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How Risky Are Recessions for Top Earners? / Fatih Guvenen, Greg Kaplan, Jae Song.
- Format:
- Book
- Author/Creator:
- Guvenen, Fatih.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w19864.
- NBER working paper series no. w19864
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2014.
- Summary:
- How sensitive are the earnings of top earners to business cycles? And, how does the business cycle sensitivity of top earners vary by industry? We use a confidential dataset on earnings histories of US males from the Social Security Administration. On average, individuals in the top 1% of the earnings distribution are slightly more cyclical than the population average. But there are large differences across sectors: Top earners in Finance, Insurance, and Real Estate (FIRE) and Construction face substantial business cycle volatility, whereas those in Services (who make up 40% of individuals in the top 1 percent) have earnings that are less cyclical than the average worker.
- Notes:
- Print version record
- January 2014.
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