Reference : Modeling the Joint Distribution of Income and Wealth
Parts of books : Contribution to collective works
Social & behavioral sciences, psychology : Sociology & social sciences
Business & economic sciences : Quantitative methods in economics & management
Business & economic sciences : Social economics
Computational Sciences
Modeling the Joint Distribution of Income and Wealth
Jäntti, Markus [Stockholm University]
Sierminska, Eva M. [Luxembourg Institute of Socio-Economic Research - LISER]
Van Kerm, Philippe mailto [Luxembourg Institute of Socio-Economic Research - LISER]
Measurement of Poverty, Deprivation, and Economic Mobility
Garner, Thesia
Short, Kathleen
Emerald Group Publishing Limited
Research on Economic Inequality
[en] This paper considers a parametric model for the joint distribution of income and wealth. The model is used to analyze income and wealth inequality in five OECD countries using comparable household-level survey data. We focus on the dependence parameter between the two variables and study whether accounting for wealth and income jointly reveals a different pattern of social inequality than the traditional “income only” approach. We find that cross-country variations in the dependence parameter effectively account only for a small fraction of cross-country differences in a bivariate measure of inequality. The index appears primarily driven by differences in inequality in the wealth distribution.

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