소득 불평등과 이동성 측면에서 본 최적의 소득 과정 모델

초록

Income inequality has been extensively studied using various income process models. However, the models often rarely explain income mobility. To fill this gap in the literature, this study identifies the optimal income process model that best fits income data among three widely recognized models: the Restricted Income Profile (RIP), the Heterogeneous Income Process (HIP), and the Baker-Solon (BS) model. The study takes advantage of the record data with significantly less measurement error than survey data and provides relatively long-term income records of pension payer from National Pension Service in Korea. By analyzing three models across three birth cohorts (1960, 1961, and 1962), the findings indicate that the BS model is optimal for explaining both income inequality and mobility compared to the other. While the BS model requires the estimation of relatively more parameters than the others, it is the most effective for estimating income inequality and mobility because it accurately captures all moments in the income covariance matrix.

키워드