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Author: Jianakoplos, Nancy Ammon
Resulting in 7 citations.
1. Jianakoplos, Nancy Ammon
A Comparison of Income and Wealth Mobility in the United States
Journal of Income Distribution, 5,2 (1995): 211-225
Cohort(s): Older Men
Publisher: JAI Press, Inc.
Keyword(s): Income; Income Distribution; Income Dynamics/Shocks; Mobility; Wealth

This paper presents a systematic comparison of income and wealth mobility based on the same sample of households in the United States. Greater mobility is found within the distribution of income than within the distribution of wealth. While some mobility appears to be transitory, in that gains or losses attained over one time interval are reversed over subsequent intervals, neither income nor wealth mobility is completely reversed. Over the 1966-81 period examined, it appears that mobility within the income distribution was increasing while mobility within the wealth distribution was decreasing. Although income mobility is positively correlated with wealth mobility, this correlation is not very strong. (Copyright 1995 JAI Press Ltd. All rights of reproduction in any form reserved)
Bibliography Citation
Jianakoplos, Nancy Ammon. "A Comparison of Income and Wealth Mobility in the United States." Journal of Income Distribution, 5,2 (1995): 211-225.
2. Jianakoplos, Nancy Ammon
Household Wealth Accumulation during Periods of Inflation: Some Evidence from Longitudinal Data
Ph.D. Dissertation, The Ohio State University, 1983
Cohort(s): Older Men
Publisher: UMI - University Microfilms, Bell and Howell Information and Learning
Keyword(s): Assets; Behavior; Family Resources; Household Income; Inflation; Life Cycle Research; Wealth

This study focuses on the effect of anticipated and unanticipated, inflation-related and real capital gains and losses on the accumulation of wealth by individual households. The ex post change in individual-household wealth, or saving, is hypothesized to be positively related to the quantity of unanticipated, inflation-related, real capital gains accruing to households. Similarly, individual-household saving is predicted to vary inversely with the quantity of anticipated, inflation-related, real capital gains which households experience. Measures of anticipated and unanticipated, inflation-related, real capital gains are incorporated into a life-cycle model of individual-household saving behavior. An individual-household saving function is estimated empirically using panel data from the NLS of Older Men. The parameters of the saving function, over the intervals 1966-1971 and 1971-1976, are estimated separately and in a pooled cross-section and time-series model. The preponderance of the empirical estimates support the hypothesized relationships. The greater-than-predicted magnitudes of the coefficient estimates associated with the unanticipated capital gains variable suggest that changes in wealth resulting from capital gains are not quickly recognized and are not easily rechannelled into consumption spending. The greater-than-predicted wealth accumulation out of capital gains can be interpreted as partially offsetting the less-than-predicted saving out of expected earnings and net worth estimated in the regressions. The results indicate that households respond to inflation-induced wealth changes by substituting saving from the appreciation of existing assets for the acquisition of new assets. The measures of real capital gains capture the influence of the composition, as well as the magnitude, of individual-household wealth. Including measures of real capital gains in a life-cycle model of individual household wealth a ccumulation improves the explanatory power of the model. The significance of both of the capital gains variables emphasizes the importance of distinguishing between anticipated and unanticipated real capital gains when examining the determinants of individual-household saving behavior.
Bibliography Citation
Jianakoplos, Nancy Ammon. Household Wealth Accumulation during Periods of Inflation: Some Evidence from Longitudinal Data. Ph.D. Dissertation, The Ohio State University, 1983.
3. Jianakoplos, Nancy Ammon
Inflation and the Accumulation of Wealth by Older Households, 1966-1976
In: Level and Composition of Household Savings. P. Hendershott, ed. Cambridge, MA: Ballinger Publishing Co., 1985
Cohort(s): Older Men
Publisher: Ballinger Publishing Co.
Keyword(s): Assets; Family Size; Inflation; Retirement; Wealth

Permission to reprint the abstract has not been received from the publisher.

The principal finding of this paper is that both anticipated and unanticipated inflation-related real capital gains have a significant impact on individual household wealth accumulation, but the two effects operate in different directions. Anticipated real capital gains are found to reduce wealth accumulation in a manner analogous to the traditional wealth effect. Because unanticipated capital gains do not enter into the consumption-planning process, these gains are initially added to accumulated assets. Since capital gains vary across households because of differences in portfolios, these results suggest that the composition, in addition to the magnitude, of wealth influence saving decisions.
Bibliography Citation
Jianakoplos, Nancy Ammon. "Inflation and the Accumulation of Wealth by Older Households, 1966-1976" In: Level and Composition of Household Savings. P. Hendershott, ed. Cambridge, MA: Ballinger Publishing Co., 1985
4. Jianakoplos, Nancy Ammon
Menchik, Paul L.
Wealth Mobility
The Review of Economics and Statistics 79,1 (February 1997): 18-31.
Also: http://www.jstor.org/stable/2951429
Cohort(s): Older Men
Publisher: Harvard University Press
Keyword(s): Income Dynamics/Shocks; Mobility; Racial Differences; Wealth

Permission to reprint the abstract has not been received from the publisher.

