Trade of the OECD countries has grown faster than income during the postwar period. This paper tests a number of … different hypotheses for the observed growth in the trade/income ratio. For small open economies, increases in real output and …

This paper studies variation in individual labor income over time using a panel vector autoregression (PVAR) in income … variation in labor income is due to residual variation in the wage rate, work hours, and unemployment hours. I also explore the … their contribution to short-run and long-run income movements. The model is estimated on a sample of male household heads …

This paper assesses the quantitative importance of a number of sources of income risk for household welfare and … precautionary saving. To that end I construct a lifecycle consumption model in which household income is subject to shocks … associated with disability, health, unemployment, job changes, wages, work hours, and a residual component of household income. I …

, or because preferences have become more similar with rising per capita income. …