Although recessions negatively affect labor market outcomes, we find that individuals with greater cognitive skills … decrease in the returns to cognitive skills over the last few decades, on average. We argue that changes in the provision of … employer-paid training can help explain the relative return to cognitive skills during recent recessions due to lower training …

We extend the canonical income process with persistent and transitory risk to shock distributions with left …-skewness and excess kurtosis, to which we refer as higherorder risk. We estimate our extended income process by GMM for household …

We extend the canonical income process with persistent and transitory risk to shock distributions with left …-skewness and excess kurtosis, to which we refer as higher-order risk. We estimate our extended income process by GMM for household …

We extend the canonical income process with persistent and transitory risk to shock distributions with left …-skewness and excess kurtosis, to which we refer as higher-order risk. We estimate our extended income process by GMM for household …

We investigate cyclicality of variance and skewness of household labor income risk using PSID data. There are five main … findings. First, we find that head's labor income exhibits countercyclical variance and procyclical skewness. Second, the … cyclicality of hourly wages is muted, suggesting that head's labor income risk is mainly coming from the volatility of hours …

This paper establishes new evidence on the cyclical behaviour of household income risk in Great Britain and assesses … Panel Survey (1991-2008) by decomposing stochastic idiosyncratic income into its transitory, persistent and fixed components …. We then estimate how income risk, measured by the variance and the skewness of the probability distribution of shocks to …

We investigate cyclicality of variance and skewness of household labor income risk using PSID data. There are five main … findings. First, we find that head's labor income exhibits countercyclical variance and procyclical skewness. Second, the … cyclicality of hourly wages is muted, suggesting that head's labor income risk is mainly coming from the volatility of hours …

We investigate the cyclicality of real wages and income using individual data for the UK over the 1991-2008 period. By … paying special attention to the heterogeneity among different earnings and income groups, we document that individuals at the … recessions than in expansions for top-incomes. We also show that real wages and income are roughly a cyclical for low wage and …