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Cyclical labour income risk in Great Britain

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Cyclical labour income risk in Great Britain. / Angelopoulos, Konstantinos; Lazarakis, Spyridon; Malley, James.
In: Journal of Applied Econometrics, Vol. 37, No. 1, 31.01.2022, p. 116-130.

Research output: Contribution to Journal/Magazine › Journal article › peer-review

Harvard

Angelopoulos, K, Lazarakis, S & Malley, J 2022, 'Cyclical labour income risk in Great Britain', Journal of Applied Econometrics, vol. 37, no. 1, pp. 116-130. https://doi.org/10.1002/jae.2860

APA

Angelopoulos, K., Lazarakis, S., & Malley, J. (2022). Cyclical labour income risk in Great Britain. Journal of Applied Econometrics, 37(1), 116-130. https://doi.org/10.1002/jae.2860

Vancouver

Angelopoulos K, Lazarakis S, Malley J. Cyclical labour income risk in Great Britain. Journal of Applied Econometrics. 2022 Jan 31;37(1):116-130. Epub 2021 Aug 22. doi: 10.1002/jae.2860

Author

Angelopoulos, Konstantinos ; Lazarakis, Spyridon ; Malley, James. / Cyclical labour income risk in Great Britain. In: Journal of Applied Econometrics. 2022 ; Vol. 37, No. 1. pp. 116-130.

Bibtex

@article{83c8fe52327e4481a98d53c486d93866,
title = "Cyclical labour income risk in Great Britain",
abstract = "This paper provides new evidence on the cyclical behaviour of household labour income risk in Great Britain and the role of social insurance policy in mitigating against this source of income risk. To achieve this, we decompose stochastic idiosyncratic household income into its transitory and persistent components. We focus our analysis of income risk captured by the second to fourth moments of the probability distribution of shocks to the persistent component of income. We find that household labour income risk increases during contractions via changes in third and fourth central moments of persistent shocks to labour income, while the variance remains acyclical. We also find that economic policy has reduced the level of risk exposure and its increase during contractions via benefits rather than tax policies.",
keywords = "household income risk, social insurance policy, aggregate fluctuations",
author = "Konstantinos Angelopoulos and Spyridon Lazarakis and James Malley",
year = "2022",
month = jan,
day = "31",
doi = "10.1002/jae.2860",
language = "English",
volume = "37",
pages = "116--130",
journal = "Journal of Applied Econometrics",
issn = "0883-7252",
publisher = "John Wiley and Sons Ltd",
number = "1",

}

RIS

TY - JOUR

T1 - Cyclical labour income risk in Great Britain

AU - Angelopoulos, Konstantinos

AU - Lazarakis, Spyridon

AU - Malley, James

PY - 2022/1/31

Y1 - 2022/1/31

N2 - This paper provides new evidence on the cyclical behaviour of household labour income risk in Great Britain and the role of social insurance policy in mitigating against this source of income risk. To achieve this, we decompose stochastic idiosyncratic household income into its transitory and persistent components. We focus our analysis of income risk captured by the second to fourth moments of the probability distribution of shocks to the persistent component of income. We find that household labour income risk increases during contractions via changes in third and fourth central moments of persistent shocks to labour income, while the variance remains acyclical. We also find that economic policy has reduced the level of risk exposure and its increase during contractions via benefits rather than tax policies.

AB - This paper provides new evidence on the cyclical behaviour of household labour income risk in Great Britain and the role of social insurance policy in mitigating against this source of income risk. To achieve this, we decompose stochastic idiosyncratic household income into its transitory and persistent components. We focus our analysis of income risk captured by the second to fourth moments of the probability distribution of shocks to the persistent component of income. We find that household labour income risk increases during contractions via changes in third and fourth central moments of persistent shocks to labour income, while the variance remains acyclical. We also find that economic policy has reduced the level of risk exposure and its increase during contractions via benefits rather than tax policies.

KW - household income risk

KW - social insurance policy

KW - aggregate fluctuations

U2 - 10.1002/jae.2860

DO - 10.1002/jae.2860

M3 - Journal article

VL - 37

SP - 116

EP - 130

JO - Journal of Applied Econometrics

JF - Journal of Applied Econometrics

SN - 0883-7252

IS - 1

ER -