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Author : Jonathan Heathcote
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (249 download)
Download or read book The Cross-sectional Implications of Rising Wage Inequality in the United States written by Jonathan Heathcote and published by . This book was released on 2004 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jonathan Heathcote
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Cross-Sectional Implications of Rising Wage Inequality in the United States written by Jonathan Heathcote and published by . This book was released on 2008 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the implications of the recent sharp rise in US wage inequality for welfare and the cross-sectional distributions of hours worked, consumption and earnings. From 1967 to 1996 cross-sectional dispersion of earnings increased more than wage dispersion, due to a rise in the correlation between wages and hours worked. Over the same period, inequality in hours worked remained roughly constant, and the dispersion in consumption and wealth increased only modestly. Using data from the PSID, we decompose the observed rise in wage inequality into changes in the variance of permanent, persistent and transitory shocks. With this changing wage process as the only primitive, we show that a calibrated overlapping-generations model with incomplete markets can account for these trends in cross-sectional US data. We also investigate the welfare costs of the rise in wage inequality: the ex-ante loss is equivalent to a five percent decline in lifetime income for the worst-affected cohorts.
Author : Jonathan Heathcote
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.E/5 ( download)
Download or read book The Macroeconomic Implications of Rising Wage Inequality in the United States written by Jonathan Heathcote and published by . This book was released on 2008 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades, the US wage structure has been transformed by a rising college premium, a narrowing gender gap, and increasing persistent and transitory residual wage dispersion. This paper explores the implications of these changes for cross-sectional inequality in hours worked, earnings and consumption, and for welfare. The framework for the analysis is an incomplete-markets overlapping-generations model in which individuals choose education and form households, and households choose consumption and intra-family time allocation. An explicit production technology underlies equilibrium prices for labor inputs differentiated by gender and education. The model is parameterized using micro data from the PSID, the CPS and the CEX. With the changing wage structure as the only primitive force, the model can account for the key trends in cross-sectional US data. We also assess the role played by education, labor supply, and saving in providing insurance against shocks, and in exploiting opportunities presented by changes in the relative prices of different types of labor.
Author : Jonathan Heathcote
Publisher : DIANE Publishing
ISBN 13 : 1437934919
Total Pages : 61 pages
Book Rating : 4.4/5 (379 download)
Download or read book Unequal We Stand written by Jonathan Heathcote and published by DIANE Publishing. This book was released on 2010-10 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors conducted a systematic empirical study of cross-sectional inequality in the U.S., integrating data from various surveys. The authors follow the mapping suggested by the household budget constraint from individual wages to individual earnings, to household earnings, to disposable income, and, ultimately, to consumption and wealth. They document a continuous and sizable increase in wage inequality over the sample period. Changes in the distribution of hours worked sharpen the rise in earnings inequality before 1982, but mitigate its increase thereafter. Taxes and transfers compress the level of income inequality, especially at the bottom of the distribution, but have little effect on the overall trend. Charts and tables. This is a print-on-demand publication; it is not an original.
Author : Dirk Krueger
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (249 download)
Download or read book On the Welfare Consequences of the Increase in Inequality in the United States written by Dirk Krueger and published by . This book was released on 2003 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the welfare consequences of the stark increase in wage and earnings inequality in the US over the last 30 years. Our data stems from the Consumer Expenditure Survey, which is the only US data set that contains information on wages, hours worked, earnings and consumption for the same cross section of US households. We first document that, while the cross-sectional variation in wages and disposable earnings has significantly increased, the overall dispersion in consumption has not significantly changed. We also show that households at the bottom of the consumption distribution have increased their working hours to a larger extent than the rest of the population. In order to assess the magnitude and the incidence of the welfare consquences of these trends we stimate stochastic processes for earnings, consumption and leisure that are consistent with observed cross-sectional variability (both within and between education groups) and with household mobility patterns. In a standard lifetime utility framework, using consumption and leisure processes, as opposed to earnings processes, results in fairly robust estimates of these consequences. We find that about 60 percent of US households face welfare losses and that the size of these losses ranges from one to six percent of lifetime consumption for different groups
Author : Thomas Hyclak
Publisher : World Scientific
ISBN 13 : 9811277311
Total Pages : 196 pages
Book Rating : 4.8/5 (112 download)
Download or read book Rich Get Richer, The: American Wage, Wealth And Income Inequality written by Thomas Hyclak and published by World Scientific. This book was released on 2023-07-24 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inequality of wages among workers and inequality of income and wealth among families and households has been rising steadily for the past half-century in the United States and other developed economies. However, the United States stands out for having the most unequal wage and income distributions to begin with and for experiencing the fastest rise in inequality over the following decades. While this has been a long-developing situation and the subject of academic interest for some time, it is only in the last decade or so that inequality has attracted considerable public attention and become a political issue. Inequality has also become a subject of renewed interest among economists, with a growing number of scholars engaged in the development of new databases and the analysis of the causes and effects of increased inequality.This book provides an overview of the economic analysis of wage, income and wealth inequality in the United States, with a focus on this recent research. It provides the reader with an understanding of the complex causes of rising inequality, the serious consequences that make rising inequality an issue for public policy, and the potential policy actions that might be taken to slow or reverse rising inequality. The author presents an economic and statistical analysis in clear non-technical language to allow the general reader or student in an undergraduate course to learn the insights that economists have gained into the issue of inequality in advanced economies.The book contends that rising wage inequality among workers and income and wealth inequality among families reflects the complex interaction of profound changes in the US economy over the last half-century. These are not limited to economic changes like new technology, increased globalization, changes in the internal structure of firms, and the rise of new growth sectors in tech, finance, and health care. Of additional critical importance are changes in public opinion and political platforms and policies that replaced the New Deal view of the economic role of government with a pro-business, free-market philosophy that has changed labor market policy in a direction promoting increased inequality. This major change in the environment raises important questions about the efficacy of policy proposals. An additionally intriguing issue is the ultimate impact of the financial crisis and the Covid-19 pandemic on perceptions of and support for government policies designed to reverse the seemingly inexorable trend toward greater inequality. This book traces the evolution of inequality over time through key concept illustrations and language that is easy enough to understand, even for the general reader.
