WorkingPaperSeriesThelife-cycledynamicsofwealthmobilityRichardAudoly,RoryMcGee,SergioOcampo,GonzaloPaz-PardoDisclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.No2976AbstractWeuse25yearsoftaxrecordsfortheNorwegianpopulationtostudythemobilityofwealthoverpeople’slifetimes.Wefindconsiderablewealthmobilityoverthelifecycle.Tounderstandtheunderlyingmobilitypatterns,wegroupindividualswithsimilarwealthrankhistoriesusingagglomerativehierarchicalclustering,atoolfromstatisticallearning.Themobilitypatternsweelicitprovideevidenceofsegmentedmobility.Over60percentofthepopulationremainsatthetoporbottomofthewealthdistributionthroughouttheirlives.Mobilityisdrivenbytheremaining40percent,whomoveonlywithinthemiddleofthedistribution.Movementsaretiedtodifferentialincometrajectoriesandbusinessactivitiesacrossgroups.Weshowparentalwealthisthekeypredictorofwhoispersistentlyrichorpoor,whilehumancapitalisthemainpredictorofthosewhoriseandfallthroughthemiddleofthedistribution.JEL:D31,E21,C23,C38,C55Keywords:wealthdynamics,agglomerativehierarchicalclustering,lifecycle,equalityofopportunity,intergenerationallinksECBWorkingPaperSeriesNo29761Non-technicalsummaryIndividualsmoveupordownthewealthdistributionduringtheirlives.Thesemo...
发表评论取消回复