Wednesday, March 2, 2022
One of the most visible stylized facts in contemporary inequality research is the association, across national economies, between measures of cross-section income inequality and intergenerational mobility or persistence. Recent publications of the National Bureau of Economic Research by Cholli and Durlauf (2022) and Durlauf et al (2022) seek to understand the relationship between cross-sectional income inequality and persistence of income across generations (the Great Gatsby Curve, named after Jay Gatsby, protagonist of F. Scott Fitzgerald’s infamous novel who broke through poverty to become a flamboyant millionaire). Five distinct classes of theories, including models on family investments, skills, social influences, political economy, and aspirations are developed, each providing a behavioral mechanism to explain the relationship. Theoretical models imply nonlinear relationships between parent and child status that are often ignored in practice and offer potentially different interpretations of the evidence of heterogeneity in mobility across locations, groups, and time. They conclude with a vision to combine theory with empirics to understand this phenomenon better.
One of the most visible stylized facts in contemporary inequality research is the association, across national economies, between measures of cross-section income inequality and intergenerational mobility or persistence. Recent publications of the National Bureau of Economic Research by Cholli and Durlauf (2022) and Durlauf et al (2022) seek to understand the relationship between cross-sectional income inequality and persistence of income across generations (the Great Gatsby Curve, named after Jay Gatsby, protagonist of F.
Posted by 10:28 AM
atLabels: Inclusive Growth
Tuesday, March 1, 2022
From the New York Times:
“A new study compares the costs of renting versus buying a three-bedroom home in 39 countries across the globe.”
From the New York Times:
“A new study compares the costs of renting versus buying a three-bedroom home in 39 countries across the globe.”
Posted by 3:50 PM
atLabels: Global Housing Watch
Monday, February 28, 2022
From a new NBER working paper by Marijn A. Bolhuis, Judd N. L. Cramer & Lawrence H. Summers:
“We study how the recent run-up in housing and rental prices affects the outlook for inflation in the United States. Housing held down overall inflation in 2021. Despite record growth in private market-based measures of home prices and rents, government measured residential services inflation was only four percent for the twelve months ending in January 2022. After explaining the mechanical cause for this divergence, we estimate that, if past relationships hold, the residential inflation components of the CPI and PCE are likely to move close to seven percent during 2022. These findings imply that housing will make a significant contribution to overall inflation in 2022, ranging from one percentage point for headline PCE to 2.6 percentage points for core CPI. We expect residential inflation to remain elevated in 2023.”
From a new NBER working paper by Marijn A. Bolhuis, Judd N. L. Cramer & Lawrence H. Summers:
“We study how the recent run-up in housing and rental prices affects the outlook for inflation in the United States. Housing held down overall inflation in 2021. Despite record growth in private market-based measures of home prices and rents, government measured residential services inflation was only four percent for the twelve months ending in January 2022.
Posted by 6:42 AM
atLabels: Global Housing Watch
Saturday, February 26, 2022
In conversation with Bill Gale, Arjay and Frances Miller Chair in Federal Economic Policy and senior fellow at the Economic Studies Program, Brookings Institution…
In this episode of Econofact’s podcast, Gill discusses the impact of inequitable racial impacts of government policy. Some notable points include the following:
Click here to listen to the full podcast.
In conversation with Bill Gale, Arjay and Frances Miller Chair in Federal Economic Policy and senior fellow at the Economic Studies Program, Brookings Institution…
In this episode of Econofact’s podcast, Gill discusses the impact of inequitable racial impacts of government policy. Some notable points include the following:
Posted by 9:05 AM
atLabels: Inclusive Growth
Friday, February 25, 2022
On cross-country:
On the US:
On China
On other countries:
On cross-country:
On the US:
Posted by 5:00 AM
atLabels: Global Housing Watch
Subscribe to: Posts