D r af t -com m ent s welc om ed
T W O M O D ELS FOR A N A LY ZI N G T H E I M PA C T OF EC ON O M I C
POL I C I E S
B I LL GI B SON
A bst r ac t . T his paper discusses t wo growt h models in an e¤or t t o simulat e
t he post -war macroeconomy f or A r gent ina. T he models, st ruct uralist and
neoclassical, are based on a social account ing mat r ix and t hen calibrat ed over
a …ft y-year per iod. T he st andard model is seen t o per for m well unt il t he 1970s.
T her eaft er , a demand-dr iven f ramework is necessary t o parse t he r easons f or
t he collapse of t he A rgent inean economy. A mor e complex labor market is
t hen int roduced t o st udy t he associat ed dist r ibut ion of income.
1. I nt r oduct ion
Policy coherence requires a macroeconomic focus. The transition to openness requires a series of measures t o be in place t hat might work at cross purposes, leading
t o a sub-opt imal patt ern of allocat ion, higher poverty levels and poorly distributed
income. A successful policy regime in t he cont ext of globalizat ion emphasizes
human capit al accumulation as much as physical. This paper discusses t he implement ation of methodologies and indicat ors for analyzing the impact of economic
policies, especially on the labor market . The aim of t he paper is to compare two
approaches t o underst anding thepost-war economic history of Argentina. The…rst
is the st andard growth model of Solow (1956). The second approach considered is
a dynamic struct uralist macromodel with a fairly elaborate labor market. Bot h
are calibrat ed t o t he same data base. It is seen that t he struct uralist model allows
for considerably wider scope for analyzing the causes of t he Argent inean crisis and
t his is especially true when t he model is augmented by a detailed account of the
labor market .
The paper is organized as follows: section 2 provides a brief background t o
t he A rgentinean crisis. The t hird sect ion describes t he results of the standard
growth model as calibrated to t he post-war growth t raject ory. The fourt h sect ion
int roduces moredet ail on the demand side, which ismodeled as a st ochastic process.
The …ft h section describes the labor market . The sixth sect ion compares t he results
of t he augment ed standard model. The seventh section addresses the most recent
crisis in Argentina and t he penult imate sect ion discusses the coherence of labor and
Version: A ugust 2005.
K ey wor ds and phrases. Policy, CGEs, SA M .
P repar ed f or a wor kshop B et ween Globalizat ion and N at ional D evelopment : Towar ds great er
coherence b et ween economic and lab our policies, B uenos A ir es, 8-9 A ugust 2005. T hank s t o D iane
Flaher t y and A lan Cibils for comment s on an ear lier ver sion of t his pap er.
°c 20 05 B i ll G ib son
1
endogenous
exogneous
Year
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1.5%
1.7%
3.3%
3.3%
3.3%
3.3%
labor
supply
real
wage
K
MNC
Profits
π
Output
time
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
33.6
34.2
35.0
35.6
36.4
36.9
37.7
38.3
38.9
39.7
40.3
41.0
41.7
42.3
42.9
43.5
44.1
44.8
45.4
46.1
46.8
47.6
48.4
49.2
50.1
50.9
51.7
52.5
53.3
54.1
54.9
1.0
1.0
1.0
1.0
1.1
1.1
1.1
1.1
1.1
1.1
1.2
1.2
1.2
1.2
1.2
1.3
1.3
1.3
1.3
1.4
1.4
1.4
1.4
1.4
1.5
1.5
1.5
1.5
1.6
1.6
1.6
243.1
250.8
258.7
267.0
275.6
284.5
293.7
303.2
313.1
323.3
333.8
344.7
356.0
367.7
379.7
392.2
405.0
418.2
431.8
445.9
460.4
475.4
490.9
506.9
523.5
540.6
558.3
576.6
595.5
615.0
635.1
3.2
3.3
3.5
3.6
3.7
3.8
4.0
4.1
4.2
4.4
4.5
4.7
4.8
5.0
5.1
5.3
5.5
5.6
5.8
6.0
6.2
6.4
6.6
6.9
7.1
7.3
7.6
7.8
8.1
8.3
8.6
44.2
45.6
47.2
48.8
50.5
52.1
54.0
55.7
57.5
59.5
61.4
63.5
65.6
67.8
69.9
72.2
74.5
