On the Covariance Structure of Earnings and Hours Changes
利用三个面板调查的纵向数据，分析个人收入与工时随时间变化的协方差结构，发现其跨调查高度相似，且除测量误差外，主要方差成分对收入与工时的影响等比例。
This paper presents an empirical analysis of changes in individual earnings and hours over time. Using longitudinal data from three panel surveys, we catalogue the main features of the covariance structure of changes in earnings and hours. We then present an interpretation of these features in terms of both a life-cycle labor supply model and a fixed-wage labor contract model. Our major findings are:(1) there is a remarkable similarity in the covariance structure of earnings and hours changes across the three surveys; and (2) apart from simple measurement error, the major component of variance in earnings and hours affects earnings and hours equi-proportionately.