Julia Schmidtke, Clemens Hetschko, Ronnie Schöb, Gesine Stephan, Michael Eid, Mario Lawes
We estimate the dynamic impact of two waves of the COVID‐19 pandemic on an exceptionally broad range of indicators of worker well‐being. Our analyses are based on high‐frequency panel data from an app‐based survey of German workers and employ an event‐study design with individual‐specific fixed effects. We find that workers' mental health decreased substantially during the first wave of the pandemic. To a smaller extent, this is also true for life satisfaction and momentary happiness. Most well‐being indicators converged to prepandemic levels when infection rates declined. During the second wave of the pandemic, overall worker well‐being decreased less than that during the first wave. Life satisfaction does not seem to have changed at all. We conclude that worker well‐being adapts to the pandemic. Moreover, subgroup analyses indicate that, in terms of well‐being, workers who took part in a job retention scheme fared less well during the pandemic than other employees.
{"title":"DOES WORKER WELL-BEING ADAPT TO A PANDEMIC? AN EVENT STUDY BASED ON HIGH-FREQUENCY PANEL DATA","authors":"Julia Schmidtke, Clemens Hetschko, Ronnie Schöb, Gesine Stephan, Michael Eid, Mario Lawes","doi":"10.1111/roiw.12668","DOIUrl":"https://doi.org/10.1111/roiw.12668","url":null,"abstract":"We estimate the dynamic impact of two waves of the COVID‐19 pandemic on an exceptionally broad range of indicators of worker well‐being. Our analyses are based on high‐frequency panel data from an app‐based survey of German workers and employ an event‐study design with individual‐specific fixed effects. We find that workers' mental health decreased substantially during the first wave of the pandemic. To a smaller extent, this is also true for life satisfaction and momentary happiness. Most well‐being indicators converged to prepandemic levels when infection rates declined. During the second wave of the pandemic, overall worker well‐being decreased less than that during the first wave. Life satisfaction does not seem to have changed at all. We conclude that worker well‐being adapts to the pandemic. Moreover, subgroup analyses indicate that, in terms of well‐being, workers who took part in a job retention scheme fared less well during the pandemic than other employees.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2023-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138506329","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Shatakshee Dhongde, Prasanta K. Pattanaik, Yongsheng Xu
In this paper we provide a framework to measure an individual's multidimensional well-being and discuss two approaches to measuring inequality in multidimensional well-being. The framework is used to study inequality in multidimensional well-being in the United States in the last decade. Using data from the Current Population Survey on three well-being indicators, namely, income, health, and education, we first compute a multidimensional well-being index for every individual in the sample and then study inequality of well-being thus obtained. We find that inequality in well-being increased between 2010 and 2014 and decreased between 2014 and 2019. We test the sensitivity of our results by using alternative measures of inequality and attaching alternative weights to well-being indicators.
{"title":"Inequality in multidimensional well-being in the United States","authors":"Shatakshee Dhongde, Prasanta K. Pattanaik, Yongsheng Xu","doi":"10.1111/roiw.12665","DOIUrl":"https://doi.org/10.1111/roiw.12665","url":null,"abstract":"In this paper we provide a framework to measure an individual's multidimensional well-being and discuss two approaches to measuring inequality in multidimensional well-being. The framework is used to study inequality in multidimensional well-being in the United States in the last decade. Using data from the Current Population Survey on three well-being indicators, namely, income, health, and education, we first compute a multidimensional well-being index for every individual in the sample and then study inequality of well-being thus obtained. We find that inequality in well-being increased between 2010 and 2014 and decreased between 2014 and 2019. We test the sensitivity of our results by using alternative measures of inequality and attaching alternative weights to well-being indicators.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2023-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138506332","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using the 2004–2007 and 2008–2011 panels of the Canadian Survey of Labour and Income Dynamics, we examine earnings and employment disparities between Indigenous and non‐Indigenous adults. While an income gap exists and tends not to significantly change over time, taxes and transfers reduce it by almost 40 percent. Further, the gap is generally largest at the bottom of the income distribution. The explained component of the gap is primarily due to differences in education, particularly for young workers, and although the unexplained portion decreases over time, this is due to increased differences in observed labor market characteristics, implying that labor market discrimination may be on the rise. In addition, the probability of joblessness is higher for Indigenous adults and the male gap has increased. Results are robust to a bounding technique that adjusts for labor force participation differences and tend to be driven by First Nations (as opposed to Métis) adults.
