Firm Performance and the Volatility of Worker Earnings
利用美国雇主-雇员匹配数据，研究企业收入冲击是否传导至持续雇员的收入，发现完全保险被拒绝，但工人收入对持续性冲击的弹性较小，企业为工人提供了部分保险。
Using linked employer-employee data for the United States, we examine whether shocks to firm revenues are transmitted to the earnings of continuing employees. While full insurance is rejected, the elasticity of worker earnings with respect to persistent shocks in firm revenues is small and consistent with the notion that firms insulate workers from idiosyncratic shocks. Exploring the heterogeneity of effects, we find the largest elasticity in professional services among employees in the top 5% of their employers' earnings distribution, suggesting that in certain jobs performance pay may be a countervailing force to wage insurance.