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Higher-order income risk over the business cycle
Busch, Christopher; Ludwig, Alexander - 2020
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 …
Persistent link: https://www.econbiz.de/10012182809
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Higher-order income risk over the business cycle
Busch, Christopher; Ludwig, Alexander - 2020
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 …
Persistent link: https://www.econbiz.de/10012215285
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Returns to education and macroeconomic shocks : evidence from Argentina
López Bóo, Florencia - 2010
Returns to schooling in urban Argentina increased from 1992 to 2003, a period of economic reforms and macroeconomic volatility. In this paper I provide the most consistent estimates of returns to education so far, while I also investigate earnings profiles over time. This paper contributes to...
Persistent link: https://www.econbiz.de/10003940279
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The Nature of Countercyclical Income Risk
Guvenen, Fatih - 2015
This paper studies the nature of business cycle variation in individual earnings risk using a dataset from the U.S. Social Security Administration, which contains (uncapped) earnings histories for millions of anonymous individuals. The base sample is a nationally representative panel containing...
Persistent link: https://www.econbiz.de/10013035613
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What do data on millions of US workers reveal about life-cycle earnings risk?
Guvenen, Fatih; Karahan, Fatih; Ozkan, Serdar; Song, Jae - 2015
response functions of earnings shocks and find important asymmetries: Positive shocks to high-income individuals are quite … transitory, whereas negative shocks are very persistent; the opposite is true for low-income individuals. Finally, we use these …
Persistent link: https://www.econbiz.de/10010482953
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What Do Data on Millions of U.S. Workers Reveal About Life-Cycle Earnings Dynamics?
Guvenen, Fatih - 2019
, we estimate nonparametric impulse response functions and find important asymmetries: positive changes for high-income … individuals are quite transitory, whereas negative ones are very persistent; the opposite is true for low-income individuals …
Persistent link: https://www.econbiz.de/10012904452
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What Do Data on Millions of U.S. Workers Reveal About Life-Cycle Earnings Risk?
Guvenen, Fatih - 2015
response functions of earnings shocks and find important asymmetries: Positive shocks to high-income individuals are quite … transitory, whereas negative shocks are very persistent; the opposite is true for low-income individuals. Finally, we use these …
Persistent link: https://www.econbiz.de/10013017427
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Modeling life-cycle earnings risk with positive and negative shocks
Sanchez, Manuel; Wellschmied, Felix - 2017
We study workers' idiosyncratic earnings risk over the life-cycle using a German administrative data set. Positive and negative earnings shocks both contain a highly persistent component. The variance and average size of positive persistent shocks is decreasing over the life-cycle. The...
Persistent link: https://www.econbiz.de/10011709932
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Consumption dynamics and welfare under non-Gaussian earnings risk
Guvenen, Fatih; Ozkan, Serdar; Madera, Rocio - 2024
standard method in the literature for measuring the pass-through of income shocks to consumption—can significantly overstate … transitory income (e.g., from a stimulus check) is higher under non-Gaussian earnings risk. …
Persistent link: https://www.econbiz.de/10014543845
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Modeling Life-Cycle Earnings Risk with Positive and Negative Shocks
Sanchez Garcia, Manuel - 2017
We study workers' idiosyncratic earnings risk over the life-cycle using a German administrative data set. Positive and negative earnings shocks both contain a highly persistent component. The variance and average size of positive persistent shocks is decreasing over the life-cycle. The...
Persistent link: https://www.econbiz.de/10012948657