{"title":"Wealth in Latin America: Evidence from Chile, Colombia, Mexico and Uruguay","authors":"Néstor Gandelman, Rodrigo Lluberas","doi":"10.1111/roiw.12634","DOIUrl":"https://doi.org/10.1111/roiw.12634","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"4 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79734331","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":"Care Data Infrastructure: A U.S. Case Study","authors":"N. Folbre","doi":"10.1111/roiw.12633","DOIUrl":"https://doi.org/10.1111/roiw.12633","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"94 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79444117","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}
In terms of well-being, how costly is inflation? To answer this question, empirical evaluations have typically studied average inflation rates at the national level, thus disregarding the role of inflation inequalities within a country. In this paper, we relax the assumptions that heterogeneous consumers face homogeneous inflation rates, and study the correlation between price changes and self-reported satisfaction with living standards. We use newly available data from France, and adopt two approaches. First, we focus on in-dividually perceived inflation and use the internationally harmonized Opinion Price Index as a proxy for experienced inflation. Variations in perceived inflation help predict wellbeing differences among consumers, even when controlling for relevant socio-demographic factors, personality traits and common method variance. We estimate their marginal impact to be higher than equivalent variations in nominal income. Second, we compare groups of consumers over time, and find that changes in the price of a good disproportionately affect the relative well-being of those who consume it. The study shows that the well-being cost of the inflation crisis would be underestimated if looking at aggregate figures only.
{"title":"The Well‐Being Cost of Inflation Inequalities","authors":"Alberto Prati","doi":"10.1111/roiw.12631","DOIUrl":"https://doi.org/10.1111/roiw.12631","url":null,"abstract":"In terms of well-being, how costly is inflation? To answer this question, empirical evaluations have typically studied average inflation rates at the national level, thus disregarding the role of inflation inequalities within a country. In this paper, we relax the assumptions that heterogeneous consumers face homogeneous inflation rates, and study the correlation between price changes and self-reported satisfaction with living standards. We use newly available data from France, and adopt two approaches. First, we focus on in-dividually perceived inflation and use the internationally harmonized Opinion Price Index as a proxy for experienced inflation. Variations in perceived inflation help predict wellbeing differences among consumers, even when controlling for relevant socio-demographic factors, personality traits and common method variance. We estimate their marginal impact to be higher than equivalent variations in nominal income. Second, we compare groups of consumers over time, and find that changes in the price of a good disproportionately affect the relative well-being of those who consume it. The study shows that the well-being cost of the inflation crisis would be underestimated if looking at aggregate figures only.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"60 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87110249","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}
Marina Selini Katsaiti, Joanna Kopinska, V. Atella
{"title":"Healthy, Wealthy, and Happy: The Joint Role of Health and Income in Explaining Global Life Satisfaction","authors":"Marina Selini Katsaiti, Joanna Kopinska, V. Atella","doi":"10.1111/roiw.12630","DOIUrl":"https://doi.org/10.1111/roiw.12630","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"6 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77918765","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 use microdata on a large number of European countries from the Survey of Health, Ageing and Retirement in Europe (SHARE) to examine the wealth accumulation (saving) behavior of the retired elderly in Europe. We find that less than half of the retired elderly in Europe are decumulating their wealth and that the average wealth accumulation rate of the retired elderly in Europe is positive though relatively moderate (6.6 percent over a 3-year period). These findings suggest that the Wealth Decumulation Puzzle (the tendency of the retired elderly to not decumulate their wealth or to decumulate their wealth more slowly than expected) applies in the case of Europe. Moreover, our regression results suggest that bequest motives, generous public pension systems, and the reluctance of retired elderly homeowners to sell or borrow against their owner-occupied housing are the primary explanations for the existence of the Wealth Decumulation Puzzle in Europe.