{"title":"A Decomposition of Economic Vulnerability Among Indigenous and Non‐Indigenous Adults in Canada","authors":"Barry Watson, Angela Daley","doi":"10.1111/roiw.12662","DOIUrl":"https://doi.org/10.1111/roiw.12662","url":null,"abstract":"Using the 2004–2007 and 2008–2011 panels of the Canadian Survey of Labour and Income Dynamics, we examine earnings and employment disparities between Indigenous and non‐Indigenous adults. While an income gap exists and tends not to significantly change over time, taxes and transfers reduce it by almost 40 percent. Further, the gap is generally largest at the bottom of the income distribution. The explained component of the gap is primarily due to differences in education, particularly for young workers, and although the unexplained portion decreases over time, this is due to increased differences in observed labor market characteristics, implying that labor market discrimination may be on the rise. In addition, the probability of joblessness is higher for Indigenous adults and the male gap has increased. Results are robust to a bounding technique that adjusts for labor force participation differences and tend to be driven by First Nations (as opposed to Métis) adults.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135390152","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper provides new and improved estimates of wealth concentration in India during 2012–2018. Official surveys show a decline in wealth inequality and mean wealth per adult for the first time in three decades. We argue that although these wealth surveys are meant to be nationally representative, they underestimate the upper tail of the Indian wealth distribution—top wealth levels appear orders of magnitudes below externally measured estimates and unrepresentative of increasing stock‐market participation over this period. By combining official surveys and rich lists, we provide new estimates of top wealth shares and total personal wealth in India. We find that personal wealth is underestimated by nearly 54 percent in official data, and this gap increased sharply during the 2010s. Our revised estimates show wealth concentration to have sharply increased during 2012–2018. The share of India's top 1 percent is higher than similar estimates for Asia, and second only to Russia.
{"title":"The Sky and the Stratosphere: Wealth Concentration in India During the Last (Lost) Decade","authors":"Ishan Anand, Rishabh Kumar","doi":"10.1111/roiw.12661","DOIUrl":"https://doi.org/10.1111/roiw.12661","url":null,"abstract":"Abstract This paper provides new and improved estimates of wealth concentration in India during 2012–2018. Official surveys show a decline in wealth inequality and mean wealth per adult for the first time in three decades. We argue that although these wealth surveys are meant to be nationally representative, they underestimate the upper tail of the Indian wealth distribution—top wealth levels appear orders of magnitudes below externally measured estimates and unrepresentative of increasing stock‐market participation over this period. By combining official surveys and rich lists, we provide new estimates of top wealth shares and total personal wealth in India. We find that personal wealth is underestimated by nearly 54 percent in official data, and this gap increased sharply during the 2010s. Our revised estimates show wealth concentration to have sharply increased during 2012–2018. The share of India's top 1 percent is higher than similar estimates for Asia, and second only to Russia.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135743762","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Homoploutia describes the situation in which the same people are rich in the space of capital and labor income. We combine survey and administrative data to document the evolution of homoploutia in the United States since 1950. In 1950, 10 percent of top decile capital‐income earners were also in the top decile of labor income. Today, this indicator is 30 percent. This makes the traditional division to capitalists and laborers less relevant today. We find that the increase in homoploutia accounts for 20 percent of the increase in interpersonal income inequality since 1986.
