Modeling the Joint Distribution of Income and Wealth

Markus Jantti, Eva Sierminska and Philippe Van Kerm

A chapter in Measurement of Poverty, Deprivation, and Economic Mobility, 2015, vol. 23, pp 301-327 from Emerald Group Publishing Limited

Abstract: 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.

Keywords: Income; wealth; inequality; copula; multivariate Gini; C1; D31; J10 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (12)

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Working Paper: Modelling the Joint Distribution of Income and Wealth (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:eme:reinzz:s1049-258520150000023010

DOI: 10.1108/S1049-258520150000023010

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