Consumption Inequality and Public Consumption
Author | : Yoshiko Hayashi |
Publisher | : |
Total Pages | : 34 |
Release | : 2004 |
Genre | : Consumer behavior |
ISBN | : |
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Author | : Yoshiko Hayashi |
Publisher | : |
Total Pages | : 34 |
Release | : 2004 |
Genre | : Consumer behavior |
ISBN | : |
Author | : Christopher D. Carroll |
Publisher | : University of Chicago Press |
Total Pages | : 517 |
Release | : 2015-06-16 |
Genre | : Business & Economics |
ISBN | : 022612665X |
Robust and reliable measures of consumer expenditures are essential for analyzing aggregate economic activity and for measuring differences in household circumstances. Many countries, including the United States, are embarking on ambitious projects to redesign surveys of consumer expenditures, with the goal of better capturing economic heterogeneity. This is an appropriate time to examine the way consumer expenditures are currently measured, and the challenges and opportunities that alternative approaches might present. Improving the Measurement of Consumer Expenditures begins with a comprehensive review of current methodologies for collecting consumer expenditure data. Subsequent chapters highlight the range of different objectives that expenditure surveys may satisfy, compare the data available from consumer expenditure surveys with that available from other sources, and describe how the United States’s current survey practices compare with those in other nations.
Author | : Ernst R. Berndt |
Publisher | : University of Chicago Press |
Total Pages | : 621 |
Release | : 2009-02-15 |
Genre | : Business & Economics |
ISBN | : 0226044505 |
The celebrated economist Zvi Griliches’s entire career can be viewed as an attempt to advance the cause of accuracy in economic measurement. His interest in the causes and consequences of technical progress led to his pathbreaking work on price hedonics, now the principal analytical technique available to account for changes in product quality. Hard-to-Measure Goods and Services, a collection of papers from an NBER conference held in Griliches’s honor, is a tribute to his many contributions to current economic thought. Here, leading scholars of economic measurement address issues in the areas of productivity, price hedonics, capital measurement, diffusion of new technologies, and output and price measurement in “hard-to-measure” sectors of the economy. Furthering Griliches’s vital work that changed the way economists think about the U.S. National Income and Product Accounts, this volume is essential for all those interested in the labor market, economic growth, production, and real output.
Author | : Bruce D. Meyer |
Publisher | : |
Total Pages | : 48 |
Release | : 2017 |
Genre | : Consumption (Economics) |
ISBN | : |
Official income inequality statistics indicate a sharp rise in inequality over the past five decades. These statistics do not accurately reflect inequality because income is poorly measured, particularly in the tails of the distribution, and current income differs from permanent income, failing to capture the consumption paid for through borrowing and dissaving and the consumption of durables such as houses and cars. We examine income inequality between 1963 and 2014 using the Current Population Survey and consumption inequality between 1960 and 2014 using the Consumer Expenditure Survey. We construct improved measures of consumption, focusing on its well-measured components that are reported at a high and stable rate relative to national accounts. While overall income inequality (as measured by the 90/10 ratio) rose over the past five decades, the rise in overall consumption inequality was small. The patterns for the two measures differ by decade, and they moved in opposite directions after 2006. Income inequality rose in both the top and bottom halves of the distribution, but increases in consumption inequality are only evident in the top half. The differences are also concentrated in single parent families and single individuals. Although changing demographics can account for some of the changes in consumption inequality, they account for little of the changes in income inequality. Consumption smoothing cannot explain the differences between income and consumption at the very bottom, but the declining quality of income data can. Asset price changes likely account for some of the differences between the measures in recent years for the top half of the distribution.
Author | : |
Publisher | : |
Total Pages | : |
Release | : 2002 |
Genre | : |
ISBN | : |
Author | : Jonathan Heathcote |
Publisher | : DIANE Publishing |
Total Pages | : 61 |
Release | : 2010-10 |
Genre | : Business & Economics |
ISBN | : 1437934919 |
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 | : Mr.Olivier Coibion |
Publisher | : International Monetary Fund |
Total Pages | : 57 |
Release | : 2012-08-01 |
Genre | : Business & Economics |
ISBN | : 1475505493 |
We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy.
Author | : Angus Deaton |
Publisher | : Oxford University Press |
Total Pages | : 260 |
Release | : 1992 |
Genre | : Business & Economics |
ISBN | : 9780198288244 |
An overview of the saving and consumption patterns of households
Author | : Dirk Krueger |
Publisher | : |
Total Pages | : 37 |
Release | : 2002 |
Genre | : Consumption (Economics) |
ISBN | : |
This paper first documents the evolution of the cross-sectional income and consumption distribution in the US in the past 25 years. Using data from the Consumer Expenditure Survey we find that a rising income inequality has not been accompanied by a corresponding rise in consumption inequality. Over the period from 1972 to 1998 the standard deviation of the log of after-tax labor income has increased by 20% while the standard deviation of log consumption has increased less than 2%. Furthermore income inequality has increased both between and within education groups while consumption inequality has increased between education groups but mildly declined within groups. We then argue that these empirical findings are consistent with the hypothesis that an increase in income volatility has been an important cause of the increase in income inequality, but at the same time has lead to an endogenous development of credit markets, allowing households to better smooth their consumption against idiosyncratic income fluctuations. We develop a consumption model in which the sharing of income risk is limited by imperfect enforcement of credit contracts and in which the development of financial markets depends on the volatility of the individual income process. This model is shown to be quantitatively consistent with the joint evolution of income and consumption inequality in US, while other commonly used consumption models are not.
Author | : Daniel T. Slesnick |
Publisher | : Cambridge University Press |
Total Pages | : 246 |
Release | : 2001 |
Genre | : Business & Economics |
ISBN | : 0521497205 |
Designed to be accessible to noneconomists, it relegates technical details to appendixes."--BOOK JACKET.