A Risky Venture: Income Dynamics among Pass-Through Business Owners
利用1987-2018年美国税收申报面板数据，发现企业主收入比劳动收入风险更高，持久性更低且尾部风险更大，为宏观模型和政策分析提供事实依据。
We employ a large panel of US income tax returns for the period 1987–2018 to extensively characterize and quantify business income risk. Our findings show business income to be much riskier than labor income. Business income is less persistent and is characterized by higher tail risk. Furthermore, when compared to labor income, heterogeneity across households is less important in explaining the cross-sectional variation in business income, and within-household income variation is more important. Our results underscore the income risks business owners face and provide stylized facts and parameter estimates useful for quantitative macroeconomic models and policy analysis.