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Income distribution and income dynamics in the United Kingdom

✍ Scribed by Jayasri Dutta; Dr J. A. Sefton; M. R. WEALE

Publisher
John Wiley and Sons
Year
2001
Tongue
English
Weight
156 KB
Volume
16
Category
Article
ISSN
0883-7252

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✦ Synopsis

Abstract

In this paper, we propose a model of income dynamics which takes account of mobility both within and between jobs. The model is a hybrid of the mover‐stayer model of income dynamics and a geometric random walk. In any period, individuals face a discrete probability of ‘moving’, in which case their income is a random drawn from a stationary recurrent distribution. Otherwise, they ‘stay’ and incomes follow a geometric random walk. The model is estimated on income transition data for the United Kingdom from the British Household Panel Survey (BHPS) and provides a good explanation of observed non‐linearities in income dynamics. The steady‐state distribution of the model provides a good fit for the observed, cross‐sectional distribution of earnings. We also evaluate the impact of tertiary education on income transitions and on the long‐run distribution of incomes. Copyright © 2001 John Wiley & Sons, Ltd.

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