tightly linked to permanent-income; however, liquidity constraints can lead to substantial deviations below permanent-income.  Read more...
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