normality. For the bottom earners, large income changes are driven equally by hours and wages which is consistent with …

variance of standarized individual wages. In particular, I propose a dynamic panel data model with individual effects both in … modified likelihood function for estimation and inference in a fixed-T context. Using a newly developed bias …-corrected likelihood approach makes it possible to reduce the estimation bias to a term of order 1 over T squared. The small sample …

standardized individual wages. In particular, a heteroskedastic autoregressive model with multiple individual fixed effects is … proposed. The expression for a modified likelihood function is obtained for estimation and inference in a fixed-T context …. Using a bias-corrected likelihood approach makes it possible to reduce the estimation bias to a term of order 1/Tﾲ. The …