作者：Drewianka, Scott; Oberg, Phillip
作者单位：University of Wisconsin System; University of Wisconsin Milwaukee
摘要：We add to the debate about whether models of earnings dynamics should allow for unobservable heterogeneity in expected earnings growth rates by examining implications for a statistic originally proposed to estimate the variance of persistent earnings shocks. While that statistic is unbiased under a common specification, we derive biases that would arise under alternative models and use them to draw inferences about their empirical relevance and to estimate key parameters. Most results cast dou...
