Guvenen, Fatih; Ozkan, Serdar; Madera, Rocio - 2024
Recent empirical studies document that the distribution of earnings changes displays substantial deviations from … lognormality: in particular, earnings changes are negatively skewed with extremely high kurtosis (long and thick tails), and these … non-Gaussian features vary substantially both over the life cycle and with the earnings level of individuals. Furthermore …