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

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 …

earnings and family income. We find few differences in estimated gains by baseline health and occupation characteristics …

This paper presents a framework for the quantitative analysis of individual income dynamics, mobility and welfare, with … ex-ante identical individuals facing a stochastic income process and market incompleteness implying that they are unable … to insure against persistent shocks to income. We show how the parameters of the income process can be estimated using …

declines--on the order of 40%--in real incomes for both men and women. The brunt of the income decline appears to have been … decline. For most groups, a (conservative) correction for selection into income recipiency explains some, but not all, of the … income decline. For other groups, selection is a potential explanation for the income decline. Perhaps the most persuasive …

of Income Dynamics. The results show large and persistent effects of displacement on average, with earnings and wages …

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 …

earlier years of schooling, or whether education raises health directly or through income or wealth. In this paper, I examine … how the timing of educational attainment is important for adult health outcomes, income, and wealth, in order to … pronounced for income and wealth. In the full sample, the marginal effects on the probability of fair or poor health at age 55 of …

This paper presents new information on the fraction of adjusted gross income, and of wages and salaries, that is … reported by taxpayers in the top one half of one percent of the income distribution. This corresponds to roughly five hundred … thousand households in the late 1990s. This paper relies on data from the Treasury's Individual Income Tax Model for the period …

decreased during the 2000-2005 economic recovery. The decrease appears to be driven by falling volatility of transitory income … Monitoring Survey (RLMS) for 1994-2005. We analyze cross-sectional income and consumption inequality and find that inequality … shocks. The response of consumption to permanent and transitory income shocks becomes weaker later in the sample, consistent …