The wealth mobility of a panel of mature American men between 1966 and 1981 is examined. Although greater persistence exists than within the income distribution, a sizable degree of movement within the wealth distribution is observed. Slightly more than half of the households changed quintiles. However, the magnitude of the movement was modest, with 78% of the moves to an adjacent quintile. Movements into either extreme of the wealth distribution were relatively rare. Really big moves, from the poorest to the richest group, were extremely rare, with the probability of an African-American making such a move within 15 years approximately zero. [ABI/Inform]
Bibliography Citation
Jianakoplos, Nancy Ammon and Paul L. Menchik. "Wealth Mobility." The Review of Economics and Statistics 79,1 (February 1997): 18-31.
5. Jianakoplos, Nancy Ammon
Menchik, Paul L.
Irvine, F. Owen
Saving Behavior of Older Households: Rate-of-Return, Precautionary and Inheritance Effects
Economics Letters 50 (1996): 111-121.
Also: http://www.sciencedirect.com/science/article/pii/0165176595007202
Cohort(s): Older Men
Publisher: Elsevier
Keyword(s): Inheritance; Intergenerational Patterns/Transmission; Life Cycle Research; Retirement; Savings; Transfers, Family

We estimate a model of household saving behavior using data from a panel of men nearing retirement age. We seek and find statistically significant rate-of-return, precautionary and intergenerational-transfer effects embedded within a retirement-consumption life-cycle model. Copyright 1996 Elsevier Science S.A. All rights reserved.
Bibliography Citation
Jianakoplos, Nancy Ammon, Paul L. Menchik and F. Owen Irvine. "Saving Behavior of Older Households: Rate-of-Return, Precautionary and Inheritance Effects." Economics Letters 50 (1996): 111-121.
6. Jianakoplos, Nancy Ammon
Menchik, Paul L.
Irvine, F. Owen
Using Panel Data to Assess the Bias in Cross-sectional Inferences of Life-Cycle Changes in the Level and Consumption of Household Wealth
In: Measurement of Saving, Investment, and Wealth. RE Lipsey and HS Tice, eds. Chicago, IL: University of Chicago Press, 1989
Cohort(s): Older Men
Publisher: University of Chicago Press
Keyword(s): Assets; Behavior; Data Quality/Consistency; Income; Life Cycle Research; Mortality; Research Methodology; Wealth

This paper compares age-wealth profiles based on four cross-sectional surveys of a panel with time-series age-wealth profiles for each of the fifteen age cohorts from the same panel observed over fifteen years. These comparisons confirm Shorrocks' hypothesis that productivity growth and differential mortality cause substantial distortions in age-wealth profiles based on cross-sectional data. Furthermore, the authors' evaluation of procedures used in previous research to adjust cross- sectional data for the productivity effect indicate that these fixups are unreliable and, in addition, do not correct for the differential mortality effect. Cohort-specific productivity effects and differential mortality are also shown to cause misleading inferences about portfolio reallocations over time based on cross- sectional data. The authors point to the need to adjust panel data for differential attrition before making inferences about individual behavior.
Bibliography Citation
Jianakoplos, Nancy Ammon, Paul L. Menchik and F. Owen Irvine. "Using Panel Data to Assess the Bias in Cross-sectional Inferences of Life-Cycle Changes in the Level and Consumption of Household Wealth" In: Measurement of Saving, Investment, and Wealth. RE Lipsey and HS Tice, eds. Chicago, IL: University of Chicago Press, 1989
7. Menchik, Paul L.
Jianakoplos, Nancy Ammon
Black-White Wealth Inequality: Is Inheritance the Reason?
Economic Inquiry 35,2 (April 1997): 428-442.
Also: http://onlinelibrary.wiley.com/doi/10.1111/j.1465-7295.1997.tb01920.x/abstract
Cohort(s): Older Men
Publisher: Western Economic Association International
Keyword(s): Income Dynamics/Shocks; Income Level; Inheritance; Racial Differences; Wealth

Racial differences in the receipt of financial inheritances help to explain why the average difference in wealth between black and white households is larger than the average difference in income.Using data from a panel of prime-aged males and from a representative survey of the U. S. population. We document the greater likelihood of white households receiving an inheritance than Black household. Controlling for other factors which contribute to racial differences in wealth we estimate that financial inheritance may account for between 10% and 20% of the average difference in black-white household wealth. Copyright Western Economic Association International.
Bibliography Citation
Menchik, Paul L. and Nancy Ammon Jianakoplos. "Black-White Wealth Inequality: Is Inheritance the Reason?" Economic Inquiry 35,2 (April 1997): 428-442.