76.9
79.4
81.9
84.6
87.4
90.3
93.4
96.5
99.7
102.9
106.3
109.7
113.3
117.0
81.02
83.7
86.6
89.5
92.6
95.7
99.0
102.2
105.5
109.2
112.7
116.6
120.4
124.3
128.3
132.5
136.7
141.1
145.6
150.4
155.3
160.4
165.8
171.3
177.0
182.8
188.9
195.0
201.4
207.9
214.7
X
2.6%
A
c
t
u
a
l
81.02
87
81
83
87
95
95
100
108
101
110
116
116
110
121
134
133
137
144
158
162
172
174
179
190
189
185
198
189
209
218
0.0%
-1.7%
3.2%
gx
k
K/X
L/X
s
sπ
0.0329
0.0353
0.0328
0.0351
0.0327
0.0349
0.0326
0.0325
0.0345
0.0324
0.0339
0.0331
0.0326
0.0322
0.0321
0.0320
0.0321
0.0322
0.0324
0.0327
0.0333
0.0333
0.0333
0.0332
0.0331
0.0329
0.0327
0.0325
0.0325
0.0326
7.2
7.3
7.4
7.5
7.6
7.7
7.8
7.9
8.0
8.1
8.3
8.4
8.5
8.7
8.8
9.0
9.2
9.3
9.5
9.7
9.8
10.0
10.1
10.3
10.5
10.6
10.8
11.0
11.2
11.4
11.6
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
0.415
0.409
0.404
0.398
0.393
0.386
0.381
0.375
0.369
0.363
0.357
0.352
0.346
0.340
0.334
0.329
0.323
0.317
0.312
0.307
0.301
0.297
0.292
0.287
0.283
0.278
0.274
0.269
0.265
0.260
0.256
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
17.4
17.4
18.0
18.6
19.3
19.9
20.6
21.3
22.0
22.7
23.5
24.3
25.1
25.9
26.7
27.6
28.5
29.4
30.4
31.3
32.3
33.4
34.5
35.7
36.9
38.1
39.3
40.6
42.0
43.3
44.7
3.3%
δ
K
9.7
10.0
10.3
10.7
11.0
11.4
11.7
12.1
12.5
12.9
13.4
13.8
14.2
14.7
15.2
15.7
16.2
16.7
17.3
17.8
18.4
19.0
19.6
20.3
20.9
21.6
22.3
23.1
23.8
24.6
25.4
Solow Model
• Calibrated to a SAM for 1950
• Usual assumptions
• Written in Excel for transparency (instead
of GAMS)
• Interpretation and changes are
straightforward
• Produces a counterfactual
450
Real GDP (1985 PPP, chained)
400
Calibrated
350
300
Actual
250
200
150
100
50
0
1940
1950 1960
1970
1980
1990 2000
2010
Structuralist Model
• Calibrated to the same SAM
• Uses capacity generated by Solow model
Investment function
1. u: capacity utilization u = X/Q
2. X: aggregate demand
3. Expected rate of profit relative to the cost
of capital
Expected profit rate
Last period’s profit rate plus a random error
term (uniform distribution)
rt = rt-1+ ε
Aggregate Demand
•
•
•
•
X = X(u; ρ*,ρ)+ ε where
ρ∗ foreign savings
ρ govt investment less govt savings
ρ* and ρ are “shocks” (in terms of % of
GDP)
• Supply determined by Solow model
Labor Market
•
•
•
Supply: exogenous growth rate
Demand: follows productivity and real
wages
Walrasian adjustment with lag
The Shocks
Two ways to model them
1. Historical trend (average rate of growth)
2. Actual data (year by year)
450
Trend shocks
Real GDP (1985 PPP, chained)
400
350
300
250
Calibrated
demand
200
150
Actual
100
50
0
1940 1950 1960 1970 1980 1990 2000 2010
Actual Foreign (trend fiscal)
450
Real GDP (1985 PPP, chained)
400
350
300
Calibrated
250
200
150
Actual
100
50
0
1940 1950 1960 1970 1980 1990 2000 2010
Actual Fiscal and Foreign
450
Real GDP (1985 PPP, chained)
400
350
300
250
Calibrated
200
150
100
Actual
50
0
1940 1950 1960 1970 1980 1990 2000 2010
Conclusion
• Fiscal policy stabilizing until late 1980s1990s.
• Se vayan todos: classic government
failure ∙
• Argentina and Washington Consensus
Households
• 75 households (1950) to 234 households
(2000)
• Two labor categories: Skilled and unskilled
To enter the skilled labor market
• Requires “skill” obtained through
• Education or previous experience
• Luck
Points system
• All labor contracts are renegotiated each
period
• Education one point
• Experience Lt = 1+(1/Lt-1)
• Recent experience (last period)
• Luck (according to a random variable)
Household Decision Rules
Employer’s Decision
Simulation Design
• Excess supply of skilled labor
• Some skilled labor bias built into the model
• A worker without skill can at best equal a
worker with skill (never preferred).
1950
