wealth-income ratio. Model parameters, including preferences, the cost of stock market participation and portfolio adjustment … matters through two channels: the mean of income and the discount factor …

We estimate the trend in the transitory variance of male earnings in the U.S. using the Michigan Panel Study of Income …

" states - following market declines and when market volatility is high - and are contemporaneous with market rebounds. We show …

This paper examines how labor income volatility and social security benefits can influence lifecycle household … annuities, and stocks as well as bonds. Higher labor income uncertainty and lower old-age benefits boost demand for stable … income in retirement, but also when young. In addition, a declining equity glide path with age is appropriate for the worker …

, volatility and stock returns. To do this, we use a large sample of individual accounts over a six-year period in the 1990's in …

-asset demand, and portfolio returns. We derive related insights concerning determinants of the level and volatility of asset prices … opposite effects. Our results indicate a non-trivial return to education in generating non-wage income. They suggest that … educational attainments directly affect the distribution of income as well as earnings …

uncertainty. The results dictate the role of uncertainty and volatility in structural models and we show they are consistent with …

Managed portfolios that take less risk when volatility is high produce large alphas, substantially increase factor …, profitability, return on equity, and investment factors in equities, as well as the currency carry trade. Volatility timing …

This paper uses tax return data for the period 1951-1990 to investigate the rising share of adjusted gross income (AGI …) that is reported on very high income tax returns. We find that most of the increase in the share of AGI reported by high-income … taxpayers is due to an increase in reported income for the one quarter of one percent of taxpayers with the highest AGIs. The …