**Table 5.** Income growth and inequality by percentiles in the U.S.: estimated results using robust System-GMM (Collapse instruments) (extended controls from Marrero and Rodríguez, 2013)

||**All sa**|**mple**|**Percen**|**tile 05**|**Perce**|**ntile 10**|**Perce**|**ntile 25**|**Perce**|**ntile 50**|**Perce**|**ntile 75**|**Perce**|**ntile 90**|**Perce**|**ntile 95**|**Perce**|**ntile 99**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|**Ineq., lag**|0.00956|0.0283|0.0634|0.157**|-0.0125|0.0331|-0.0114|0.00388|0.00373|0.00774|0.0250|0.0121|0.0303**|0.00402|0.0371**|-0.000633|0.0441**|-0.0367|
||(0.41)|(1.13)|(0.98)|(2.35)|(-0.28)|(0.74)|(-0.40)|(0.14)|(0.18)|(0.33)|(1.63)|(0.58)|(2.31)|(0.20)|(2.64)|(-0.03)|(2.36)|(-1.07)|
|**IO, lag**||-0.0815||-0.488***||-0.226*||-0.0709||-0.0353||0.0225||0.0600||0.0902||0.205**|
|||(-1.20)||(-3.40)||(-1.87)||(-0.90)||(-0.54)||(0.39)||(1.01)||(1.43)||(2.54)|
|**ln(y), lag**|-0.0456***|-0.0482***|-0.0402***|-0.0497***|-0.0475***|-0.0526***|-0.0460***|-0.0482**|* -0.0503**|* -0.0523***|-0.0409***|-0.0414***|-0.0375***|-0.0377**|* -0.0303**|* -0.0301**|* -0.0367**|* -0.0371***|
||(-6.17)|(-6.40)|(-4.59)|(-6.12)|(-7.12)|(-7.42)|(-7.85)|(-7.44)|(-6.16)|(-6.73)|(-4.57)|(-4.90)|(-4.51)|(-4.84)|(-3.84)|(-3.85)|(-3.70)|(-3.82)|
|**Edu_ms, lag**|0.0472|0.0552*|0.00727|0.0266|0.0375|0.0488|0.0465|0.0537**|0.0567*|0.0663**|0.0431|0.0506*|0.0328|0.0415|0.0222|0.0317|0.0317|0.0485|
||(1.50)|(1.90)|(0.12)|(0.50)|(0.82)|(1.17)|(1.65)|(2.07)|(1.87)|(2.42)|(1.52)|(1.90)|(1.22)|(1.59)|(0.87)|(1.24)|(1.04)|(1.53)|
|**OLM-fem., lag**|-0.0561**|-0.0549**|-0.108**|-0.122**|-0.0976**|-0.100***|-0.0675***|-0.0656**|* -0.0566**|-0.0509***|-0.0384*|-0.0300|-0.0409**|-0.0278|-0.0491**|*<br>-0.0315*|-0.0190|0.0120|
||(-2.42)|(-2.53)|(-2.07)|(-2.53)|(-2.64)|(-2.79)|(-2.78)|(-2.89)|(-2.64)|(-2.71)|(-1.82)|(-1.56)|(-2.03)|(-1.48)|(-2.76)|(-1.80)|(-0.62)|(0.37)|
|**Age 0-15, lag**|-0.0857|-0.0959|-0.141|-0.192|-0.100|-0.126|-0.000933|-0.0106|-0.0747|-0.0809|-0.0714|-0.0709|-0.176***|-0.177***|-0.203***|-0.203***|-0.129|-0.126|
||(-1.11)|(-1.35)|(-0.96)|(-1.39)|(-0.85)|(-1.14)|(-0.01)|(-0.14)|(-1.06)|(-1.25)|(-1.11)|(-1.19)|(-2.69)|(-2.86)|(-3.15)|(-3.35)|(-1.62)|(-1.66)|
|**Age 65+, lag**|-0.0767|-0.0838|-0.0374|-0.112|-0.0620|-0.0935|-0.0165|-0.0181|-0.0815|-0.0792|-0.0743|-0.0712|-0.133**|-0.125**|-0.145**|-0.135**|-0.0680|-0.0360|
||(-1.30)|(-1.45)|(-0.27)|(-0.82)|(-0.59)|(-0.88)|(-0.27)|(-0.30)|(-1.55)|(-1.61)|(-1.45)|(-1.46)|(-2.26)|(-2.16)|(-2.44)|(-2.30)|(-1.14)|(-0.65)|
|**Emp_cons, lag**|-0.0999|-0.0961|-0.336*|-0.295|-0.240**|-0.215*|-0.0753|-0.0709|-0.0736|-0.0790|-0.0615|-0.0715|0.0000836|-0.0191|0.0364|0.0108|0.00801|-0.0527|
