Emilia Niskanen and Timothy Smeeding, Luxembourg Income Study

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Presentation transcript:

LWS and LIS Income Variables, Income from Wealth and Income from Labor, an Exploratory Analysis Emilia Niskanen and Timothy Smeeding, Luxembourg Income Study LWS Final Conference in Rome, July 5-7, 2007

Outline I. LWS INCOME CONCEPTS II. LWS AND INCOME NET WORTH III. NEXT STEPS

LWS Income Variables LIS concepts Canberra Group Simplicity Coverage See: http://www.lisproject.org/lws/dec06_meeting/niskanen.pdf

Household variables

Summary Income Variables

II. INCOME FROM LABOR VS. INCOME FROM WEALTH

1. Incomplete LWS income measures: Simplification of Definitions

2. More complete: Full Income or Income Net Worth Haig-Simons Income: Consumption Plus Change Net Worth Income types: Labor Income Self-employment Income Income from Capital Taxes and Transfers

3. What to do about it? GIW AGI = GIW minus ‘reported’ capital income (CPRI) FGI1 = AGI plus 2 percent ‘real’ return FGI2 = AGI plus 4 percent ‘real’ return

4. Methods Countries: Net Worth 1 vs. New Worth 2 Top codes (not yet) Canada 1998 Finland 1998 Germany 2001 Italy 2002 (NET) Sweden 2002 The U.S. 2000 Net Worth 1 vs. New Worth 2 Top codes (not yet)

5. Preliminary “Test” Results

6. Discussion Finland vs. The U.S. Quality of Data Quality of Assumptions Effect on Rank Ordering of Nations, e.g. 90/10 or Gini Ratios, GIW vs FGI2

III. NEXT STEPS 1. EXPLORE THE DIFFERENCES FURTHER BY AGE, FAMILY TYPE 2. IMPROVE VALUE OF INCOME FROM WEALTH COMPONENTS 3. TOP CODE WEALTH AT 99 % PERCENTILE

IV. COMMENTS AND DISCUSSION, PLEASE?

THANK YOU!