{"title":"Do the Retired Elderly in Europe Decumulate Their Wealth? The Importance of Bequest Motives, Precautionary Saving, Public Pensions, and Homeownership","authors":"Charles Yuji Horioka, Luigi Ventura","doi":"10.1111/roiw.12632","DOIUrl":"https://doi.org/10.1111/roiw.12632","url":null,"abstract":"We use microdata on a large number of European countries from the Survey of Health, Ageing and Retirement in Europe (SHARE) to examine the wealth accumulation (saving) behavior of the retired elderly in Europe. We find that less than half of the retired elderly in Europe are decumulating their wealth and that the average wealth accumulation rate of the retired elderly in Europe is positive though relatively moderate (6.6 percent over a 3-year period). These findings suggest that the Wealth Decumulation Puzzle (the tendency of the retired elderly to not decumulate their wealth or to decumulate their wealth more slowly than expected) applies in the case of Europe. Moreover, our regression results suggest that bequest motives, generous public pension systems, and the reluctance of retired elderly homeowners to sell or borrow against their owner-occupied housing are the primary explanations for the existence of the Wealth Decumulation Puzzle in Europe.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"50 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138537334","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}
Nicolas Hérault, Dean Hyslop, Stephen P. Jenkins, Roger Wilkins
Using income tax administrative data for Australia, we examine levels and trends in the persistence in top-income group membership, focusing on the top 1 percent. Top-income persistence increased markedly between 1991 and 2018, with most of the increase occurring in the mid-2000s and early 2010s. In the mid- to late-2010s, Australian top-income persistence rates were near the top of the range of tax-data estimates for other countries. We decompose the increase into factors associated with (i) changes in the composition of the top-income group and (ii) increases in persistence rates for specific population subgroups. We find that the rise in top-income persistence is accounted for by changes in subgroup persistence rates, notably for individuals aged 35–64, and especially those aged 55–64. We suggest that these effects are partially related to increases in the effective retirement age over the relevant period.
{"title":"Rising top-income persistence in Australia: Evidence from income tax data","authors":"Nicolas Hérault, Dean Hyslop, Stephen P. Jenkins, Roger Wilkins","doi":"10.1111/roiw.12628","DOIUrl":"https://doi.org/10.1111/roiw.12628","url":null,"abstract":"Using income tax administrative data for Australia, we examine levels and trends in the persistence in top-income group membership, focusing on the top 1 percent. Top-income persistence increased markedly between 1991 and 2018, with most of the increase occurring in the mid-2000s and early 2010s. In the mid- to late-2010s, Australian top-income persistence rates were near the top of the range of tax-data estimates for other countries. We decompose the increase into factors associated with (i) changes in the composition of the top-income group and (ii) increases in persistence rates for specific population subgroups. We find that the rise in top-income persistence is accounted for by changes in subgroup persistence rates, notably for individuals aged 35–64, and especially those aged 55–64. We suggest that these effects are partially related to increases in the effective retirement age over the relevant period.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"288 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138537319","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":"The Effect of Labor's Bargaining Power on Wealth Inequality in the UK, USA, And France","authors":"B. Tippet, Özlem Onaran, Rafael Wildauer","doi":"10.1111/roiw.12626","DOIUrl":"https://doi.org/10.1111/roiw.12626","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"88 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72500343","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":"Generalizing the Stochastic Approach to Price Indexes","authors":"Adam Gorajek","doi":"10.1111/roiw.12624","DOIUrl":"https://doi.org/10.1111/roiw.12624","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"127 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72416968","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":"The Role of Banks in Shaping Income Inequality: A Within‐Country Study","authors":"Paolo Coccorese, R. Dell’Anno","doi":"10.1111/roiw.12629","DOIUrl":"https://doi.org/10.1111/roiw.12629","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"83 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82128560","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}
Due to outdated weighting information, a Laspeyres-based Consumer Price Index (CPI) is prone to accumulating upward bias. Therefore, the present study introduces and examines simple and transparent revision approaches that retrospectively address the source of the bias. They provide a consistent long-run time series of the CPI and they require no additional information. Furthermore, a coherent decomposition of the bias into the contributions of individual product groups is developed. In a case study, the approaches are applied to a Laspeyresbased CPI. The empirical results confirm the theoretical predictions. The proposed revision approaches are not only adoptable to most national CPIs, but also to other price level measures such as the producer price index or the import and export price
{"title":"Retrospective Computations of Price Index Numbers: Theory and Application","authors":"Ludwig von Auer, Alena Shumskikh","doi":"10.1111/roiw.12627","DOIUrl":"https://doi.org/10.1111/roiw.12627","url":null,"abstract":"Due to outdated weighting information, a Laspeyres-based Consumer Price Index (CPI) is prone to accumulating upward bias. Therefore, the present study introduces and examines simple and transparent revision approaches that retrospectively address the source of the bias. They provide a consistent long-run time series of the CPI and they require no additional information. Furthermore, a coherent decomposition of the bias into the contributions of individual product groups is developed. In a case study, the approaches are applied to a Laspeyresbased CPI. The empirical results confirm the theoretical predictions. The proposed revision approaches are not only adoptable to most national CPIs, but also to other price level measures such as the producer price index or the import and export price","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"220 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79839137","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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