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Income dynamics and life-cycle inequality: Mechanisms and controversies

Blundell, R; (2014) Income dynamics and life-cycle inequality: Mechanisms and controversies. Economic Journal , 124 (576) 289 - 318. 10.1111/ecoj.12133. Green open access

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Abstract

This study focuses on the transmission of inequality over the working life. A model of constrained intertemporal choice is used to provide structure to the distributional dynamics of wages, earnings, income and consumption. The mechanisms used to insure labour market shocks are examined in a partial-insurance setting where the manner and scope for insurance depends on the access to credit, the information available to consumers and the durability of income shocks. Drawing on recent research, family labour supply, the credit market and the tax system are all shown to play a key role. These mechanisms vary in importance across different points of the life cycle and the business cycle. © 2014 The Author(s). The Economic Journal published by John Wiley & Sons Ltd on behalf of Royal Economic Society.

Type: Article
Title: Income dynamics and life-cycle inequality: Mechanisms and controversies
Open access status: An open access version is available from UCL Discovery
DOI: 10.1111/ecoj.12133
Publisher version: http://dx.doi.org/10.1111/ecoj.12133
Additional information: © 2014 The Author(s). The Economic Journal published by John Wiley & Sons Ltd on behalf of Royal Economic Society This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/1432917
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