How Risky Are Recessions for Top Earners?
利用美国社保管理局的机密数据，研究了高收入者收入对商业周期的敏感度，发现前1%高收入者的收入周期波动略高于平均水平，但金融、保险、房地产和建筑业的高收入者波动更大，而服务业高收入者波动较小。
How sensitive to business cycles are the earnings of top earners? 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 percent 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 percent of individuals in the top 1 percent) have earnings that are less cyclical than the average worker.