F Guvenen - Journal of Monetary Economics, 2006 - Elsevier
In this paper we reconcile two opposing views about the elasticity of intertemporal
substitution (EIS). Empirical studies using aggregate consumption data typically find the EIS
to be close to zero, whereas calibrated models designed to match growth and fluctuations ...
F Guvenen - Econometrica, 2009 - Wiley Online Library
I study asset prices in a two-agent macroeconomic model with two key features: limited stock
market participation and heterogeneity in the elasticity of intertemporal substitution in
consumption (EIS). The model is consistent with some prominent features of asset prices, ...
F Guvenen - The American economic review, 2007 - JSTOR
The current literature offers two views on the nature of the labor income process. According
to the first view, individuals are subject to very persistent income shocks while facing similar
life-cycle income profiles (the RIP process, Thomas MaCurdy 1982). According to the ...
F Guvenen - Review of Economic Dynamics, 2009 - Elsevier
In this paper, I reassess the evidence on labor income risk. There are two leading views on
the nature of the income process in the current literature. The first view, which I call the
“Restricted Income Profiles”(RIP) process, holds that individuals are subject to large and ...
F Guvenen… - 2010 - nber.org
This paper uses the information contained in the joint dynamics of households' labor
earnings and consumption-choice decisions to quantify the nature and amount of income
risk that households face. We accomplish this task by estimating a structural consumption- ...
F Guvenen… - 2007 - nber.org
In this paper, we construct a parsimonious overlapping-generations model of human capital
accumulation and study its quantitative implications for the evolution of the US wage
distribution from 1970 to 2000. A key feature of the model is that individuals differ in their ...
F Guvenen, B Kuruscu… - 2009 - nber.org
Wage inequality has been significantly higher in the United States than in continental
European countries (CEU) since the 1970s. Moreover, this inequality gap has further
widened during this period as the US has experienced a large increase in wage inequality ...
F Guvenen - Unpublished manuscript, University of Rochester, 2001 - Citeseer
Abstract In this paper, we reconcile two opposing views about the elasticity of intertemporal
substitution (EIS), a parameter that plays a key role in macroeconomic analysis. On the one
hand, empirical studies using aggregate consumption data typically find that the EIS is ...
F Guvenen - The Review of Economics and Statistics, 2007 - MIT Press
Abstract This paper analyzes the extent of risk-sharing among stockholders and
nonstockholders. To evaluate the empirical importance of market incompleteness, it is
essential to determine whether idiosyncratic shocks are important for the wealthy who ...
F Guvenen… - Journal of the European Economic …, 2006 - Wiley Online Library
There is now a vast and still-growing literature that attempts to explain many puzzling observations
on asset prices, such as the equity premium puzzle, the risk-free rate puzzle, the predictability
and countercycicality of excess returns, among others (see, for example, Campbell 1999 ...
B Guler, F Guvenen… - 2009 - nber.org
Search theory routinely assumes that decisions about the acceptance/rejection of job offers
(and, hence, about labor market movements between jobs or across employment states) are
made by individuals acting in isolation. In reality, the vast majority of workers are ...
F Guvenen… - 2007 - nber.org
In this paper we present an analytically tractable overlapping generations model of human
capital accumulation, and study its implications for the evolution of the US wage distribution
from 1970 to 2000. The key feature of the model, and the only source of heterogeneity, is ...
[CITATION] Essays on Limited Stock Market Participation and the Macroeconomy, unpublished dissertation
MF Guvenen - 2001 - Carnegie Mellon University
MF Guvenen… - WORKING PAPER- …, 2002 - Citeseer
Abstract This paper addresses two questions: One, does stockholding provide perfect risk
insurance? Two, do stockholders have significantly different preferences than non-
stockholders? We investigate these questions in the context of a dynamic structural model ...
F Guvenen, B Kuruscu… - 2009 - aida.wss.yale.edu
Abstract Since the 1970's, wage inequality has been consistently higher in the US and the
UK than in most continental European countries (CEU). Furthermore, this “inequality gap”
has further widened during this period as the US and the UK have experienced large ...
[CITATION] Learning Your Income: Are Labor Income Shocks Really Very Persistent?
F Guvenen - 2005 - Working Paper, 2005, University of …
F Guvenen - 2011 - nber.org
This article reviews macroeconomic models with heterogeneous households. A key
question for the relevance of these models concerns the degree to which markets are
complete. This is because the existence of complete markets imposes restrictions on (i) ...
F Guvenen,
H Lustig - Social Science Research Network, 2007 - Citeseer
Abstract The essential element in modern asset pricing theory is a positive random variable
called “the stochastic discount factor”(SDF). This object allows one to price any payoff
stream. Its existence is implied by the absence of arbitrage opportunities. Consumption- ...
[CITATION] lA Quantitative Analysis of the Evo $ lution of the US Wage Distribution: 1970n 2000, mWorking Paper
F Guvenen… - University of Texas at Austin, 2006
F Guvenen… - 2006 Meeting Papers, 2006 - econ.ucsb.edu
Abstract In this paper we present a tractable general equilibrium overlapping-generations
model of human capital accumulation which is consistent with several features of the
evolution of the US wage distribution from 1970 to 2000. The key feature of the model, and ...