Demand
Wage
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
Ed
1
1
1
1
1
1
1
1
1
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
Uskl
53
0.52
Skl
9
1.12
Exper
1
1
1
1
1
1
1
1
0
0
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
0
0
0
0
0
Luck
-0.43
-0.83
-0.48
-0.88
-0.02
-0.14
-0.58
-0.38
-0.85
-0.45
-0.32
-0.58
-0.51
-0.52
-0.50
-0.18
-0.76
-0.88
-0.75
-0.93
-0.45
-0.82
-0.17
-0.62
-0.60
-0.79
-0.01
-0.68
-0.44
-0.22
-0.73
-0.53
-0.23
-0.06
-0.68
-0.54
-0.23
-0.42
Profit
HH
Rank
2.57
2.17
2.52
2.12
2.98
2.86
2.42
1.62
0.15
-0.45
2.68
2.42
2.49
2.48
2.50
2.82
2.24
2.12
0.25
-0.93
-0.45
-0.82
-0.17
-0.62
-0.60
-0.79
-0.01
-0.68
-0.44
-0.22
2.27
2.47
1.77
0.94
0.32
0.46
0.77
0.58
Wage
1.12
0.52
1.12
0.52
1.12
1.12
0.52
0.52
0.52
0.52
1.12
0.52
1.12
1.12
1.12
1.12
0.52
0.52
0.52
0.00
0.52
0.00
0.52
0.52
0.52
0.00
0.52
0.52
0.52
0.52
0.52
0.52
0.52
0.52
0.52
0.52
0.52
0.52
42.4
75
Profit
0.03
0.76
0.45
0.78
0.14
0.50
0.63
0.94
0.45
0.85
0.38
0.50
0.71
0.31
0.17
0.39
0.58
0.72
0.22
0.47
0.79
0.35
0.45
0.76
0.40
0.78
0.29
0.14
0.13
0.42
0.06
0.01
0.58
0.44
0.11
0.66
0.78
0.60
0.04
0.98
0.58
1.00
0.18
0.65
0.81
1.21
0.58
1.10
0.50
0.65
0.92
0.39
0.22
0.50
0.75
0.93
0.28
0.61
1.02
0.45
0.58
0.98
0.52
1.01
0.37
0.17
0.16
0.54
0.07
0.02
0.75
0.56
0.14
0.85
1.01
0.78
Tax
0.17
0.22
0.26
0.23
0.19
0.27
0.20
0.26
0.17
0.24
0.24
0.18
0.31
0.23
0.20
0.24
0.19
0.22
0.12
0.09
0.23
0.07
0.17
0.22
0.16
0.15
0.13
0.10
0.10
0.16
0.09
0.08
0.19
0.16
0.10
0.21
0.23
0.19
Savings Wealth
0.01
0.01
0.25
0.25
0.15
0.15
0.25
0.25
0.05
0.05
0.17
0.17
0.21
0.21
0.31
0.31
0.15
0.15
0.28
0.28
0.13
0.13
0.17
0.17
0.23
0.23
0.10
0.10
0.06
0.06
0.13
0.13
0.19
0.19
0.24
0.24
0.07
0.07
0.16
0.16
0.26
0.26
0.11
0.11
0.15
0.15
0.25
0.25
0.13
0.13
0.26
0.26
0.09
0.09
0.04
0.04
0.04
0.04
0.14
0.14
0.02
0.02
0.00
0.00
0.19
0.19
0.14
0.14
0.03
0.03
0.22
0.22
0.26
0.26
0.20
0.20
Cons
0.98
1.02
1.30
1.04
1.06
1.34
0.93
1.16
0.79
1.09
1.25
0.83
1.50
1.19
1.08
1.25
0.89
0.99
0.61
0.36
1.05
0.27
0.79
1.02
0.75
0.60
0.66
0.55
0.54
0.77
0.48
0.45
0.89
0.78
0.52
0.95
1.04
0.90
SLF
1
1
1
1
1
1
1
1
1
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
R
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
1
0
0
1
0
0
0
0
Trend shocks with HH block
350
300
Calibrated
250
200
Actual
150
100
50
0
1940
1950
1960
1970
1980
1990
2000
2010
140
120
Unskilled
100
80
60
40
Skilled
20
0
1940
-20
1950
1960
1970
1980
1990
2000
2010
Trend Fiscal Actual Foreign
450
Real GDP (1985 PPP, chained)
400
350
300
Calibrated
250
200
150
Actual
100
50
0
1940 1950 1960 1970 1980 1990 2000 2010
180
160
140
Unskilled
120
100
80
60
Skilled
40
20
0
1940
1950
1960
1970
1980
1990
2000
2010
1950
Demand
Wage
1
2
19
33
Ed
1
1
1
1
Uskl
53
0.52
Skl
9
1.12
Exper
1
1
0
1
Luck
-0.66
-0.71
-0.81
-0.74
Profit
HH
Rank
2.34
2.29
0.19
1.26
Wage
0.52
0.52
0.52
0.52
42.4
75
Profit
0.76
0.31
0.66
0.81
0.92
0.38
0.79
0.97
Tax
0.22
0.13
0.20
0.22
Savings Wealth
0.23
0.23
0.10
0.10
0.20
0.20
0.25
0.25
Cons
0.99
0.66
0.91
1.02
SLF
1
1
1
1
R
0
0
0
0
Tax
Savings Wealth
Cons
SLF
R
1.70
0.62
1.10
0.76
1
1
1
1
0
0
0
0
Cons
SLF
R
1.40
1.03
0.96
1.08
1
1
1
1
0
0
0
0
Cons
SLF
R
1.40
0.71
0.95
0.85
1
1
1
1
0
0
0
0
1951
Uskl
64
0.52
Demand
Wage
Skl
11
1.12
Profit
HH
Entering
53.1
77
2
HH
Ed
Exper
Luck
Rank
Wage
Profit
1
2
19
33
1
1
1
1
1
1
0
1
-0.02
-0.51
-0.68
-0.99
1.98
1.49
0.32
1.01
1.12
0.52
0.52
0.52
1.43
0.34
1.26
0.62
1.26
0.30
1.10
0.54
0.36
0.12
0.24
0.16
0.32
0.08
0.28
0.14
0.55
0.17
0.48
0.39
1952
Uskl
66
0.52
Demand
Wage
HH
1
2
19
33
1953
Skl
11
1.12
Profit
HH
Entering
55.8
78
1
Ed
Exper
Luck
Rank
Wage
Profit
1
1
1
1
2
1
0
1
-0.86
-0.44
-0.81
-0.19
3.14
1.56
0.19
1.81
1.12
0.52
0.52
0.52
1.02
1.33
