Due to outdated weighting information, a Laspeyres-based Consumer Price Index (CPI) is prone to accumulating upward bias.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Alena Shumskikh","doi":"10.1111/roiw.12627","DOIUrl":"https://doi.org/10.1111/roiw.12627","url":null,"abstract":"Due to outdated weighting information, a Laspeyres-based Consumer Price Index (CPI) is prone to accumulating upward bias.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}
I provide lower and upper bound estimates of inequality of opportunity (IOp) for 24 European countries, between 2005 and 2011. Previous estimates of IOp are lower bounds of its true level and provide a partial view of the importance of involuntarily inherited factors. Upper bound estimates of IOp are much larger than their corresponding lower bound estimates. While the lower bound estimates of IOp account for up to 31% of total inequality, the upper bound estimates account for up to 90.5%, suggesting that IOp can be as high as total inequality of outcomes. Indeed, inequality of outcomes has a higher correlation with the upper bound estimates of IOp than with the lower bound estimates, both cross sectionally and over time.
{"title":"Upper and Lower Bound Estimates of Inequality of Opportunity: A Cross‐National Comparison for Europe","authors":"Rafael Carranza","doi":"10.1111/roiw.12622","DOIUrl":"https://doi.org/10.1111/roiw.12622","url":null,"abstract":"I provide lower and upper bound estimates of inequality of opportunity (IOp) for 24 European countries, between 2005 and 2011. Previous estimates of IOp are lower bounds of its true level and provide a partial view of the importance of involuntarily inherited factors. Upper bound estimates of IOp are much larger than their corresponding lower bound estimates. While the lower bound estimates of IOp account for up to 31% of total inequality, the upper bound estimates account for up to 90.5%, suggesting that IOp can be as high as total inequality of outcomes. Indeed, inequality of outcomes has a higher correlation with the upper bound estimates of IOp than with the lower bound estimates, both cross sectionally and over time.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"1 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83639339","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 document the intergenerational persistence of wealth between adult offspring and their parent’s using the Wealth and Assets Survey for Great Britain. We estimate an intergenerational wealth elasticity of 0.4 and rank-rank elasticity of 0.3 and find wealth persistence for individuals in their 60s is lower than for those currently aged in their 30s and early 40s, though rank based estimates are stable. We estimate that the intergenerational wealth elasticity is 3.8 percentage points higher when comparing people with those the same age six years previously suggesting strong evidence of higher intergenerational wealth persistence in younger age cohorts.
{"title":"Intergenerational wealth transmission in Great Britain","authors":"P. Gregg, Ricky Kanabar","doi":"10.1111/roiw.12620","DOIUrl":"https://doi.org/10.1111/roiw.12620","url":null,"abstract":"We document the intergenerational persistence of wealth between adult offspring and their parent’s using the Wealth and Assets Survey for Great Britain. We estimate an intergenerational wealth elasticity of 0.4 and rank-rank elasticity of 0.3 and find wealth persistence for individuals in their 60s is lower than for those currently aged in their 30s and early 40s, though rank based estimates are stable. We estimate that the intergenerational wealth elasticity is 3.8 percentage points higher when comparing people with those the same age six years previously suggesting strong evidence of higher intergenerational wealth persistence in younger age cohorts.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"8 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74539216","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 Intergenerational Effects of Recessions","authors":"Diana Alessandrini, Bharat Diwakar","doi":"10.1111/roiw.12619","DOIUrl":"https://doi.org/10.1111/roiw.12619","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"11 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78936748","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":"Underreporting of Top Incomes and Inequality: A Comparison of Correction Methods using Simulations and Linked Survey and Tax Data","authors":"Emmanuel Flachaire, N. Lustig, Andrea Vigorito","doi":"10.1111/roiw.12618","DOIUrl":"https://doi.org/10.1111/roiw.12618","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"3 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81011496","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":"Big Data and Official Statistics\u0000 †","authors":"Katharine G. Abraham","doi":"10.1111/roiw.12617","DOIUrl":"https://doi.org/10.1111/roiw.12617","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"1 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81082081","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}
C. Cunningham, L. Foster, Cheryl Grim, J. Haltiwanger, S. Pabilonia, Jay Stewart, Z. Wolf
Productivity measures are critical for understanding economic performance. The official Bureau of Labor Statistics (BLS) productivity statistics, which are available for major sectors and detailed industries, are useful for understanding the sources of aggregate productivity growth. A large volume of research shows that within-industry variation in productivity provides important insights into productivity dynamics. This research has revealed large and persistent productivity differences across businesses even within narrowly-defined industries. These differences vary across industries and over time and are related to productivity-enhancing reallocation. Dispersion in productivity across businesses may provide information about the nature of competition and frictions within sectors and about the sources of rising wage inequality across businesses. There are currently no official statistics that provide this level of detail. To fill this gap in the official statistics, the BLS and the Census Bureau are collaborating to create measures of within-industry productivity dispersion with the goal of publishing dispersion statistics to complement the official aggregate and industry-level productivity growth statistics produced by the BLS and thereby improve our understanding of the rich productivity dynamics in the U.S. economy. We are also developing restricted-use datasets for use by researchers in the Federal Statistical Research Data Center (FSRDC) network.
{"title":"Dispersion in Dispersion: Measuring Establishment‐Level Differences in Productivity","authors":"C. Cunningham, L. Foster, Cheryl Grim, J. Haltiwanger, S. Pabilonia, Jay Stewart, Z. Wolf","doi":"10.1111/roiw.12616","DOIUrl":"https://doi.org/10.1111/roiw.12616","url":null,"abstract":"Productivity measures are critical for understanding economic performance. The official Bureau of Labor Statistics (BLS) productivity statistics, which are available for major sectors and detailed industries, are useful for understanding the sources of aggregate productivity growth. A large volume of research shows that within-industry variation in productivity provides important insights into productivity dynamics. This research has revealed large and persistent productivity differences across businesses even within narrowly-defined industries. These differences vary across industries and over time and are related to productivity-enhancing reallocation. Dispersion in productivity across businesses may provide information about the nature of competition and frictions within sectors and about the sources of rising wage inequality across businesses. There are currently no official statistics that provide this level of detail. To fill this gap in the official statistics, the BLS and the Census Bureau are collaborating to create measures of within-industry productivity dispersion with the goal of publishing dispersion statistics to complement the official aggregate and industry-level productivity growth statistics produced by the BLS and thereby improve our understanding of the rich productivity dynamics in the U.S. economy. We are also developing restricted-use datasets for use by researchers in the Federal Statistical Research Data Center (FSRDC) network.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"275 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86361499","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":"An Index Approach to Measuring Product Differentiation: A Hedonic Analysis of Airfares","authors":"Charles Howell, E. Grifell-Tatjé","doi":"10.1111/roiw.12612","DOIUrl":"https://doi.org/10.1111/roiw.12612","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"1 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75317093","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":"TRADING GAINS:\u0000 TERMS‐OF‐TRADE\u0000 AND\u0000 REAL‐EXCHANGE‐RATE\u0000 EFFECTS","authors":"U. Kohli","doi":"10.1111/roiw.12615","DOIUrl":"https://doi.org/10.1111/roiw.12615","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"30 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76517329","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":"MEASUREMENT OF DIVERSE, IRREVERSIBLE CAPITAL","authors":"Robert D. Cairns","doi":"10.1111/roiw.12614","DOIUrl":"https://doi.org/10.1111/roiw.12614","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"30 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77985761","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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