| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22938 |
| 来源ID | Working Paper 22938 |
| Improving the Measurement of Earnings Dynamics | |
| Moira Daly; Dmytro Hryshko; Iourii Manovskii | |
| 发表日期 | 2016-12-19 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | The stochastic process for earnings is the key element of incomplete markets models in modern quantitative macroeconomics. We show that a simple modification of the canonical process used in the literature leads to a dramatic improvement in the measurement of earnings dynamics in administrative and survey data alike. Empirically, earnings at the start or end of earnings spells are lower and more volatile than the observations in the interior of earnings histories, reflecting the effects of working less than the full year as well as deviations of wages due to e.g. tenure effects. Ignoring these properties of earnings, as is standard in the literature, leads to a substantial mismeasurement of the variances of permanent and transitory shocks and induces the large and widely documented divergence in the estimates of these variances based on fitting the earnings moments in levels or growth rates. Accounting for these effects enables more accurate analysis using quantitative models with permanent and transitory earnings risk, and improves empirical estimates of consumption insurance against permanent earnings shocks. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Behavioral Economics ; Macroeconomics ; Consumption and Investment |
| URL | https://www.nber.org/papers/w22938 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580611 |
| 推荐引用方式 GB/T 7714 | Moira Daly,Dmytro Hryshko,Iourii Manovskii. Improving the Measurement of Earnings Dynamics. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22938.pdf（528KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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