1.19
1.46
Uskl
66
0.52
Demand
Wage
Skl
11
1.12
Profit
HH
Entering
Tax
0.75
0.98
0.87
1.07
0.28
0.22
0.21
0.24
Savings Wealth
0.19
0.25
0.22
0.27
0.74
0.42
0.70
0.66
56.6
80
2
HH
Ed
Exper
Luck
Rank
Wage
Profit
1
2
19
33
1
1
1
1
2.5
1
0
1
-0.97
-0.63
-0.60
-0.90
3.53
1.37
0.40
1.10
1.12
0.52
0.52
0.52
1.21
0.72
1.37
1.11
Tax
0.75
0.45
0.85
0.69
0.28
0.14
0.20
0.18
Savings Wealth
0.19
0.11
0.22
0.17
0.93
0.53
0.92
0.83
1954
Uskl
69
0.52
Demand
Wage
HH
1
2
19
33
1955
1
2
19
33
1956
1
2
19
33
1957
57.9
82
2
Exper
Luck
Rank
Wage
Profit
1
1
1
1
2.9
1
0
1
-0.84
-0.11
-0.64
-0.58
4.06
1.89
0.36
1.42
1.12
0.52
0.52
0.52
1.47
1.48
1.17
1.20
Uskl
69
0.52
Skl
12
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
1
1
1
3.24
1
0
1
-0.04
-0.31
-0.07
-0.96
5.21
1.69
0.93
1.04
1.12
0.52
0.52
0.52
2.13
1.43
1.65
1.36
Uskl
71
0.52
Skl
12
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
1
1
0
3.55
1
0
0
-0.05
-0.16
-0.41
-0.15
5.50
1.84
0.59
-0.15
1.12
1.12
0.52
0.52
2.12
1.92
2.02
0.63
Uskl
72
0.52
Skl
13
1.12
0.81
0.81
0.64
0.66
0.29
0.20
0.17
0.18
Savings Wealth
0.20
0.21
0.16
0.17
1.14
0.74
1.08
1.00
Cons
SLF
R
1.43
0.92
0.82
0.83
1
1
1
1
0
0
0
0
Tax
1.05
0.71
0.82
0.67
0.33
0.18
0.20
0.18
Savings Wealth
Cons
SLF
R
0.27
0.18
0.21
0.17
1.41
0.92
1.29
1.17
1.58
0.86
0.93
0.84
1
1
1
1
0
0
0
1
Cons
SLF
R
1.51
1.46
0.98
0.61
1
1
1
0
0
0
0
0
Cons
SLF
R
1.71
1.33
0.98
0.67
1
1
1
0
0
0
0
1
59.7
86
2
Ed
Demand
Wage
Tax
58.1
84
2
Ed
Demand
Wage
HH
Profit
HH
Entering
Ed
Demand
Wage
HH
Skl
12
1.12
Profit
HH
Entering
Tax
0.95
0.86
0.90
0.28
0.31
0.30
0.21
0.12
Savings Wealth
0.24
0.22
0.23
0.07
1.65
1.14
1.52
0.07
62.0
88
2
HH
Ed
Exper
Luck
Rank
Wage
Profit
1
2
19
33
1
1
1
0
3.83
2
0
0
-0.33
-0.55
-0.69
-0.31
5.50
3.45
0.31
-0.31
1.12
1.12
0.52
0.52
2.90
1.46
2.05
0.88
Tax
1.27
0.64
0.90
0.39
0.36
0.26
0.21
0.14
Savings Wealth
0.32
0.16
0.23
0.10
1.97
1.30
1.75
0.17
1958
Uskl
73
0.52
Demand
Wage
HH
1
2
19
33
1959
1
2
19
33
1960
1
2
19
33
1961
64.9
90
2
Exper
Luck
Rank
Wage
Profit
1
1
1
0
4.1
2.5
0
0
-0.48
-0.01
-0.26
-0.12
5.61
4.49
0.74
-0.12
1.12
1.12
0.52
0.52
3.38
2.58
2.28
0.43
Uskl
75
0.52
Skl
13
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
1
1
0
4.34
2.9
0
0
-0.67
-0.32
-0.45
-0.27
5.67
4.58
0.55
-0.27
1.12
1.12
0.52
0.52
3.08
2.02
2.64
0.24
Uskl
77
0.52
Skl
13
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
1
1
0
4.57
3.24
0
0
-0.93
-0.80
-0.54
-0.19
5.64
4.45
0.46
-0.19
1.12
1.12
0.52
0.52
3.67
2.78
2.96
1.01
Uskl
78
0.52
Skl
14
1.12
1.51
1.15
1.02
0.19
0.39
0.34
0.23
0.11
Savings Wealth
0.38
0.29
0.26
0.05
2.36
1.59
2.01
0.05
Cons
SLF
R
1.85
1.64
1.05
0.56
1
1
1
0
0
0
0
0
Tax
1.18
0.77
1.01
0.09
0.34
0.28
0.23
0.09
Savings Wealth
Cons
SLF
R
0.30
0.20
0.26
0.02
2.66
1.79
2.26
0.07
1.65
1.41
1.04
0.50
1
1
1
0
0
0
0
0
Cons
SLF
R
1.75
1.56
1.09
0.66
1
1
1
0
0
0
0
0
Cons
SLF
R
1.84
1.49
1.02
0.12
1
1
1
0
0
0
0
0
65.8
94
2
Ed
Demand
Wage
Tax
65.4
92
2
Ed
Demand
Wage
HH
Profit
HH
Entering
Ed
Demand
Wage
HH
Skl
13
1.12
Profit
HH
Entering
Tax
1.34
1.02
1.08
0.37
0.37
0.32
0.24
0.13
Savings Wealth
0.34
0.26
0.28
0.09
3.00
2.05
2.54
0.17
69.0
96
2
HH
Ed
Exper
Luck
Rank
Wage
Profit
1
2
19
33
1
1
1
0
4.79
3.55
0
0
-0.13
-0.18
-0.66
-0.94
6.66
5.37
0.34
-0.94
1.12
1.12
0.52
0.00
4.21
2.51
2.72
0.58
Tax
1.50
0.90
0.97
0.21
0.39
0.30
0.22
0.03
Savings Wealth
0.38
0.23
0.25
0.05
3.38
2.28
2.79
0.22
1962
Uskl
81
0.52
Demand
Wage
HH
1
2
19
33
1963
Skl
14
1.12
Profit
HH
Entering
69.5
99
3
Ed
Exper
Luck
Rank
Wage
Profit
1
1
1
0
5
3.83
0
0
-0.36
-0.30
-0.70
-0.07
6.64
5.54
0.30
-0.07
1.12
1.12
0.52
0.52
4.19
2.65
3.60
1.20
Uskl
82
0.52
Demand
Wage
Skl
14
1.12
Profit
HH
Entering
Tax
1.31
0.83
1.13
0.37
71.5
101
2
HH
Ed
Exper
Luck
Rank
