The Trend Behavior of Alternative Income Inequality Measures in the United States From 1947–1990 and the Structural Break

REFERENCES

• Anderson , G. J. and Mizon , G. E. 1989 . “What Can Statistics Contribute to the Analysis of Economic Structural Change?” . In Statistical Analysis and Forecasting of Economic Structural Change? , Edited by: Hackl , P. 3 – 21 . Berlin : Springer-Verlag .
   Google Scholar
• Andrews , D. W. 1989 . “Power in Econometric Application” . Econometrica , 57 : 1059 – 1090 .
   Web of Science ®Google Scholar
• Andrews , D. W. 1993 . “Exactly Median-Unbiased Estimation of First Order Autoregressive/Unit Root Models,” . Econometrica , 61 : 139 – 165 .
   Web of Science ®Google Scholar
• Balke , N. and Slottje , D. J. 1993 . “Poverty and Change in the Macroeconomy: A Dynamic Macroeconomic Model,” . Review of Economics and Statistics , 75 : 117 – 122 .
   Web of Science ®Google Scholar
• Balke , N. and Slottje , D. J. 1994 . “A Macroeconomic Model of Income Inequality in the U.S.,” . In The Changing Distribution of Income in an Open U.S. Economy , Edited by: Bergstrand , J. , Cosimano , T. and Sheehan , R. 243 – 278 . Amsterdam : North-Holland .
   Google Scholar
• Banerjee , A. , Lumsdaine , R. L. and Stock , J. H. 1992 . “Recursive and Sequential Tests of the Unit-Root and Trend-Break Hypotheses: Theory and International Evidence,” . Journal of Business & Economic Statistics , 10 : 271 – 287 .
   Web of Science ®Google Scholar
• Bishop , J. , Formby , J. and Smith , W. J. 1991 . “Lorenz Dominance and Welfare: Change in the U.S. Distribution of Income, 1967–1986,” . Review of Economics and Statistics , 73 : 134 – 139 .
   Web of Science ®Google Scholar
• Blank , R. M. 1988 . “Disaggregating the Effects on Economic Growth on the Distribution of Income,” , University of Wisconsin-Madison, Institute for Research on Poverty . discussion paper
   Google Scholar
• Blank , R. M. 1989 . “Disaggregating the Effect of Business Cycle on the Distribution of Income,” . Economica , 56 : 141 – 163 .
   Web of Science ®Google Scholar
• Blinder , A. S. and Esaki , H. Y. 1978 . “Macroeconomic Activity and Income Distribution in the Post War United States” . Review of Economics and Statistics , 60 : 604 – 609 .
   Web of Science ®Google Scholar
• Box , G. E. P. and Tiao , G. C. 1975 . “Intervention Analysis With Applications to Economic and Environmental Problems,” . Journal of the American Statistical Association , 70 : 70 – 79 .
   Web of Science ®Google Scholar
• Campbell , J. Y. and Perron , P. 1991 . “Pitfalls and Opportunities: What Macroeconomists Should Know About Unit Roots,” . In NBER Macroeconomic Annual , 141 – 201 . Cambridge , MA : National Bureau of Economic Research .
   Google Scholar
• Chapman , D. A. and Ogaki , M. 1993 . “Cotrending and the Stationarity of the Real Interest Rate,” . Economic Letters , 42 : 133 – 138 .
   Web of Science ®Google Scholar
• Christiano , L. J. 1992 . “Searching for a Break in GNP,” . Journal of Business & Economic Statistics , 10 : 237 – 250 .
   Web of Science ®Google Scholar
• Cochrane , J. H. 1991 . “Comment,” . In Macroeconomic Annual 1991 , 201 – 210 . Cambridge , MA : National Bureau of Economic Research .
   Google Scholar
• DeJong , D. , Nankervis , J. , Savin , N. and Whiteman , C. 1992 . “Integration vs. Trend Stationarity in Time Series,” . Econometrica , 60 : 423 – 433 .
   Web of Science ®Google Scholar
• Engle , R. F. and Granger , C. W. J. 1987 . “Cointegration and Error Correction: Representation, Estimation and Testing,” . Econometrica , 55 : 251 – 276 .
   Web of Science ®Google Scholar
• Fomby , T. B. and Hayes , K. J. 1990 . “An Intervention Analysis of the War on Poverty: Poverty's Persistence and Political-Business Cycle Implications,” . Journal of Econometrics , 43 : 197 – 212 .
   Web of Science ®Google Scholar
• Gini , C. 1913 . Variabilita e Mutabilita Bologna
   Google Scholar
• Granger , C. W. J. 1993 . “What About Learning About the Long-Run?” . The Economic Journal , 103 : 307 – 317 .
   Web of Science ®Google Scholar
• Granger , C. W. J. and Lee , H. S. 1991 . “An Introduction to Time-Varying Parameter Cointegration” . In Economic Structural Change , Edited by: Hackl , P. and Westlund , A. H. 138 – 157 . Berlin : Springer-Verlag .
   Google Scholar
• Granger , C. W. J. and Newbold , P. 1974 . “Spurious Regressions in Econometrics,” . Journal of Econometrics , 2 : 111 – 120 .
   Google Scholar
• Hackl , P. , ed. 1989 . Statistical Analysis and Forecasting of Economic Structural Change , Berlin : Springer-Verlag .
   Google Scholar
• Hackl , P. and Westlund , A. H. , eds. 1991 . Economic Structural Change , Berlin : Springer-Verlag .