Author : Jonathan Heathcote
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (12 download)
Download or read book Unequal We Stand written by Jonathan Heathcote and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We conduct a systematic empirical study of cross-sectional inequality in the United States, integrating data from the Current Population Survey, the Panel Study of Income Dynamics, the Consumer Expenditure Survey, and the Survey of Consumer Finances. In order to understand how different dimensions of inequality are related via choices, markets, and institutions, we follow the mapping suggested by the household budget constraint from individual wages to individual earnings, to household earnings, to disposable income, and, ultimately, to consumption and wealth. We document a continuous and sizable increase in wage inequality over the sample period. Changes in the distribution of hours worked sharpen the rise in earnings inequality before 1982, but mitigate its increase thereafter. Taxes and transfers compress the level of income inequality, especially at the bottom of the distribution, but have little effect on the overall trend. Finally, access to financial markets has limited both the level and growth of consumption inequality.
Author : Ms.Era Dabla-Norris
Publisher : International Monetary Fund
ISBN 13 : 1513547437
Total Pages : 39 pages
Book Rating : 4.5/5 (135 download)
Download or read book Causes and Consequences of Income Inequality written by Ms.Era Dabla-Norris and published by International Monetary Fund. This book was released on 2015-06-15 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.
Author : Albert Fishlow
Publisher : Council on Foreign Relations
ISBN 13 :
Total Pages : 248 pages
Book Rating : 4.:/5 (318 download)
Download or read book Growing Apart written by Albert Fishlow and published by Council on Foreign Relations. This book was released on 1999 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book joins the debate with a robust defense of the principle and practice of free trade in the United States."--BOOK JACKET.
Author : Richard Barry Freeman
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (294 download)
Download or read book Rising Wage Inequality written by Richard Barry Freeman and published by . This book was released on 1993 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Claudia Goldin
Publisher : Harvard University Press
ISBN 13 : 0674037731
Total Pages : 497 pages
Book Rating : 4.6/5 (74 download)
Download or read book The Race between Education and Technology written by Claudia Goldin and published by Harvard University Press. This book was released on 2009-07-01 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a careful historical analysis of the co-evolution of educational attainment and the wage structure in the United States through the twentieth century. The authors propose that the twentieth century was not only the American Century but also the Human Capital Century. That is, the American educational system is what made America the richest nation in the world. Its educational system had always been less elite than that of most European nations. By 1900 the U.S. had begun to educate its masses at the secondary level, not just in the primary schools that had remarkable success in the nineteenth century. The book argues that technological change, education, and inequality have been involved in a kind of race. During the first eight decades of the twentieth century, the increase of educated workers was higher than the demand for them. This had the effect of boosting income for most people and lowering inequality. However, the reverse has been true since about 1980. This educational slowdown was accompanied by rising inequality. The authors discuss the complex reasons for this, and what might be done to ameliorate it.
