Krebs, Tom (contributor) - 2004
constant, but skill-levels
evolve stochastically over time (for example, loss of specific human capital in the event of job … case of two aggregate shocks, S = L,H,
where S = L corresponds to the event that the economy is contracting (low level of … close to one (Hubbard, Skinner, and Zeldes, 1994,
and Storesletten et al., 2004). All these studies use annual income data …