We revisit recent empirical evidence about the rise in top income inequality in the United States, drawing attention to … to inform researchers, policy makers, and journalists who are interested in top income inequality …

earnings shocks and find important asymmetries: positive shocks to high-income individuals are quite transitory, whereas … negative shocks are very persistent; the opposite is true for low-income individuals. Finally, we use these rich sets of …

This paper studies the cyclical nature of individual income risk using a confidential dataset from the U.S. Social … individual income growth during recessions into "between-group" and "within-group" components. We begin with the behavior of … within-group shocks. Contrary to past research, we do not find the variance of idiosyncratic income shocks to be …

We estimate an income process that is consistent with key facts on individual income risk and its variation over the … business cycle. In particular, the estimated process generates income fluctuations that display (i) flat and acyclical variance … over the life cycle, all consistent with the US data. Furthermore, the income process captures the predictable nature of …