We revisit Lipset?s law, which posits a positive and significant relationship between income and democracy. Using … dynamic and heterogeneous panel data estimation techniques, we find a significant and negative relationship between income and … democracy: higher/lower incomes per capita hinder/trigger democratization. Decomposing overall income per capita into its …

This paper estimates the impact of external demand shocks on real income. We utilize a first order approximation to a … income with respect to foreign shocks can be estimated using high-dimensional statistical techniques. Foreign demand shocks … in complex intermediate and capital goods have large positive impacts on real income, whereas impacts in other sectors …

standard CPI and a democratically weighed index (i.e., the plutocratic bias) as the product of average income, income … inequality, and the covariance between individual price indexes and a parameter related to each good's income elasticity. This …

a fall in their asset income by saving more out of their labor income, dollar-for-dollar. In the wake of the crisis, our …