||(-1.43)|(-1.35)|(-1.89)|(-1.63)|(-2.14)|(-1.87)|(-1.01)|(-0.95)|(-1.23)|(-1.35)|(-1.03)|(-1.20)|(0.00)|(-0.35)|(0.65)|(0.19)|(0.11)|(-0.67)|
|**Emp_finan., lag**|0.0730|0.0564|-0.0335|-0.0369|-0.0192|-0.0155|0.0498|0.0358|0.105*|0.0772|0.0929|0.0745|0.115|0.0960|0.116|0.101|0.183|0.155|
||(1.11)|(0.94)|(-0.25)|(-0.27)|(-0.19)|(-0.16)|(0.71)|(0.53)|(1.76)|(1.46)|(1.51)|(1.20)|(1.60)|(1.25)|(1.19)|(0.94)|(1.35)|(0.96)|
|**Emp_gov, lag**|0.0728**|0.0639*|0.169***|0.133*|0.122***|0.104**|0.0668**|0.0593|0.0603**|0.0534*|0.0578**|0.0568*|0.0605**|0.0644**|0.0547**|0.0617**|0.0316|0.0428|
||(2.31)|(1.84)|(2.78)|(1.95)|(2.70)|(2.08)|(2.04)|(1.64)|(2.16)|(1.76)|(2.10)|(1.97)|(2.27)|(2.37)|(2.35)|(2.66)|(0.90)|(1.30)|
|**Emp_growth, lag**|-0.00704|-0.00569|-0.0167|-0.0137|-0.0107|-0.00987|-0.00693|-0.00577|-0.00627|-0.00440|-0.00317|-0.00188|-0.00587|-0.00398|-0.00673|-0.00454|-0.00466|-0.000258|
||(-1.38)|(-1.07)|(-1.48)|(-1.19)|(-1.28)|(-1.20)|(-1.24)|(-1.03)|(-1.29)|(-0.92)|(-0.76)|(-0.44)|(-1.40)|(-0.93)|(-1.64)|(-1.12)|(-0.87)|(-0.05)|
|**Fertility, lag**|-0.0357***|-0.0370***|<br>-0.0222|-0.0250|-0.0335**|-0.0352**|-0.0516***|-0.0529**|* -0.0404**|* -0.0419***|-0.0399***|-0.0409***|-0.0252***|-0.0263**|* -0.0183**|* -0.0195**|* -0.0263**|-0.0268**|
||(-3.74)|(-3.80)|(-1.23)|(-1.39)|(-2.22)|(-2.31)|(-4.94)|(-4.96)|(-4.33)|(-4.46)|(-4.77)|(-4.90)|(-3.34)|(-3.51)|(-2.74)|(-3.07)|(-2.13)|(-2.38)|
|**Welfare, lag**|-0.0849|-0.119|0.0723|-0.0317|-0.106|-0.156|-0.0823|-0.110|-0.101|-0.132|-0.113|-0.126|-0.105|-0.119|-0.0630|-0.0686|-0.252**|-0.243**|
||(-0.81)|(-1.14)|(0.29)|(-0.13)|(-0.60)|(-0.89)|(-0.75)|(-0.99)|(-1.03)|(-1.34)|(-1.32)|(-1.52)|(-1.26)|(-1.53)|(-0.79)|(-0.92)|(-2.62)|(-2.53)|
|**Num.Obs.**|240|240|240|240|240|240|240|240|240|240|240|240|240|240|240|240|240|240|
|**hansen (p-val)**|0.595|0.795|0.730|0.920|0.638|0.884|0.560|0.832|0.560|0.797|0.678|0.825|0.665|0.815|0.713|0.834|0.772|0.842|
|<br>**m1(p-val)**|0.0000113|0.0000210|0.0000823|0.0000934|0.0000123|0.0000147|0.0000239|0.000032|6 0.0000099|9 0.0000193|0.0000243|0.0000388|0.0000375|0.0000504|0.0000140|0.0000189|0.0000657|0.000109|
|**m2(p-val)**|0.151|0.272|0.113|0.210|0.0824|0.149|0.128|0.218|0.167|0.249|0.609|0.621|0.572|0.511|0.877|0.985|0.435|0.358|
|**AR(3)(p-val)**|0.0684|0.0551|0.270|0.214|0.0400|0.0546|0.0177|0.0182|0.0533|0.0566|0.229|0.254|0.468|0.656|0.329|0.491|1.000|0.553|
|**Num.States**|48|48|48|48|48|48|48|48|48|48|48|48|48|48|48|48|48|48|
|**Num.Instr.**|65|70|65|70|65|70|65|70|65|70|65|70|65|70|65|70|65|70|

See Note in Table 3. System-GMM is estimated collapsing the matrix of instruments to avoid the problem of ‘too-many instruments’ (Roodman, 2009a).

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