Reconciling Estimates of Income Processes in Growth Rates and Levels
Iourii Manovskii (),
Dmytro Hryshko () and
Moira Daly ()
No 1319, 2011 Meeting Papers from Society for Economic Dynamics
It has been recently documented that the estimates of income processes using the moments for log-incomes in levels and differences deviate substantially. This has important quantitative implications for calibrated macro models. We propose a specification of the income process consistent with the moments in levels and growth rates, and estimate it using administrative data on labor incomes of Danish males for the period 1981--2006.
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