An estimation of the life cycle/permanent income model with rational expectations that allows for uncertain future …

Real average U.S. per capita personal income growth over the last 65 years exceeded a remarkable 400 percent. Also … notable over this period is that the stark income differences across states have narrowed considerably: In 1939 the highest … income state’s per capita personal income was 4.5 times the lowest, but by 1976 this ratio had fallen to less than 2 times …

A calculation of the stochastic properties of consumption when income follows a fractional stochastic process, showing …

We investigate the evolution of global welfare in two dimensions: income per capita and life expectancy. First, we … estimate the marginal distributions of income and life expectancy separately. More importantly, in contrast to previous … univariate approaches,we consider income and life expectancy jointly and estimate their bivariate global distribution for 137 …