{"title":"<i>Homoploutia</i>: Top Labor and Capital Incomes in the United States, 1950–2020","authors":"Yonatan Berman, Branko Milanovic","doi":"10.1111/roiw.12659","DOIUrl":"https://doi.org/10.1111/roiw.12659","url":null,"abstract":"Homoploutia describes the situation in which the same people are rich in the space of capital and labor income. We combine survey and administrative data to document the evolution of homoploutia in the United States since 1950. In 1950, 10 percent of top decile capital‐income earners were also in the top decile of labor income. Today, this indicator is 30 percent. This makes the traditional division to capitalists and laborers less relevant today. We find that the increase in homoploutia accounts for 20 percent of the increase in interpersonal income inequality since 1986.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135648454","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines short‐run dynamics and changing sources of wealth among the Forbes 400 annual list of wealthiest individuals in the United States, before and after the 2008–2009 financial crisis. We analyze the interaction of growth of wealth with education, age, and being self‐made versus inheriting wealth. We find evidence of conditional convergence of wealth within the group. The wealth of the self‐made grew faster than their counterparts, though less so after the crisis. Those with advanced degrees had higher pre‐crisis growth of wealth than those without such degrees. Controlling for these characteristics, age was not a factor in wealth accumulation. Mobility in and out of the group was higher pre‐crisis.
{"title":"THE 0.0003 PERCENT: SHORT‐RUN DYNAMICS OF EXTREME WEALTH IN AMERICA","authors":"Arsh Singh, Nirvikar Singh","doi":"10.1111/roiw.12660","DOIUrl":"https://doi.org/10.1111/roiw.12660","url":null,"abstract":"This paper examines short‐run dynamics and changing sources of wealth among the Forbes 400 annual list of wealthiest individuals in the United States, before and after the 2008–2009 financial crisis. We analyze the interaction of growth of wealth with education, age, and being self‐made versus inheriting wealth. We find evidence of conditional convergence of wealth within the group. The wealth of the self‐made grew faster than their counterparts, though less so after the crisis. Those with advanced degrees had higher pre‐crisis growth of wealth than those without such degrees. Controlling for these characteristics, age was not a factor in wealth accumulation. Mobility in and out of the group was higher pre‐crisis.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135243802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study inequality generated by capital gains in the housing market by exploiting two countrywide data sources in Norway: a registry of housing units and a database of transactions. We identify and follow all individuals in six birth cohorts in Norway, who were owners on January 1, 2007, and on January 1, 2019, and estimate the sum of their actual and potential capital gains from their owned and sold properties. We demonstrate that there is a substantial increase in capital gains inequality over the period, both across and within geographical strata and across and within birth cohorts. We find a statistically significant and economically meaningful difference between the distributions of capital gains of female and male owners in Oslo.
{"title":"Is the Housing Market an Inequality Generator?","authors":"Terje Eggum, Erling Røed Larsen","doi":"10.1111/roiw.12658","DOIUrl":"https://doi.org/10.1111/roiw.12658","url":null,"abstract":"We study inequality generated by capital gains in the housing market by exploiting two countrywide data sources in Norway: a registry of housing units and a database of transactions. We identify and follow all individuals in six birth cohorts in Norway, who were owners on January 1, 2007, and on January 1, 2019, and estimate the sum of their actual and potential capital gains from their owned and sold properties. We demonstrate that there is a substantial increase in capital gains inequality over the period, both across and within geographical strata and across and within birth cohorts. We find a statistically significant and economically meaningful difference between the distributions of capital gains of female and male owners in Oslo.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2023-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73620588","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Mauricio Gallardo, María Emma Santos, Pablo Villatoro, Vicky Pizarro
In this paper, we perform estimates of vulnerability to multidimensional poverty for 17 Latin American countries at three points of time: 2005/2006, 2012, and 2017. We use a Multidimensional Bayesian Network Classifier model to estimate the conditional probability of being multidimensionally poor and then we use these probabilities and the standard downside semi‐deviation as the risk parameter to identify the vulnerable households. Despite significant reductions over the study period, in 2017 approximately 150 million people—excluding Guatemala, Nicaragua and Venezuela for which we do not have recent data—remained vulnerable to multidimensional poverty. We also observe that vulnerability to poverty is reduced at a much slower rate than poverty itself, revealing that achievements in SDG1 can be quite fragile. We perform a decomposition and find that as poverty decreases, risk‐induced vulnerability becomes relatively more important than poverty‐induced vulnerability. However, the poor‐vulnerable still constitute the core vulnerability group.