Wage
Profit
1
2
19
33
Total
1
1
1
0
54
5.2
4.1
0
0
58.6
-0.55
-0.07
-0.16
-0.16
6.65
6.02
0.84
-0.16
1.12
1.12
0.52
0.52
58.2
4.01
3.34
3.74
0.97
224.6
0.36
0.29
0.25
0.13
0.33
0.21
0.29
0.10
3.71
2.49
3.07
0.31
Cons
SLF
R
1.73
1.44
1.11
0.66
1
1
1
0
0
0
0
0
Cons
SLF
R
1.71
1.59
1.15
0.63
92
1
1
1
0
54
0
0
0
0
3
Cons
SLF
R
1.73
1.60
1.19
0.58
1
1
1
0
0
0
0
0
Cons
SLF
R
1.94
1.59
1.19
0.64
1
1
1
0
0
0
0
0
26
Tax
1.28
1.06
1.19
0.31
72
Savings Wealth
0.36
0.33
0.26
0.12
19
Savings Wealth
0.33
0.27
0.30
0.08
18
4.04
2.76
3.38
0.39
174
1964
Uskl
85
0.52
Demand
Wage
HH
1
2
19
33
1965
Skl
15
1.12
Profit
HH
Entering
72.4
103
2
Ed
Exper
Luck
Rank
Wage
Profit
1
1
1
0
5.39
4.34
0
0
-0.28
-0.82
-0.51
-0.75
7.11
5.52
0.49
-0.75
1.12
1.12
0.52
0.52
4.40
3.68
4.22
0.80
Uskl
87
0.52
Demand
Wage
Skl
15
1.12
Profit
HH
Entering
Tax
1.31
1.10
1.26
0.24
74.5
105
2
HH
Ed
Exper
Luck
Rank
Wage
Profit
1
2
19
33
1
1
1
0
5.58
4.57
0
0
-0.90
-0.54
-0.71
-0.05
6.68
6.03
0.29
-0.05
1.12
1.12
0.52
0.52
5.55
3.57
4.19
1.14
28
0.36
0.33
0.27
0.11
0.33
0.28
0.32
0.06
4.37
3.04
3.69
0.45
30
Tax
1.66
1.07
1.25
0.34
Savings Wealth
0.42
0.33
0.27
0.13
Savings Wealth
0.42
0.27
0.32
0.09
4.79
3.31
4.01
0.54
1966
Uskl
88
0.52
Demand
Wage
HH
1
2
19
33
1967
1
2
19
33
1968
1
2
19
33
1969
76.4
108
3
Exper
Luck
Rank
Wage
Profit
1
1
1
0
5.75
4.79
0
0
-0.23
-0.90
-0.89
-0.03
7.53
5.89
0.11
-0.03
1.12
1.12
0.52
0.52
6.04
4.67
5.05
1.71
Uskl
90
0.52
Skl
16
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
1
1
0
5.93
5
0
0
-0.72
-0.05
-0.69
-0.60
7.21
6.95
0.31
-0.60
1.12
1.12
0.52
0.52
6.24
4.73
5.07
0.89
Uskl
92
0.52
Skl
16
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
1
1
0
6.1
5.2
0
0
-0.73
-0.16
-0.02
-0.46
7.37
7.03
0.98
-0.46
1.12
1.12
0.52
0.52
6.03
5.00
5.77
1.78
Uskl
93
0.52
Demand
Wage
Skl
16
1.12
1.74
1.34
1.45
0.49
Profit
HH
Entering
1.82
1.38
1.48
0.26
Ed
Exper
Luck
Rank
Wage
Profit
1
2
19
33
1
1
1
0
6.26
5.39
0
0
-0.42
-0.13
-0.05
-0.33
7.84
7.26
0.95
-0.33
1.12
1.12
0.52
0.52
7.47
5.29
6.45
1.40
35
0.44
0.37
0.30
0.12
38
Tax
1.74
1.44
1.67
0.51
82.5
116
3
HH
0.43
0.37
0.30
0.15
Tax
80.4
113
3
Ed
33
Tax
79.2
110
2
Ed
Demand
Wage
HH
Profit
HH
Entering
Ed
Demand
Wage
HH
Skl
15
1.12
0.43
0.38
0.33
0.15
41
Tax
2.19
1.55
1.89
0.41
0.50
0.40
0.36
0.14
Savings Wealth
0.44
0.34
0.37
0.13
64
5.23
3.65
4.38
0.67
SLF
R
1.99
1.75
1.31
0.73
1
1
1
0
0
0
0
0
Cons
SLF
R
2.03
1.77
1.32
0.59
1
1
1
0
0
0
0
0
Cons
SLF
R
1.99
1.81
1.43
0.75
1
1
1
0
0
0
0
0
Cons
SLF
R
2.25
1.88
1.57
0.69
1
1
1
0
0
0
0
0
1822
Savings Wealth
0.46
0.35
0.38
0.07
Cons
5.70
4.00
4.76
0.73
1944
Savings Wealth
0.44
0.37
0.42
0.13
6.14
4.37
5.18
0.86
2070
Savings Wealth
0.56
0.39
0.48
0.10
6.69
4.76
5.66
0.97
1970
Uskl
96
0.52
Demand
Wage
HH
1
2
19
33
1971
1
2
19
33
1972
1
2
19
33
1973
84.9
118
2
Exper
Luck
Rank
Wage
Profit
1
1
1
0
6.42
5.58
0
0
-0.89
-0.73
-0.01
-0.96
7.54
6.84
0.99
-0.96
1.12
1.12
1.12
0.00
7.10
6.43
6.43
1.87
Uskl
99
0.52
Skl
17
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
1
1
1
6.58
5.75
1
0
-0.36
-0.47
-0.64
-0.65
8.22
7.29
2.36
0.35
1.12
1.12
1.12
0.52
8.12
6.90
6.67
0.34
Uskl
101
0.52
Skl
18
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
1
1
1
6.73
5.93
2
0
-0.87
-0.72
-0.01
-0.56
7.86
7.21
3.99
0.44
1.12
1.12
1.12
0.52
8.51
6.58
7.28
0.69
Uskl
103
0.52
Demand
Wage
Skl
18
1.12
2.05
1.85
1.86
0.54
Profit
HH
Entering
2.32
1.97
1.91
0.10
Ed
Exper
Luck
Rank
Wage
Profit
1
2
19
33
1
1
1
1
6.88
6.1
2.5
0
-0.17
-0.12
-0.59
-0.62
8.71
7.98
3.91
0.38
1.12
1.12
1.12
0.52
9.14
7.27
8.15
0.74
46
0.52
0.46
0.45
0.09
49
Tax
2.43
1.88
2.08
0.20
90.8
127
3
HH
0.48
0.45
0.45
0.08
Tax
90.0
124
3
Ed
43
Tax
87.1
121
3
Ed
Demand
Wage
HH
Profit
HH
Entering
Ed
Demand
Wage
