Identifying changes in the distribution of income from higher‐order moments with an application to Australia

Author:

Martin Vance L.1,Shi Jialu1,Song Yang1,Yao Wenying2ORCID

Affiliation:

1. Department of Economics The University of Melbourne 111 Barry St Carlton 3053 VIC Australia

2. Melbourne Business School The University of Melbourne 200 Leicester Street Carlton 3053 VIC Australia

Abstract

SummaryChanges in the distribution of income over time are identified based on an adjusted two‐sample version of the Neyman smooth test by using subsampling methods to approximate the sampling distribution of the test statistic when samples are not independent of each other. A range of Monte Carlo experiments show that the approach corrects for size distortions arising from dependent samples as well as generating monotonic power functions. Applying the approach to studying the distribution of income in Australia over the business cycle and the Global Financial Crisis, the empirical results highlight the importance of higher‐order moments and demonstrate that business cycles are not all alike as the relative strengths of higher‐order moments vary over phases of the cycle.

Funder

Australian Research Council

Publisher

Wiley

Reference46 articles.

1. ABS(2013). Available from URL:http://www.abs.gov.au/ausstats/abs@.nsf/mf/6401.0.

2. APH(2010).Chronology of superannuation and retirement income in Australia. Available from:https://www.researchgate.net/publication/268338271_Chronology_of_superannuation_and_retirement_income_in_Australia

3. A recent history of superannuation in Australia;APRA;APRA Insight,2007

4. A SMOOTH TEST FOR THE EQUALITY OF DISTRIBUTIONS

5. Heterogeneity in the Impact of Economic Cycles and the Great Recession: Effects within and across the Income Distribution

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