This paper introduces a bivariate version of the generalized accelerated failure time model. It allows for simultaneity in the econometric sense that the two realized outcomes depend structurally on each other. Another feature of the proposed model is that it will generate equal durations with...

We develop a new approach to the decomposition of income risk within a non- stationary model of intertemporal choice. The approach allows for changes in in- come risk over the life cycle and across the business cycle, allowing for mixtures of persistent and transitory components in the dynamic...

In this paper, we use an employer‐based survey of earnings and hours to set out the key patterns in UK earnings dynamics from 1975 to 2020, with a particular focus on the most recent recession. We demonstrate that (log) earnings changes exhibit strongly procyclical skewness and have become...