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 … data from the United States. We find countercyclical variance and procyclical skewness of persistent shocks. All shock …

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 … data from the United States. We find countercyclical variance and procyclical skewness of persistent shocks. All shock …

We reassess the empirical effect of income and employment on self-reported well-being. Our analysis makes use of a … suggested by the theory of incomplete markets, we differentiate between the effects of persistent and transitory income shocks … is rather associated with a decline in happiness. -- incomplete markets ; happiness ; income persistence …

We reassess the empirical effect of income and employment on self-reported well-being. Our analysis makes use of a … suggested by the theory of incomplete markets, we differentiate between the effects of persistent and transitory income shocks …

We reassess the empirical effects of income and employment on self-reported well-being. Our analysis makes use of a two … theory of incomplete markets, we differentiate between the effects of persistent and transitory income shocks. In line with …

This paper empirically investigates the effects of changes in the interest rate as well as transitory income … significant effects of precautionary savings on the consumption-savings decision. As a result of a doubling of transitory income …. -- Consumption-savings decision ; interest rate elasticity of savings ; income uncertainty …

This paper empirically investigates the effects of changes in the interest rate as well as transitory income … significant effects of precautionary savings on the consumption-savings decision. As a result of a doubling of transitory income …

This paper analyzes the impact increased offshoring has on labor income risk. It is therefore distinct from a large … second moments, i.e. the variance of incomes. It provides an assessment that directly connects labor income risk and … offshoring trends at the sector level. Importantly, we distinguish between transitory and permanent shocks to individual income …

This paper empirically investigates the effects of changes in the interest rate as well as transitory income … significant effects of precautionary savings on the consumption-savings decision. As a result of a doubling of transitory income …

In this paper we analyze the impact of the expectations about future labor income on thesaving behavior of German … decreases savings. However, we are not able to identify asignificant relationship between general future income expectations and …