Income dynamics when shocks occur during the year
Economics Letters, 2018, vol. 173, issue C, 27-29
This paper suggests a persistent income process specification where income flows may shift during the year. The variance of persistent shocks is shown to be consistently estimated also with traditional specifications restricting shocks to occur only between years.
Keywords: Income dynamics; Persistent processes (search for similar items in EconPapers)
JEL-codes: C22 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:173:y:2018:i:c:p:27-29
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