Guvenen, Fatih; Ozkan, Serdar; Song, Jae - In: Journal of Political Economy 122 (2014) 3, pp. 621-621
We study business cycle variation in individual earnings risk using a confidential and very large data set from the US Social Security Administration. Contrary to past research, we find that the variance of idiosyncratic shocks is not countercyclical. Instead, it is the left-skewness of shocks...