{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,12]],"date-time":"2026-02-12T06:14:25Z","timestamp":1770876865909,"version":"3.50.1"},"reference-count":52,"publisher":"Wiley","issue":"1","license":[{"start":{"date-parts":[[2025,10,3]],"date-time":"2025-10-03T00:00:00Z","timestamp":1759449600000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/onlinelibrary.wiley.com\/termsAndConditions#vor"},{"start":{"date-parts":[[2025,10,3]],"date-time":"2025-10-03T00:00:00Z","timestamp":1759449600000},"content-version":"tdm","delay-in-days":0,"URL":"http:\/\/doi.wiley.com\/10.1002\/tdm_license_1.1"}],"content-domain":{"domain":["onlinelibrary.wiley.com"],"crossmark-restriction":true},"short-container-title":["J of Applied Econometrics"],"published-print":{"date-parts":[[2026,1]]},"abstract":"<jats:title>ABSTRACT<\/jats:title>\n                  <jats:p>This study addresses the limitations of traditional earnings risk measures, which often rely on moments such as variance, skewness, and kurtosis. For heavy\u2010tailed distributions, these moments may not exist, challenging such analyses. We propose robust conditional Pareto exponents as novel measures of earnings risk, with accompanying estimation and inference methods. Using UK NESPD and US PSID data, we find (1) moments often fail to exist; (2) tail risk rises over the life cycle; (3) job stayers face higher tail risk; and (4) these patterns persist in both the 2007\u20132008 recession and the 2015\u20132016 growth period.<\/jats:p>","DOI":"10.1002\/jae.70017","type":"journal-article","created":{"date-parts":[[2025,10,3]],"date-time":"2025-10-03T08:35:16Z","timestamp":1759480516000},"page":"39-55","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Nonexistent Moments of Earnings Growth"],"prefix":"10.1002","volume":"41","author":[{"given":"Silvia","family":"Sarpietro","sequence":"first","affiliation":[{"name":"Department of Economics University of Bologna  Bologna Italy"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Yuya","family":"Sasaki","sequence":"additional","affiliation":[{"name":"Department of Economics Vanderbilt University  Nashville Tennessee USA"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Yulong","family":"Wang","sequence":"additional","affiliation":[{"name":"Department of Economics Syracuse University  Syracuse New York USA"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"311","published-online":{"date-parts":[[2025,10,3]]},"reference":[{"key":"e_1_2_9_2_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2018.05.010"},{"key":"e_1_2_9_3_1","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA13795"},{"key":"e_1_2_9_4_1","doi-asserted-by":"publisher","DOI":"10.3982\/QE1887"},{"key":"e_1_2_9_5_1","unstructured":"Beare B. K.andA. A.Toda2017. \u201cDetermination of Pareto Exponents in Economic Models Driven by Markov Multiplicative Processes.\u201darXiv preprint arXiv:1712.01431."},{"key":"e_1_2_9_6_1","doi-asserted-by":"crossref","unstructured":"Bell B. D. N.Bloom andJ.Blundell2021). \u201cThis Time Is Not so Different: Income Dynamics During the Covid\u201019 Recession\u201d","DOI":"10.3386\/w28871"},{"key":"e_1_2_9_7_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2008.00521.x"},{"key":"e_1_2_9_8_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2009.00577.x"},{"key":"e_1_2_9_9_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2017.11.010"},{"key":"e_1_2_9_10_1","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20190019"},{"key":"e_1_2_9_11_1","doi-asserted-by":"crossref","unstructured":"Calvet L. E. J. Y.Campbell F.Gomes andP.Sodini2021. \u201cThe Cross\u2010Section of Household Preferences.