The Role of Permanent Income and Demographics in Black/White Differences in Wealth
We explore the extent to which the large race gap in wealth can be explained with properly constructed income and demographic variables. In some instances we explain the entire wealth gap with income and demographics, provided that we estimate the wealth model on a sample of whites. However, we typi...
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| Veröffentlicht in: | The Journal of human resources 2005, Vol.XL (1), p.1-30 |
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| container_title | The Journal of human resources |
| container_volume | XL |
| creator | Altonji, Joseph G Doraszelski, Ulrich |
| description | We explore the extent to which the large race gap in wealth can be explained with properly constructed income and demographic variables. In some instances we explain the entire wealth gap with income and demographics, provided that we estimate the wealth model on a sample of whites. However, we typically explain a much smaller fraction when we estimate the wealth model on a black sample. Using sibling fixed-effects models to control for intergenerational transfers and the effects of adverse history, we find that these factors are not likely to account for the lower explanatory power of the black wealth models. Our analysis of growth models of wealth suggests that differences in savings behavior and/or rates of return play an important role. |
| doi_str_mv | 10.3368/jhr.XL.1.1 |
| format | Article |
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| ispartof | The Journal of human resources, 2005, Vol.XL (1), p.1-30 |
| issn | 0022-166X 1548-8004 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_38055275 |
| source | Business Source Complete; JSTOR Archive Collection A-Z Listing |
| subjects | African Americans Blacks Business studies Coefficients Demographics Demography Error rates Growth models Human resources Income Income distribution Income inequality Personal finance Race Racial Differences Regression coefficients Savings Self Employment Siblings Single status Studies U.S.A Wealth White people Whites |
| title | The Role of Permanent Income and Demographics in Black/White Differences in Wealth |
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