[CITATION] Learning Your Earning: Are Labor Income Shocks Really Very Persistent?, Working Paper, University of Texas at Austin
F Guvenen - 2005
[CITATION] lLearning Your Earning: Are Labor Income Shocks Really Very Persistent? mAmerican Economic Review, forthcoming
F Guvenen - 2007
[CITATION] Limited Stock Market Participation and the Macroeconomy
MF Guvenen - 2000 - Working Paper, University of …
F Guvenen,
H Lustig - Social Science Research Network, 2007 - Citeseer
Abstract Asset pricing is a branch of financial economics that is rich in puzzles and
anomalies—that is, stylized empirical facts not easily explained by the canonical asset
pricing models. These range from the equity premium puzzle and the risk-free rate puzzle ...
F Guvenen… - 2006 - mail.atl-res.com
Abstract In this paper we present an analytically tractable general equilibrium overlapping-
generations model of human capital accumulation, and study its implications for the
evolution of the US wage distribution from 1970 to 2000. The key feature of the model, and ...
F Guvenen - 2004 Meeting Papers, 2004 - ideas.repec.org
In this paper we examine the risk situation facing individuals in the labor market. The current
consensus in the literature is that the labor income process has a large random walk
component. We argue two points. First, the direct estimates of this parameter (from labor ...
AA Smith, F Guvenen - 2006 Meeting Papers, 2006 - ideas.repec.org
This paper estimates a general stochastic process for labor income via indirect inference, by
jointly using labor income data together with the information embedded in the dynamics of
individual consumption. We extend earlier work in several directions. First, we do not ...
B Kuruscu… - 2005 Meeting Papers, 2005 - ideas.repec.org
Data contributors to RePEc receive monthly emails with details about downloads and abstract
views of their works. ... No abstract is available for this item. ... To our knowledge, this item is
not available for download. To find whether it is available, there are three options: 1. ...
[CITATION] A Quantitative Analysis of Rising Inequality: Ben-Porath Meets Skill-Biased Technical Change
F Guvenen… - 2006 - … Paper, University of Texas at Austin
F Guvenen - Computer Codes, 2008 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Code
and data files for "An Empirical Investigation of Labor Income Processes". Fatih Guvenen (). ...
[CITATION] Appendix to jReconciling Conflicting Evidence on the Elasticity of Intertemporal Substitution: A Macroeconomic Perspectivek
F Guvenen - 2005
F Guvenen, B Haim, V Panousi, I Vidangos… - 2010 - webmeets.com
The importance of idiosyncratic labor income risk for individuals' economic choices and,
hence, for allocations and welfare is hard to overstate. The literature that relies on
incomplete markets/heterogeneous agent models is not only vast, but is also continuing to ...
F Guvenen, S Ozkan… - 2012 - econ.ucla.edu
Abstract This paper studies the cyclical nature of individual income risk using a confidential
dataset from the Social Security Administration, which contains (uncapped) earnings
histories for millions of individuals. The base sample is a nationally representative panel ...
T Philippon… - 2005 Meeting Papers, 2005 - econpapers.repec.org
... Please update your bookmarks. Firm Volatility and Wage Inequality. Thomas Philippon ()
and Fatih Guvenen () Additional contact information Thomas Philippon: finance nyu stern.
No 230, 2005 Meeting Papers from Society for Economic Dynamics. ...
H Lustig, F Guvenen - 2007 - papers.ssrn.com
Abstract: The essential element in modern asset pricing theory is a positive random variable
called the stochastic discount factor (SDF). This object allows one to price any payoff stream.
Its existence is implied by the absence of arbitrage opportunities. Consumption-based ...
F Guvenen… - 2006 - atl-res.com
Abstract In this paper we quantitatively study the implications of an overlapping-generations
model of human capital accumulation for the evolution of the US wage distribution from 1970
to 2000. The key feature of the model is that individuals differ in their ability to accumulate ...
F Guvenen - 2008 - econ.umn.edu
This appendix describes the numerical methods used to solve the limited participation
model described in Section 3 of Guvenen (2008). Some of the material here has been
summarized in that section. Here, I provide a more detailed description, which repeats ...
F Guvenen, B Kuruscu… - 2008 - econ.yale.edu
Abstract This paper examines the role of policies and institutions in explaining the cross-
country differences in wage inequality observed in the past three decades. For example,
from the late 1970's until 1990's wage inequality has increased substantially in the US, ...
[CITATION] Economics 529: Part II Consumption and Income Inequality Preliminary Reading List
F Guvenen - Economics, 2004
AA Smith, F Guvenen - 2007 - deutsche-bundesbank.eu
... Eltville, 27-28 April 2007 Harald Uhlig (Humboldt Universtät zu Berlin & Deutsche
Bundesbank) Discussion of „Inferring Labour Income Risk from Economic Choices: An
Indirect Inference Approach“ by Anthony A Smith and Fatih Guvenen ...
F Guvenen, B Kuruscu… - 2009 - economics.uwo.ca
Abstract Wage inequality has been significantly higher in the United States than in
continental European countries (CEU) since the 1970s. Moreover, this “inequality gap” has
further widened during this period as the US has experienced a large increase in wage ...
F Guvenen… - 2011 - sgvs.ch
This paper investigates the effects of education on the evolution of women's role in society—
specifically, in the labor market and in the marriage market. In particular, it focuses on the
following four socio-economic trends observed in the United States since the 1950s:
H Lustig, F Guvenen - 2007 - papers.ssrn.com
Abstract: Asset pricing is a branch of financial economics that is rich in puzzles and
anomalies-that is, stylized empirical facts not easily explained by the canonical asset pricing
models. These range from the equity premium puzzle and the risk-free rate puzzle to the ...
[CITATION] An empirical analysis of labor income processes
F Guvenen - 2007 - National Bureau of Economic …
C Campanale… - 2005 Meeting Papers, 2005 - ideas.repec.org
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