The Role of Permanent Income and Demographics in Black/White Differences in Wealth
The Role of Permanent Income and Demographics in Black/White Differences in Wealth
复制标题
DOI：
10.3368/jhr.xl.1.1
复制
发表时间：
2001-09
期刊：
影响因子：
--
通讯作者：
Joseph G. Altonji;U. Doraszelski
中科院分区：
文献类型：
--
作者：
Joseph G. Altonji;U. Doraszelski
我们探讨了在何种程度上可以用适当构建的收入和人口变量来解释财富的巨大种族差距。在某些情况下，我们可以用收入和人口统计学来解释整个贫富差距，前提是我们以白人为样本来估计财富模型。然而，当我们在黑人样本上估计财富模型时，我们通常解释的比例要小得多。使用兄弟姐妹固定效应模型来控制代际转移和不良历史的影响，我们发现这些因素不太可能解释黑人财富模型较低的解释力。我们对财富增长模型的分析表明，储蓄行为和/或回报率的差异起着重要作用。
We explore the extent to which the large race gap in wealth can be explained with properly constructed income and demographic variables. In some instances we explain the entire wealth gap with income and demographics, provided that we estimate the wealth model on a sample of whites. However, we typically explain a much smaller fraction when we estimate the wealth model on a black sample. Using sibling fixed-effects models to control for intergenerational transfers and the effects of adverse history, we find that these factors are not likely to account for the lower explanatory power of the black wealth models. Our analysis of growth models of wealth suggests that differences in savings behavior and/or rates of return play an important role.