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From: Lower volatility, higher inequality: are they related?

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Presentation on theme: "From: Lower volatility, higher inequality: are they related?"— Presentation transcript:

1 From: Lower volatility, higher inequality: are they related?
Notes: GDP volatility is calculated as the squared deviations from the mean per capita real GDP growth, and shown in percentages (%). GDP data are taken from the IMF’s International Financial Statistics (IFS). Inequality index is the variance of log incomes, and is calculated by using the data from the World Income Inequality database (WIID). See Online Appendix A for further details on these data. From: Lower volatility, higher inequality: are they related? Oxf Econ Pap. 2017;69(4): doi: /oep/gpx014 Oxf Econ Pap | © Oxford University Press 2017 All rights reserved

2 From: Lower volatility, higher inequality: are they related?
Notes: Each cohort is represented by two lines that start from a common point and diverge over time. The diverging lines show the increasing inequality within the cohorts over time, which is the age effect. Although this figure uses discrete time for notation, the lines and income distribution are drawn consistent with continuous time. The normally distributed incomes are expected to be attained because of the presence of a higher number of individuals around the mean income. From: Lower volatility, higher inequality: are they related? Oxf Econ Pap. 2017;69(4): doi: /oep/gpx014 Oxf Econ Pap | © Oxford University Press 2017 All rights reserved

3 From: Lower volatility, higher inequality: are they related?
Fig. 3 Illustration of the effect of an increase in variance of individual income shocks on the income distribution (time effect). From: Lower volatility, higher inequality: are they related? Oxf Econ Pap. 2017;69(4): doi: /oep/gpx014 Oxf Econ Pap | © Oxford University Press 2017 All rights reserved

4 From: Lower volatility, higher inequality: are they related?
Fig. 4 Simulation study: the effect of an increase in variance of idiosyncratic shocks. From: Lower volatility, higher inequality: are they related? Oxf Econ Pap. 2017;69(4): doi: /oep/gpx014 Oxf Econ Pap | © Oxford University Press 2017 All rights reserved

5 From: Lower volatility, higher inequality: are they related?
Notes: GDP (GHDI) volatility is calculated as the squared deviations from the mean per capita real GDP (GHDI) growth, and shown in percentages (%). GDP data are taken from the IFS. GHDI data are taken from the Office for National Statistics for the UK and from Statistics Finland. From: Lower volatility, higher inequality: are they related? Oxf Econ Pap. 2017;69(4): doi: /oep/gpx014 Oxf Econ Pap | © Oxford University Press 2017 All rights reserved

6 From: Lower volatility, higher inequality: are they related?
Notes: GDP volatility is calculated as the squared deviations from the mean per capita real GDP growth, and shown in percentages (%). GDP data are taken from the IMF’s International Financial Statistics. Inequality index is the variance of log incomes, and calculated by using the data from the World Income Inequality database. See Online Appendix A for further details on these data. The dotted and dashed vertical lines show breaks in the volatility and inequality data, respectively. From: Lower volatility, higher inequality: are they related? Oxf Econ Pap. 2017;69(4): doi: /oep/gpx014 Oxf Econ Pap | © Oxford University Press 2017 All rights reserved

7 From: Lower volatility, higher inequality: are they related?
Notes: GDP volatility is calculated as the squared deviations from the mean per capita real GDP growth, and shown in percentages (%). GDP data are taken from the IMF’s International Financial Statistics. Inequality index is the variance of log incomes, and calculated by using the data from the World Income Inequality database. See Online Appendix A for further details on these data. Breaks that are significant at 5% are shown. The dotted and dashed vertical lines show breaks in the volatility and inequality data, respectively. The thick straight lines demonstrate coincident breaks. From: Lower volatility, higher inequality: are they related? Oxf Econ Pap. 2017;69(4): doi: /oep/gpx014 Oxf Econ Pap | © Oxford University Press 2017 All rights reserved

8 From: Lower volatility, higher inequality: are they related?
Notes: The graph on the left shows the variance and cross-sectional correlation of the residuals of US family incomes, obtained from the Panel Study of Income Dynamics (PSID) dataset. These residuals are obtained when total family incomes are regressed according to eq. (1). From: Lower volatility, higher inequality: are they related? Oxf Econ Pap. 2017;69(4): doi: /oep/gpx014 Oxf Econ Pap | © Oxford University Press 2017 All rights reserved

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