A Parsimonious Model of Idiosyncratic Income
标准持久与暂时收入模型存在设定偏误，估计结果因数据矩和加权方式而异。本文提出仅增加一个参数的简单修正，允许两种不同持续期的暂时冲击，从而稳健准确地识别收入过程参数。
ABSTRACT The standard permanent and transitory income model is known to be misspecified. Estimates of income volatility within this model differ depending on the specific data moments used—whether they are in levels or differences—and how these moments are weighted during estimation. We suggest a simple modification to the standard model: allowing for two transitory shocks that persist for different lengths of time. Our proposed model, which introduces only one additional parameter, consistently and accurately identifies the parameters of the income process, regardless of the estimation method used .