HH
Skl
17
1.12
0.53
0.45
0.48
0.11
52
Tax
2.59
2.06
2.31
0.21
0.56
0.48
0.51
0.11
Savings Wealth
0.52
0.47
0.47
0.14
7.22
5.23
6.13
1.10
Cons
SLF
R
2.17
2.06
2.06
0.32
1
1
1
0
0
0
0
1
Cons
SLF
R
2.34
2.13
2.09
0.50
1
1
1
1
0
0
0
0
Cons
SLF
R
2.40
2.07
2.19
0.56
1
1
1
1
0
0
0
0
Cons
SLF
R
2.49
2.18
2.33
0.57
1
1
1
1
0
0
0
0
2326
Savings Wealth
0.59
0.50
0.49
0.02
7.81
5.73
6.62
0.02
2459
Savings Wealth
0.62
0.48
0.53
0.05
8.42
6.21
7.15
0.07
2595
Savings Wealth
0.66
0.52
0.59
0.05
9.08
6.73
7.74
0.13
1974
Uskl
106
0.52
Demand
Wage
HH
1
2
19
33
1975
1
2
19
33
1976
1
2
19
33
1977
95.2
129
2
Exper
Luck
Rank
Wage
Profit
1
1
1
1
7.02
6.26
2.9
0
-0.02
-0.34
-0.57
-0.32
9.01
7.92
4.33
0.68
1.12
1.12
1.12
0.52
10.21
8.01
8.61
0.89
Uskl
107
0.52
Skl
19
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
1
1
1
7.17
6.42
3.24
0
-0.52
-0.71
-0.49
-0.45
8.65
7.71
4.76
0.55
1.12
1.12
1.12
0.52
11.41
9.04
10.02
0.23
Uskl
110
0.52
Skl
19
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
1
1
1
7.3
6.58
0
0
-0.67
-0.24
-0.72
-0.13
8.63
8.33
0.28
0.87
1.12
1.12
0.52
1.12
11.49
9.68
0.27
0.27
Uskl
112
0.52
Demand
Wage
Skl
20
1.12
2.86
2.25
2.41
0.25
Profit
HH
Entering
3.08
2.44
2.70
0.06
Ed
Exper
Luck
Rank
Wage
Profit
1
2
19
33
1
1
1
0
7.44
6.73
0
0
-0.19
-0.11
-0.24
-0.43
9.26
8.62
0.76
-0.43
1.12
1.12
0.52
0.52
12.86
9.48
0.59
0.66
57
0.63
0.53
0.57
0.09
60
Tax
3.34
2.81
0.08
0.08
102.4
139
4
HH
0.60
0.50
0.53
0.12
Tax
100.9
135
3
Ed
54
Tax
97.0
132
3
Ed
Demand
Wage
HH
Profit
HH
Entering
Ed
Demand
Wage
HH
Skl
19
1.12
0.67
0.59
0.09
0.18
64
Tax
3.55
2.61
0.16
0.18
0.70
0.56
0.10
0.11
2733
Savings Wealth
0.73
0.57
0.61
0.06
9.81
7.31
8.35
0.19
Cons
SLF
R
2.66
2.29
2.39
0.59
1
1
1
1
0
0
0
0
Cons
SLF
R
2.78
2.40
2.56
0.48
1
1
1
1
0
0
1
0
Cons
SLF
R
2.94
2.62
0.49
1.00
1
1
1
1
0
0
0
1
Cons
SLF
R
3.06
2.51
0.54
0.55
1
1
1
0
0
0
0
0
2874
Savings Wealth
0.78
0.62
0.69
0.02
10.59
7.93
9.04
0.21
3018
Savings Wealth
0.85
0.71
0.02
0.02
11.44
8.64
0.02
0.23
3166
Savings Wealth
0.90
0.66
0.04
0.05
12.34
9.30
0.06
0.05
1978
Uskl
116
0.52
Demand
Wage
HH
1
2
19
33
1979
1
2
19
33
1980
1
2
19
33
1981
105.7
142
3
Exper
Luck
Rank
Wage
Profit
1
1
1
0
7.58
6.88
0
0
-0.57
-0.13
-0.56
-0.06
9.01
8.75
0.44
-0.06
1.12
1.12
0.52
0.52
13.15
10.30
0.76
0.90
Uskl
117
0.52
Skl
21
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
1
1
0
7.71
7.02
0
0
-0.04
-0.79
-0.28
-0.18
9.67
8.23
0.72
-0.18
1.12
1.12
0.52
0.52
14.52
11.77
0.65
1.00
Uskl
122
0.52
Skl
22
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
1
1
0
7.84
7.17
0
0
-0.48
-0.17
-0.70
-0.43
9.36
8.99
0.30
-0.43
1.12
1.12
0.52
0.52
16.06
12.65
0.60
0.61
Uskl
124
0.52
Demand
Wage
Skl
22
1.12
3.48
2.72
0.20
0.24
Profit
HH
Entering
3.98
3.23
0.18
0.27
Ed
Exper
Luck
Rank
Wage
Profit
1
2
19
33
1
1
1
1
7.97
7.3
0
0
-0.67
-0.05
-0.99
-0.44
9.29
9.25
0.01
0.56
1.12
1.12
0.52
0.52
16.63
13.59
0.66
0.36
70
0.76
0.65
0.10
0.12
73
Tax
4.33
3.41
0.16
0.16
113.3
152
4
HH
0.69
0.58
0.11
0.11
Tax
110.1
148
3
Ed
67
Tax
109.1
145
3
Ed
Demand
Wage
HH
Profit
HH
Entering
Ed
Demand
Wage
HH
Skl
20
1.12
0.82
0.68
0.10
0.10
77
Tax
4.26
3.48
0.17
0.09
0.81
0.69
0.10
0.09
3317
Savings Wealth
0.88
0.69
0.05
0.06
13.23
10.00
0.11
0.11
Cons
SLF
R
3.02
2.57
0.56
0.58
1
1
1
0
0
0
0
0
Cons
SLF
R
3.32
2.87
0.55
0.60
1
1
1
0
0
0
0
0
Cons
SLF
R
3.53
2.98
0.54
0.54
1
1
1
0
0
0
0
1
Cons
SLF
R
3.49
3.02
0.54
0.50
1
1
1
1
0
0
0
0
3471
Savings Wealth
1.01
0.82
0.05
0.07
14.24
10.82
0.16
0.18
3628
Savings Wealth
1.10
0.87
0.04
0.04
15.34
11.68
0.20
0.22
3789
Savings Wealth
1.08
0.88
0.04
0.02
16.42
12.57
0.24
0.02
1982
Uskl
128
0.52
Demand
Wage
HH
1
2
19
33
1983
1
2
19
33
1984
1
2
19
33
1985
114.9
155
3
Exper
Luck
Rank
Wage
Profit
1
1
1
1
