Guvenen, Fatih; Ozkan, Serdar; Madera, Rocio - 2024
non-Gaussian features vary substantially both over the life cycle and with the earnings level of individuals. Furthermore …” that captures these non-Gaussian and nonlinear features into a lifecycle consumption-saving model and study its … canonical Gaussian (persistent-plus-transitory) process understates it by a factor of five to ten. Second, the welfare cost of …