{"title":"MEASURING VULNERABILITY TO MULTIDIMENSIONAL POVERTY IN LATIN AMERICA","authors":"Mauricio Gallardo, María Emma Santos, Pablo Villatoro, Vicky Pizarro","doi":"10.1111/roiw.12654","DOIUrl":"https://doi.org/10.1111/roiw.12654","url":null,"abstract":"In this paper, we perform estimates of vulnerability to multidimensional poverty for 17 Latin American countries at three points of time: 2005/2006, 2012, and 2017. We use a Multidimensional Bayesian Network Classifier model to estimate the conditional probability of being multidimensionally poor and then we use these probabilities and the standard downside semi‐deviation as the risk parameter to identify the vulnerable households. Despite significant reductions over the study period, in 2017 approximately 150 million people—excluding Guatemala, Nicaragua and Venezuela for which we do not have recent data—remained vulnerable to multidimensional poverty. We also observe that vulnerability to poverty is reduced at a much slower rate than poverty itself, revealing that achievements in SDG1 can be quite fragile. We perform a decomposition and find that as poverty decreases, risk‐induced vulnerability becomes relatively more important than poverty‐induced vulnerability. However, the poor‐vulnerable still constitute the core vulnerability group.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90269502","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Accounting for Non‐Marketed capital","authors":"Robert D. Cairns, G. Davis","doi":"10.1111/roiw.12650","DOIUrl":"https://doi.org/10.1111/roiw.12650","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2023-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91007877","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Understanding the causes of the slowdown in aggregate productivity growth is key to maintaining the competitiveness of advanced economies and ensuring long-term economic prosperity. This paper provides evidence that investment in intangible capital, despite having a positive effect on productivity at the micro level, is a driver of the weak productivity performance at the aggregate level as it amplifies the divergence between a group of “frontier” firms and the rest of the economy. Using firm-level data, we find that the effect of intangible capital on productivity is heterogeneous across firms within industries. Documenting the existence of divergence in productivity growth between top intangible users and the rest of firms at the industry level, we find that industries where this gap is larger are also those industries where the heterogeneity in the effect of intangible capital is highest and where average productivity growth was lower. Thus, the evidence supports the view that the use of intangible capital plays a role in explaining weak aggregate productivity growth, by intensifying differences between firms.
{"title":"Intangible capital and productivity divergence","authors":"Marie Le Mouel, Alexander Schiersch","doi":"10.1111/roiw.12653","DOIUrl":"https://doi.org/10.1111/roiw.12653","url":null,"abstract":"Understanding the causes of the slowdown in aggregate productivity growth is key to maintaining the competitiveness of advanced economies and ensuring long-term economic prosperity. This paper provides evidence that investment in intangible capital, despite having a positive effect on productivity at the micro level, is a driver of the weak productivity performance at the aggregate level as it amplifies the divergence between a group of “frontier” firms and the rest of the economy. Using firm-level data, we find that the effect of intangible capital on productivity is heterogeneous across firms within industries. Documenting the existence of divergence in productivity growth between top intangible users and the rest of firms at the industry level, we find that industries where this gap is larger are also those industries where the heterogeneity in the effect of intangible capital is highest and where average productivity growth was lower. Thus, the evidence supports the view that the use of intangible capital plays a role in explaining weak aggregate productivity growth, by intensifying differences between firms.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2023-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138506354","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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