| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23163 |
| 来源ID | Working Paper 23163 |
| Worker Betas: Five Facts about Systematic Earnings Risk | |
| Fatih Guvenen; Sam Schulhofer-Wohl; Jae Song; Motohiro Yogo | |
| 发表日期 | 2017-02-13 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | The magnitude of and heterogeneity in systematic earnings risk has important implications for various theories in macro, labor, and financial economics. Using administrative data, we document how the aggregate risk exposure of individual earnings to GDP and stock returns varies across gender, age, the worker’s earnings level, and industry. Aggregate risk exposure is U-shaped with respect to the earnings level. In the middle of the earnings distribution, aggregate risk exposure is higher for males, younger workers, and those in construction and durable manufacturing. At the top of the earnings distribution, aggregate risk exposure is higher for older workers and those in finance. Workers in larger employers are less exposed to aggregate risk, but they are more exposed to a common factor in employer-level earnings, especially at the top of the earnings distribution. Within an employer, higher-paid workers have higher exposure to the employer-level risk than lower-paid workers. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Financial Economics ; Portfolio Selection and Asset Pricing ; Labor Economics ; Labor Compensation |
| URL | https://www.nber.org/papers/w23163 |
| 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/580837 |
| 推荐引用方式 GB/T 7714 | Fatih Guvenen,Sam Schulhofer-Wohl,Jae Song,et al. Worker Betas: Five Facts about Systematic Earnings Risk. 2017. |
| 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 | ||
| w23163.pdf（251KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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