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The life-cycle and the business-cycle of wage risk — Cross-country comparisons

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  • Bayer, Christian
  • Juessen, Falko

Abstract

We provide evidence on life-cycle and business-cycle fluctuations in the dispersion of household-level wage innovations, comparing the US, the UK, and Germany. First, we find that household characteristics explain about 25% of the dispersion in wages within an age group in all three countries. Second, the cross-sectional variance of wages is almost linearly increasing in household age in all three countries, but with increments being smaller in the European data. Third, wage risk is procyclical in Germany while it is countercyclical in the US and acyclical in the UK.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 117 (2012)
Issue (Month): 3 ()
Pages: 831-833

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Handle: RePEc:eee:ecolet:v:117:y:2012:i:3:p:831-833

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Wage risk; Life cycle; Uncertainty fluctuations; Heterogeneity;

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References

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  1. Kjetil Storesletten & Chris I. Telmer & Amir Yaron, 2004. "Cyclical Dynamics in Idiosyncratic Labor Market Risk," Journal of Political Economy, University of Chicago Press, vol. 112(3), pages 695-717, June.
  2. Jon Cohen & Michelle Alexopoulos, 2009. "Uncertain Times, Uncertain Measures," 2009 Meeting Papers 1211, Society for Economic Dynamics.
  3. Nicholas Bloom, 2009. "The Impact of Uncertainty Shocks," Econometrica, Econometric Society, vol. 77(3), pages 623-685, 05.
  4. Jonathan Heathcote & Fabrizio Perri & Giovanni L. Violante, 2010. "Unequal We Stand: An Empirical Analysis of Economic Inequality in the United States: 1967-2006," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 13(1), pages 15-51, January.
  5. Nicola Fuchs-Schündeln & Dirk Krueger & Mathias Sommer, 2009. "Inequality Trends for Germany in the Last Two Decades: A Tale of Two Countries," NBER Working Papers 15059, National Bureau of Economic Research, Inc.
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Cited by:
  1. Bayer, Christian & Juessen, Falko, 2012. "Happiness and the Persistence of Income Shocks," IZA Discussion Papers 6771, Institute for the Study of Labor (IZA).

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