8.09
7.44
0
0
-0.94
-0.03
-0.45
-0.73
9.15
9.41
0.55
0.27
1.12
1.12
0.52
0.52
17.67
14.09
0.99
0.56
Uskl
131
0.52
Skl
23
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
1
1
1
8.21
7.58
0
0
-0.27
-0.75
-0.35
-0.27
9.94
8.83
0.65
0.73
1.12
1.12
0.52
0.52
19.39
14.98
1.45
0.76
Uskl
134
0.52
Skl
24
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
1
1
1
8.34
7.71
0
0
-0.46
-0.09
-0.77
-0.09
9.88
9.62
0.23
0.91
1.12
1.12
0.52
0.52
20.60
15.87
1.37
0.94
Uskl
137
0.52
Demand
Wage
Skl
24
1.12
4.38
3.49
0.24
0.14
Profit
HH
Entering
4.72
3.64
0.35
0.19
Ed
Exper
Luck
Rank
Wage
Profit
1
2
19
33
1
1
1
1
8.46
7.84
0
0
-0.38
-0.52
-0.79
-0.76
10.08
9.32
0.21
0.24
1.12
1.12
0.52
0.52
21.42
17.55
1.33
0.73
84
0.88
0.71
0.13
0.11
87
Tax
5.03
3.88
0.33
0.23
124.5
166
4
HH
0.82
0.69
0.11
0.10
Tax
122.7
162
3
Ed
80
Tax
118.7
159
4
Ed
Demand
Wage
HH
Profit
HH
Entering
Ed
Demand
Wage
HH
Skl
23
1.12
0.92
0.75
0.13
0.11
91
Tax
5.00
4.10
0.31
0.17
0.92
0.78
0.12
0.10
3953
Savings Wealth
1.11
0.89
0.06
0.04
17.54
13.46
0.30
0.06
Cons
SLF
R
3.56
3.03
0.59
0.52
1
1
1
1
0
0
0
0
Cons
SLF
R
3.76
3.12
0.65
0.55
1
1
1
1
0
0
0
0
Cons
SLF
R
3.95
3.26
0.64
0.58
1
1
1
1
0
0
0
0
Cons
SLF
R
3.93
3.39
0.63
0.54
1
1
1
1
0
0
0
0
4121
Savings Wealth
1.20
0.93
0.09
0.05
18.74
14.38
0.39
0.11
4292
Savings Wealth
1.28
0.99
0.08
0.06
20.02
15.37
0.48
0.16
4467
Savings Wealth
1.27
1.04
0.08
0.04
21.29
16.41
0.56
0.21
1986
Uskl
139
0.52
Demand
Wage
HH
1
2
19
33
1987
1
2
19
33
1988
1
2
19
33
1989
126.7
170
4
Exper
Luck
Rank
Wage
Profit
1
1
1
1
8.57
7.97
0
0
-0.20
-0.92
-0.58
-0.56
10.38
9.04
0.42
0.44
1.12
1.12
0.52
0.52
23.19
18.18
1.13
0.87
Uskl
141
0.52
Skl
25
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
1
1
1
8.69
8.09
0
0
-0.99
-0.39
-0.19
-0.17
9.70
9.70
0.81
0.83
1.12
1.12
0.52
0.52
25.02
19.45
1.24
0.42
Uskl
142
0.52
Skl
25
1.12
Ed
Exper
Luck
Rank
Wage
Profit
1
1
1
1
8.81
8.21
0
0
-0.37
-0.53
-0.77
-0.99
10.43
9.69
0.23
0.01
1.12
1.12
0.52
0.52
25.99
20.77
1.02
0.59
Uskl
144
0.52
Demand
Wage
Profit
HH
Entering
Skl
26
1.12
5.54
4.34
0.27
0.21
5.69
4.42
0.28
0.10
Ed
Exper
Luck
Rank
Wage
Profit
1
2
19
33
1
1
1
1
8.92
8.34
0
0
-0.46
-0.17
-0.21
-0.93
10.46
10.17
0.79
0.07
1.12
1.12
0.52
0.52
27.70
22.41
1.17
0.85
99
1.02
0.83
0.12
0.09
103
Tax
6.05
4.83
0.24
0.14
130.9
182
4
HH
1.00
0.82
0.12
0.11
Tax
129.0
178
4
Profit
HH
Entering
95
Tax
127.2
174
4
Ed
Demand
Wage
HH
Profit
HH
Entering
Ed
Demand
Wage
HH
Skl
25
1.12
1.07
0.89
0.11
0.10
107
Tax
6.58
5.32
0.28
0.20
1.15
0.97
0.12
0.11
4646
Savings Wealth
1.41
1.10
0.07
0.05
22.70
17.52
0.63
0.26
Cons
SLF
R
4.25
3.54
0.60
0.56
1
1
1
1
0
0
0
0
Cons
SLF
R
4.34
3.58
0.61
0.50
1
1
1
1
0
0
0
0
Cons
SLF
R
4.55
3.83
0.58
0.52
1
1
1
1
0
0
0
0
Cons
SLF
R
4.87
4.12
0.61
0.56
1
1
1
1
0
0
0
0
4829
Savings Wealth
1.45
1.12
0.07
0.02
24.14
18.64
0.70
0.29
5016
Savings Wealth
1.54
1.23
0.06
0.03
25.68
19.87
0.76
0.32
5207
Savings Wealth
1.67
1.35
0.07
0.05
27.35
21.22
0.83
0.37
1990
Uskl
146
0.52
Demand
Wage
HH
1
2
19
33
1991
1
2
19
33
1992
1
2
19
33
1993
131.7
186
4
Exper
Luck
Rank
Wage
Profit
1
1
1
1
9.03
8.46
0
0
-0.12
-0.84
-0.36
-0.38
10.91
9.62
0.64
0.62
1.12
1.12
0.52
0.52
29.16
23.26
1.52
0.86
Uskl
146
0.52
Skl
27
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
0
1
1
9.14
0
0
0
-0.99
-0.68
-0.78
-0.48
10.15
-0.68
0.22
0.52
1.12
0.52
0.52
0.52
30.91
0.25
1.45
1.51
Uskl
148
0.52
Skl
28
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
0
1
1
9.25
0
0
0
-0.40
-0.91
-0.63
-0.77
10.85
-0.91
0.37
0.23
1.12
0.00
0.52
0.52
32.78
0.23
1.26
1.14
Uskl
151
0.52
Demand
Wage
Skl
28
1.12
6.47
5.16
0.34
0.19
Profit
HH
Entering
7.07
0.06
0.33
0.35
Ed
Exper
Luck
Rank
Wage
Profit
1
2
19
33
1
0
1
1
9.36
0
0
0
-0.95
