English, Article edition: Improving Models of Income Dynamics using Cross-Section-Information Robert Aebi; Klaus Neusser; Peter Steiner

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Bookmark: http://trove.nla.gov.au/version/82022
Physical Description
  • article
Language
  • English

Edition details

Title
  • Improving Models of Income Dynamics using Cross-Section-Information
Author
  • Robert Aebi
  • Klaus Neusser
  • Peter Steiner
Physical Description
  • article
Notes
  • Based on a relative entropy approach, this paper proposes a method to estimate or update transition matrices using just cross-sectional observations at two points in time. The method is then applied to explain the development of the US income distribution. Starting from three hypothesized transition matrices and a transition matrix estimated from the PSID data, we show how these matrices must be adjusted in the light of the cross-sectional information. Finally, we explore the consequences of these updated transition matrices for the future development of the US income distribution.
  • income distribution; income dynamics; relative entropy
  • RePEc:ses:arsjes:2008-ii-1
Language
  • English
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