Stability of household income in European countries in the 1990s

Authors:
N. T. Longford;M. G. Pittau
Affiliations:
SNTL, Leicester, UK and Department of Economics and Business Studies, Universitat Pompeu Fabra, Barcelona, Spain;Department of CNAPS, University of Rome "La Sapienza", Roma, Italy and Department of Statistics, Columbia University, New York, NY, USA
Venue:
Computational Statistics & Data Analysis
Year:
2006

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Stability of household income in European countries in the 1990s

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Stability of household income in European countries in the 1990s

Computational Statistics & Data Analysis

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Abstract

The patterns of change in the annual household income in the countries of the European Community during the years 1994-1999 are explored. The income is modelled by mixtures of multivariate log-normal distributions, and the mixture components are interpreted as representing one subpopulation with steady increments and others with various levels of volatility. The method is extended to models for a combination of log-normal and categorical variables. An index of income stability is defined for the countries. Throughout, we emphasise graphical summaries of the results.