Author : Mary Colleen Daly
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.:/5 (318 download)
Download or read book Inequality and Poverty in the United States written by Mary Colleen Daly and published by . This book was released on 2000 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kathryn M. Neckerman
Publisher : Russell Sage Foundation
ISBN 13 : 9780871546203
Total Pages : 1052 pages
Book Rating : 4.5/5 (462 download)
Download or read book Social Inequality written by Kathryn M. Neckerman and published by Russell Sage Foundation. This book was released on 2004-06-18 with total page 1052 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inequality in income, earnings, and wealth has risen dramatically in the United States over the past three decades. Most research into this issue has focused on the causes—global trade, new technology, and economic policy—rather than the consequences of inequality. In Social Inequality, a group of the nation's leading social scientists opens a wide-ranging inquiry into the social implications of rising economic inequality. Beginning with a critical evaluation of the existing research, they assess whether the recent run-up in economic inequality has been accompanied by rising inequality in social domains such as the quality of family and neighborhood life, equal access to education and health care, job satisfaction, and political participation. Marcia Meyers and colleagues find that many low-income mothers cannot afford market-based child care, which contributes to inequality both at the present time—by reducing maternal employment and family income—and through the long-term consequences of informal or low-quality care on children's educational achievement. At the other end of the educational spectrum, Thomas Kane links the growing inequality in college attendance to rising tuition and cuts in financial aid. Neil Fligstein and Taek-Jin Shin show how both job security and job satisfaction have decreased for low-wage workers compared with their higher-paid counterparts. Those who fall behind economically may also suffer diminished access to essential social resources like health care. John Mullahy, Stephanie Robert, and Barbara Wolfe discuss why higher inequality may lead to poorer health: wider inequality might mean increased stress-related ailments for the poor, and it might also be associated with public health care policies that favor the privileged. On the political front, Richard Freeman concludes that political participation has become more stratified as incomes have become more unequal. Workers at the bottom of the income scale may simply be too hard-pressed or too demoralized to care about political participation. Social Inequality concludes with a comprehensive section on the methodological problems involved in disentangling the effects of inequality from other economic factors, which will be of great benefit to future investigators. While today's widening inequality may be a temporary episode, the danger is that the current economic divisions may set in motion a self-perpetuating cycle of social disadvantage. The most comprehensive review of this quandary to date, Social Inequality maps out a new agenda for research on inequality in America with important implications for public policy.
Author : Philip Dean Corbae
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Politico Economic Consequences of Rising Wage Inequality written by Philip Dean Corbae and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a dynamic political economy model to evaluate whether the observed rise in wage inequality and decrease in median to mean wages can explain some portion of the relative increase in transfers to low earnings quintiles and relative increase in effective tax rates for high earnings quintiles in the U.S. over the past several decades. Specifically, we assume that households have uninsurable idiosyncratic labor effciency shocks and consider policy choices by a median voter which are required to be consistent with a sequential equilibrium. We choose the transition matrix to match observed mobility in wages between 1978 to 1979 in the PSID dataset and then evaluate the response of social insurance policies to a new transition matrix that matches the observed mobility in wages between 1995 and 1996 and is consistent with the rise in wage inequality and the decrease in median to mean wages between 1979 to 1996. We deal with the problem that policy outcomes affect the evolution of the wealth distribution (and hence prices) by approximating the distribution by a small set of moments. We contrast these numbers with those from a sequential utilitarian mechanism, as well as mechanisms with commitment.
Author :
Publisher :
ISBN 13 :
Total Pages : 380 pages
Book Rating : 4.:/5 (659 download)
Download or read book Rising Earnings Inequality in the United States: Determinants, Divergent Paths, and State Experiences written by and published by . This book was released on 2009 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: Earnings inequality had been rising in the United States since the late 1970s. However, at the level of individual states earnings inequality has been rising, stable, and even falling in some states at different points in time. States vary in both the degree and character of change in earnings inequality, the extent to which they have experienced various inequality-increasing developments, and their institutional capacity to mediate these developments. I argue in this dissertation that this variation offers a rich opportunity for comparative analysis and an excellent lens for exploring the dynamics of the recent rise in earnings inequality. In this dissertation I utilize multiple methods and a state-level analysis to explore a number of research questions. What are the major factors driving rising state earnings inequality between 1980 and 2007? To what extent have states taken distinct causal paths to higher levels of inequality? How have states differed in terms of the types of wage growth that have result in rising, stable, or falling inequality? Throughout, special attention is paid to the manner in which state institutional arrangements, such as union strength and minimum wage rates, may mediate various inequality-increasing developments. Additionally, there is a focus on the contribution of industry flows, specifically losses of manufacturing employment and increasing employment in financial, technology and health-related occupations, to regional patterns of change in inequality. Overall, the intensity, timing, and number of factors that have converged upon any particular state vary substantially between regions and over time. A broad finding of this dissertation is that the net impact of many inequality-increasing factors is contingent upon a state's economic condition and institutional character. In particular, state institutional arrangements have powerfully mediated the impact of various inequality-increasing developments. Also, these analyses suggest that industry shifts have substantially impacted state earnings distributions and are critical to understanding regional patterns of change in earnings inequality. In closing, I suggest that much research on rising inequality at the national-level does not fully capture the substantial diversity of state experiences with rising inequality or the complexity of the interactions between the various factors producing those distinct experiences.
Author : National Academies of Sciences, Engineering, and Medicine
Publisher : National Academies Press
ISBN 13 : 0309452961
Total Pages : 583 pages
Book Rating : 4.3/5 (94 download)
Download or read book Communities in Action written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2017-04-27 with total page 583 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome.
Author : Chris Papageorgiou
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.3/5 ( download)
Download or read book Rising Income Inequality written by Chris Papageorgiou and published by International Monetary Fund. This book was released on 2008-07 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relationship between trade and financial globalization and the rise in inequality in most countries in recent decades. We find technological progress as having a greater impact than globalization on inequality. The limited overall impact of globalization reflects two offsetting tendencies: whereas trade globalization is associated with a reduction in inequality, financial globalization-and foreign direct investment in particular-is associated with an increase. A key finding is that both globalization and technological changes increase the returns on human capital, underscoring the importance of education and training in both developed and developing countries in addressing rising inequality.
