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Author: Menchik, Paul L.

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1.	Jianakoplos, Nancy Ammon Menchik, Paul L.
1.	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.

2.	Jianakoplos, Nancy Ammon Menchik, Paul L. Irvine, F. Owen
2.	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/Retirement Planning; 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.

3.	Jianakoplos, Nancy Ammon Menchik, Paul L. Irvine, F. Owen
3.	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

4.	Menchik, Paul L.
4.	Economic Status as a Determinant of Mortality Among Nonwhite and White Older Males: Does Poverty Kill? Discussion Paper No. 936-91, Institute for Research on Poverty, University of Wisconsin - Madison, 1991 Cohort(s): Older Men Publisher: Institute for Research on Poverty (IRP), University of Wisconsin - Madison Keyword(s): Age and Ageing; Health/Health Status/SF-12 Scale; Income; Mortality; Poverty; Racial Differences; Retirement/Retirement Planning; Transfers, Financial; Transfers, Public Permission to reprint the abstract has not been received from the publisher. The evidence presented in this paper shows that differential mortality rates by economic status are strongly present in the United States today, and that this relationship is monotonic, with the wealthiest decile having lower death rates than the next wealthiest decile. Differential mortality rates by economic status can be said to be confused with the well-known racial difference in mortality. An implication of this paper, then, is that racial differences in mortality are, in large part, a consequence of poverty or low permanent income, as opposed to racial genotype. Consequently, it may be just as valid, or even more so, to publish mortality tables by income as by race. Another implication of this paper is that the redistributive effects of longevity-based transfer systems, such as Social Security, may be less "progressive" than assumed, since would-be-poorer recipients are either less likely to live long enough to collect any benefits in the first place or will not live to collect them for as long a period of time as will more affluent recipients. In addition, a direct effect of schooling on survival-probability was not found. Consequently, the beneficial effect of schooling on longevity must work through its effect upon income, with only the latter directly influencing mortality risk.
	Bibliography Citation Menchik, Paul L. "Economic Status as a Determinant of Mortality Among Nonwhite and White Older Males: Does Poverty Kill?" Discussion Paper No. 936-91, Institute for Research on Poverty, University of Wisconsin - Madison, 1991.

5.	Menchik, Paul L. Jianakoplos, Nancy Ammon
5.	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.

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