   Google Scholar
• Haslag , J. and Slottje , D. “Cyclical Fluctuations, Macroeconomic Policy and the Size Distribution of Income Inequality,” . Journal of Income Distribution , 4 (in press)
   Google Scholar
• Hayes , K. , Slottje , D. , Porter-Hudak , S. and Scully , G. 1990 . “Is the Size Distribution of Income a Random Walk?” . Journal of Econometrics , 43 : 213 – 226 .
   Web of Science ®Google Scholar
• Hendry , D. F. and Neale , A. J. 1991 . “A Monte Carlo Study of the Effects of Structural Break on Tests for Unit Roots,” . In Economic Structural Change , Edited by: Hackl , P. and Westlund , A. H. 93 – 109 . Berlin : Springer-Verlag .
   Google Scholar
• Horrigan , M. W. and Haugen , S. E. 1988 . “The Declining Middle–Class Thesis: A Sensitivity Analysis,” . Monthly Labor Review , : 3 – 13 .
   PubMedGoogle Scholar
• Hylleberg , S. and Mizon , G. E. 1989 . “Cointegration and Error Correction Mechanisms” . The Economic Journal , 99 : 113 – 125 .
   Web of Science ®Google Scholar
• Johansen , S. 1991 . “Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models” . Econometrica , 59 : 1551 – 1580 .
   Web of Science ®Google Scholar
• Kakwani , N. 1980 . “On a Class of Poverty Measures,” . Econometrica , 48 : 437 – 446 .
   Web of Science ®Google Scholar
• Katz , L. F. and Murphy , K. M. 1992 . “Changes in Relative Wages, 1963–1987: Supply and Demand Factors,” . Quarterly Journal of Economics , 107 : 35 – 78 .
   Web of Science ®Google Scholar
• Levy , F. and Murnane , R. 1992 . “U.S. Earnings Levels and Earnings Inequality,” . Journal of Economic Literature , 30 : 1333 – 1381 .
   Web of Science ®Google Scholar
• Nelson , C. R. and Plosser , C. I. 1982 . “Trends and Random Walks in Macroeconomic Time Series: Some Evidence and Implications,” . Journal of Monetary Economics , 10 : 139 – 162 .
   Web of Science ®Google Scholar
• Ogaki , M. 1992 . “Engle's Law and Cointegration” . Journal of Political Economy , 100 : 1027 – 1046 .
   Web of Science ®Google Scholar
• Ogaki , M. 1993 . “Unit Roots in Macroeconometrics: A Survey,” . Monetary and Economic Studies , 11 : 131 – 154 .
   Google Scholar
• Ogaki , M. and Park , J. Y. 1992 . “A Cointegration Approach to Estimating Preference Parameters,” , University of Rochester, Dept, of Economics . mimeo
   Google Scholar
• Perron , P. 1989 . “The Great Crash, The Oil Price Shock and the Unit Root Hypothesis,” . Econometrica , 57 : 1361 – 1401 .
   Web of Science ®Google Scholar
• Perron , P. 1993 . “The Hump-Shaped Behavior of Macroeconomic Fluctuations,” . Empirical Economics , 18 : 707 – 727 . (Special issue guest edited by Jean-Marie Dufour and B. Raj, entitled New Developments in Time Series Econometrics.)
   Google Scholar
• Perron , P. and Campbell , J. Y. 1993 . “A Note on Johansen's Cointegration Procedure When Trends Are Present,” . Empirical Economics , 18 : 777 – 789 . (Special issue guest edited by Jean-Marie Dufour and B. Raj, entitled New Developments in Time Series Econometrics.)
   Google Scholar
• Phillips , P. C. B. 1986 . “Understanding Spurious Regressions in Econometrics,” . Journal of Econometrics , 33 : 311 – 340 .
   Web of Science ®Google Scholar
• Raj , B. 1992 . “International Evidence on Persistence in Output in the Presence of an Episodic Change,” . Journal of Applied Econometrics , 7 : 281 – 293 .
   Web of Science ®Google Scholar
• Raj , B. 1993a . “The Size of the Random Walk in Macroeconomic Time Series” . Journal of Macroeconomics , 15 : 139 – 151 .
   Google Scholar
• Raj , B. 1993b . “Long-Run Income Velocity of M2 Money Behavior, Regime Shifts and Cointegration” unpublished paper presented at the NBER/NSF 1993 Time Series Seminar, Vienna, Austria, October 21–23, 1993
   Google Scholar
• Raj , B. and Slottje , D. J. 1993 . “The Trend Behavior of Alternative Income Inequality Measures in the United States from 1947 to 1990 and the Structural Break” , Southern Methodist University, Dept, of Economics . discussion paper
   Google Scholar
• Rappoport , P. and Reichlin , L. 1989 . “Segmented Trends and Nonstationary Time Series,” . Economic Journal , 99 : 168 – 177 .
   Web of Science ®Google Scholar
• Samuelson , P. A. and Nordhaus , W. D. 1989 . Economics, , 13th ed. , New York : McGraw-Hill .
   Google Scholar
• Theil , H. 1967 . Economics and Information Theory , Amsterdam : North-Holland .
   Google Scholar
• Thurow , L. C. 1987 . “A Surge in Inequality,” . Scientific American , 256 : 30 – 37 .
   PubMed Web of Science ®Google Scholar
• Watson , M. W. 1994 . “Vector Autoregressions and Co-integration,” . In Handbook of Econometrics , vol. 4 , Amsterdam : Elsevier .
   Google Scholar
• Zivot , E. and Andrews , D. W. K. 1992 . “Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis,” . Journal of Business & Economic Statistics , 10 : 251 – 270 .
   Web of Science ®Google Scholar