Worker Betas: Five Facts about Systematic Earnings Risk
利用行政数据，研究了个人收入对GDP和股票收益的系统性风险暴露如何因性别、年龄、收入水平和行业而异，发现风险暴露与收入水平呈U型关系。
The magnitude of and heterogeneity in systematic earnings risk has important implications for various theories in macro, labor, and financial economics. Using administrative data, we document how the aggregate risk exposure of individual earnings to GDP and stock returns varies across gender, age, the worker's earnings level, and industry. Aggregate risk exposure is U-shaped with respect to the earnings level. In the middle of the earnings distribution, aggregate risk exposure is higher for males, younger workers, and construction and durable manufacturing. At the top of the earnings distribution, aggregate risk exposure is higher for older workers and finance.