Consumption Mobility in the US Comments L. Osberg 18/10/02 Levy Institute Mobility Conference.

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Presentation transcript:

Consumption Mobility in the US Comments L. Osberg 18/10/02 Levy Institute Mobility Conference

Issues Raised What is relationship of mobility and inequality? Income of Consumption – which is better indicator of well-being? Can high mobility “offset” inequality?

Period T n Person [Y it ] -inequality at t - dispersion in column vector - mobility - dispersion along row Income it

[Income it ] – [Consumption it ] = [Savings it ]

Hypotheses about Well-Being? subject to [Y i0,Y i1 …Y it ] BUT – is there – no capital market? C it  Y it U t OR – Perfect capital market and complete consumption smoothing? OR – Correlation of access to credit and current income levels

In Principle - Income inequality, consumption inequality and wealth inequality are inextricably linked In Practice -Measurement error in Y it, C it -Equivalency of incomes -Imputation and smoothing?

Pitfalls of Equivalency - vary as household size fluctuates Trend in can easily dominate

Purely Demographic Mobility t0t0 t1t1 Y$Y$ Y*Y* Y$Y$ Y*Y* A B C D E F G Average