Income Dynamics and Life-cycle Inequality: Mechanisms and Controversies

• 成果类型: Article
• 署名作者: Blundell, Richard
• 署名单位: University of London; University College London; University of London; London School Economics & Political Science
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12133
• 发表日期: 2014
• 页码: 289-318
• 关键词: consumption inequality; covariance structure; earnings inequality; Wage risk; insurance; Heterogeneity; INFORMATION; variance; welfare; shocks

摘要

This study focuses on the transmission of inequality over the working life. A model of constrained intertemporal choice is used to provide structure to the distributional dynamics of wages, earnings, income and consumption. The mechanisms used to insure labour market shocks are examined in a partial-insurance setting where the manner and scope for insurance depends on the access to credit, the information available to consumers and the durability of income shocks. Drawing on recent research, family labour supply, the credit market and the tax system are all shown to play a key role. These mechanisms vary in importance across different points of the life cycle and the business cycle.