-0.59
-0.48
-0.14
10.41
-0.59
0.52
0.86
1.12
0.52
0.52
0.52
35.45
0.45
1.58
1.43
116
1.23
0.09
0.13
0.13
120
Tax
7.26
0.05
0.28
0.25
140.8
199
4
HH
1.14
0.94
0.13
0.11
Tax
137.4
195
4
Ed
111
Tax
134.1
191
5
Ed
Demand
Wage
HH
Profit
HH
Entering
Ed
Demand
Wage
HH
Skl
26
1.12
1.26
0.01
0.12
0.12
124
Tax
7.56
0.09
0.34
0.30
1.30
0.09
0.13
0.12
5402
Savings Wealth
1.64
1.31
0.09
0.05
29.00
22.53
0.91
0.42
Cons
SLF
R
4.80
4.02
0.64
0.55
1
1
1
1
0
1
0
0
Cons
SLF
R
5.16
0.47
0.64
0.65
1
0
1
1
0
0
0
0
Cons
SLF
R
5.28
0.03
0.61
0.59
1
0
1
1
0
0
0
0
Cons
SLF
R
5.46
0.50
0.64
0.62
1
0
1
1
0
0
1
0
5602
Savings Wealth
1.80
0.01
0.08
0.09
30.79
0.01
1.00
0.51
5806
Savings Wealth
1.85
0.01
0.07
0.06
32.64
0.03
1.07
0.57
6014
Savings Wealth
1.92
0.02
0.09
0.08
34.56
0.05
1.16
0.65
1994
Uskl
152
0.52
Demand
Wage
HH
1
2
19
33
1995
1
2
19
33
1996
1
2
19
33
1997
142.0
204
5
Exper
Luck
Rank
Wage
Profit
1
0
1
1
9.47
0
0
0
-0.41
-0.17
-0.79
-0.21
11.05
-0.17
0.21
0.79
1.12
0.52
0.52
0.52
37.08
0.40
0.42
1.25
Uskl
153
0.52
Skl
28
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
0
1
1
9.57
0
0
0
-0.56
-0.97
-0.21
-0.80
11.02
-0.97
0.79
0.20
1.12
0.00
0.52
0.52
39.52
1.12
0.79
1.56
Uskl
158
0.52
Skl
29
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
0
1
1
9.68
0
0
0
-0.94
-0.15
-0.02
-0.75
10.73
-0.15
0.98
0.25
1.12
0.52
0.52
0.52
41.53
0.81
1.00
1.93
Uskl
159
0.52
Demand
Wage
Skl
29
1.12
8.28
0.09
0.09
0.28
Profit
HH
Entering
8.55
0.24
0.17
0.34
Ed
Exper
Luck
Rank
Wage
Profit
1
2
19
33
1
0
1
0
9.78
0
0
0
-0.70
-0.76
-0.71
-0.48
11.08
-0.76
0.29
-0.48
1.12
0.00
0.52
0.00
44.18
0.39
0.36
0.34
134
1.45
0.04
0.10
0.13
138
Tax
8.58
0.17
0.21
0.40
149.0
218
5
HH
1.41
0.09
0.09
0.12
Tax
146.3
213
4
Ed
129
Tax
144.4
209
5
Ed
Demand
Wage
HH
Profit
HH
Entering
Ed
Demand
Wage
HH
Skl
28
1.12
1.45
0.10
0.11
0.14
143
Tax
9.96
0.09
0.08
0.08
1.66
0.01
0.09
0.01
6227
Savings Wealth
2.10
0.02
0.02
0.07
36.67
0.07
0.02
0.72
Cons
SLF
R
5.88
0.49
0.50
0.61
1
0
1
1
0
0
0
0
Cons
SLF
R
6.04
0.14
0.54
0.64
1
0
1
1
0
0
0
0
Cons
SLF
R
6.06
0.54
0.56
0.68
1
0
1
1
0
0
0
1
Cons
SLF
R
6.88
0.05
0.49
0.05
1
0
1
0
0
0
0
0
6445
Savings Wealth
2.17
0.06
0.04
0.09
38.84
0.14
0.07
0.81
6667
Savings Wealth
2.18
0.04
0.05
0.10
41.02
0.18
0.12
0.91
6894
Savings Wealth
2.53
0.02
0.02
0.02
43.56
0.20
0.14
0.02
1998
Uskl
160
0.52
Demand
Wage
HH
1
2
19
33
1999
1
2
19
33
2000
Profit
HH
Entering
150.7
223
5
Ed
Exper
Luck
Rank
Wage
Profit
1
0
1
0
9.88
0
0
0
-0.88
-0.37
-0.11
-0.88
11.01
-0.37
0.89
-0.88
1.12
0.52
0.52
0.00
46.36
0.46
0.66
1.05
Uskl
161
0.52
Demand
Wage
HH
Skl
30
1.12
Skl
30
1.12
Profit
HH
Entering
Exper
Luck
Rank
Wage
Profit
1
0
1
0
9.98
0
0
0
-0.07
-0.13
-0.47
-0.39
11.92
-0.13
0.53
-0.39
1.12
0.52
0.52
0.52
48.81
0.45
0.85
1.08
Uskl
165
0.52
Demand
Wage
Skl
31
1.12
Tax
10.38
0.10
0.15
0.24
153.7
229
6
Ed
Profit
HH
Entering
Ed
Exper
Luck
Rank
Wage
Profit
1
2
19
33
1
0
1
0
10.1
0
0
0
-0.97
-0.77
-0.39
-0.59
11.11
-0.77
0.61
-0.59
1.12
0.00
0.52
0.00
51.76
0.94
1.12
0.37
1.73
0.09
0.10
0.04
154
Tax
11.41
0.10
0.20
0.25
156.4
234
5
HH
148
1.88
0.09
0.11
0.12
159
Tax
11.55
0.21
0.25
0.08
1.90
0.03
0.12
0.01
7127
Savings Wealth
2.64
0.03
0.04
0.06
46.20
0.23
0.18
0.08
Cons
SLF
R
7.14
0.50
0.53
0.14
1
0
1
0
0
0
0
0
Cons
SLF
R
7.75
0.50
0.56
0.59
1
0
1
0
0
0
0
0
Cons
SLF
R
7.83
0.12
0.59
0.05
1
0
1
0
0
0
0
0
7365
Savings Wealth
2.90
0.03
0.05
0.06
49.10
0.25
0.23
0.14
7608
Savings Wealth
2.94
0.05
0.06
0.02
52.03
0.31
0.29
0.17
Q1 Q2 Q3 Q4 Q5 Q5/ Q1
1950
1960
1970
1980
1990
2000
0.5
0.7
0.6
0.6
0.5
0.3
0.8
0.9
1.0
0.8
0.7
0.7
1.1
1.2
1.3
1.0
0.8
0.7
1.3
1.5
1.7
1.4
1.2
1.0
1.6
2.0
2.0
2.8
3.1
3.2
3.0
2.8
3.1
4.4
6.2
11.1
Source: Model calculations
Income Distribution