Decomposing Changes in Income Risk Using Consumption Data
Decomposing Changes in Income Risk Using Consumption Data
复制标题
使用消费数据分解收入风险的变化
DOI：
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
I. Preston
中科院分区：
文献类型：
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作者：
R. Blundell;Hamish Low;I. Preston
本文关注的收入风险分解为永久性和暂时性的成分，使用重复的横截面数据的收入和消费。我们的重点是检测永久性和暂时性风险的方差大小的变化。提出了最优消费增长规则的一个新的近似。动态随机模拟的证据表明，这种近似可以提供一个强大的方法分解收入风险在非平稳环境。我们研究了消费增长中未观察到的异质性和收入增长中未观察到的异质性的鲁棒性。我们使用这种方法来调查收入不平等在英国在20世纪80年代的增长。
This paper concerns the decomposition of income risk into permanent and transitory components using repeated cross-section data on income and consumption. Our focus is on the detection of changes in the magnitudes of variances of permanent and transitory risks. A new approximation to the optimal consumption growth rule is developed. Evidence from a dynamic stochastic simulation is used to show that this approximation can provide a robust method for decomposing income risk in a nonstationary environment. We examine robustness to unobserved heterogeneity in consumption growth and to unobserved heterogeneity in income growth. We use this approach to investigate the growth in income inequality in the UK in the 1980s.