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Inequality, Risk-Sharing and the Crisis: A View From Australia

Youjin Hahn (), Stephen Matteo Miller and Hee-Seung Yang ()

No 15-16, Monash Economics Working Papers from Monash University, Department of Economics

Abstract: We document the cross-sectional stylized facts of inequality for Australian households between 2001 and 2012 using the Household, Income and Labour Dynamics in Australia (HILDA) survey. Inequality of individual wages, hours worked and earnings remain flat. Household pre-government income and non-durable consumption inequality decline slightly. Household income inequality exceeds non-durable consumption inequality during the global financial crisis, and over the life-cycle, suggesting households partially insure income shocks. The degree of progressivity and private intermediation of risk are high. Both equivalized net financial wealth and net total wealth inequality remain relatively flat. Taxes and transfers reduce the variance of permanent shocks.

Keywords: Consumption inequality, income inequality, and wealth inequality; Inequality over the life cycle; Risk-Sharing; Vulnerability (search for similar items in EconPapers)
JEL-codes: D31 D33 D91 E01 E21 E24 H31 J31 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2016-11
New Economics Papers: this item is included in nep-mac
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