Modelling the Joint Distribution of Income and Wealth
Eva Sierminska () and
Philippe Van Kerm ()
No 9190, IZA Discussion Papers from Institute of Labor Economics (IZA)
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 accounts 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: multivariate Gini; copula; inequality; wealth; income (search for similar items in EconPapers)
JEL-codes: C1 D31 J10 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ltv and nep-pbe
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Published in: Research on Economic Inequality, 2015, 23, 301-327
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Chapter: Modeling the Joint Distribution of Income and Wealth (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:iza:izadps:dp9190
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