\u201d Tech. rep. National Bureau of Economic Research.","DOI":"10.3386\/w28788"},{"key":"e_1_2_9_12_1","doi-asserted-by":"publisher","DOI":"10.1111\/iere.12534"},{"key":"e_1_2_9_13_1","volume-title":"Extreme Value Theory: An Introduction, Springer Series in Operations Research and Financial Engineering","author":"Haan L.","year":"2007"},{"key":"e_1_2_9_14_1","doi-asserted-by":"publisher","DOI":"10.1093\/jeea\/jvz010"},{"key":"e_1_2_9_15_1","doi-asserted-by":"crossref","unstructured":"De Nardi M. G.Fella andG.Paz\u2010Pardo2021. \u201cWage Risk and Government and Spousal Insurance.\u201d Tech. rep. National Bureau of Economic Research.","DOI":"10.3386\/w28294"},{"key":"e_1_2_9_16_1","doi-asserted-by":"publisher","DOI":"10.1111\/jmcb.12988"},{"key":"e_1_2_9_17_1","doi-asserted-by":"publisher","DOI":"10.1108\/JAL-02-2022-0027"},{"key":"e_1_2_9_18_1","doi-asserted-by":"publisher","DOI":"10.1086\/682407"},{"key":"e_1_2_9_19_1","doi-asserted-by":"publisher","DOI":"10.3982\/QE737"},{"key":"e_1_2_9_20_1","first-page":"245","article-title":"A Review of More Than One Hundred Pareto\u2010Tail Index Estimators","volume":"80","author":"Fedotenkov I.","year":"2020","journal-title":"Statistica"},{"key":"e_1_2_9_21_1","doi-asserted-by":"publisher","DOI":"10.1146\/annurev.economics.050708.142940"},{"key":"e_1_2_9_22_1","doi-asserted-by":"publisher","DOI":"10.1257\/jep.30.1.185"},{"key":"e_1_2_9_23_1","doi-asserted-by":"publisher","DOI":"10.1198\/jbes.2009.06157"},{"key":"e_1_2_9_24_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2016.04.001"},{"key":"e_1_2_9_25_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmva.2008.02.023"},{"key":"e_1_2_9_26_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jspi.2012.01.011"},{"key":"e_1_2_9_27_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-4076(99)00063-9"},{"key":"e_1_2_9_28_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20111550"},{"key":"e_1_2_9_29_1","doi-asserted-by":"publisher","DOI":"10.1162\/rest.89.1.118"},{"key":"e_1_2_9_30_1","doi-asserted-by":"publisher","DOI":"10.1111\/1467-9868.00286"},{"key":"e_1_2_9_31_1","doi-asserted-by":"publisher","DOI":"10.1016\/B978-0-44-459406-8.00021-4"},{"key":"e_1_2_9_32_1","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA14603"},{"key":"e_1_2_9_33_1","doi-asserted-by":"publisher","DOI":"10.1086\/675535"},{"key":"e_1_2_9_34_1","doi-asserted-by":"publisher","DOI":"10.3982\/QE2260"},{"key":"e_1_2_9_35_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.2517-6161.1982.tb01183.x"},{"key":"e_1_2_9_36_1","doi-asserted-by":"publisher","DOI":"10.1214\/aos\/1176346596"},{"key":"e_1_2_9_37_1","doi-asserted-by":"publisher","DOI":"10.1093\/jeea\/jvad047"},{"key":"e_1_2_9_38_1","doi-asserted-by":"publisher","DOI":"10.1214\/aos\/1176343247"},{"key":"e_1_2_9_39_1","doi-asserted-by":"publisher","DOI":"10.2307\/2298119"},{"key":"e_1_2_9_40_1","doi-asserted-by":"publisher","DOI":"10.3982\/QE1117"},{"key":"e_1_2_9_41_1","doi-asserted-by":"crossref","unstructured":"Janssens E. F.andS.McCrary2022. \u201cFinite\u2010State Markov\u2010Chain Approximations: A Hidden Markov Approach.\u201dAvailable at SSRN 4137592.","DOI":"10.2139\/ssrn.4137592"},{"key":"e_1_2_9_42_1","doi-asserted-by":"publisher","DOI":"10.1080\/09638180.2013.860044"},{"key":"e_1_2_9_43_1","doi-asserted-by":"publisher","DOI":"10.1007\/s10614-021-10222-6"},{"key":"e_1_2_9_44_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0262.2004.00476.x"},{"key":"e_1_2_9_45_1","doi-asserted-by":"publisher","DOI":"10.3386\/w24390"},{"key":"e_1_2_9_46_1","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0297.t01-1-00161"},{"key":"e_1_2_9_47_1","doi-asserted-by":"publisher","DOI":"10.1086\/725790"},{"key":"e_1_2_9_48_1","doi-asserted-by":"crossref","first-page":"829","DOI":"10.1080\/07350015.2020.1870985","article-title":"Fixed\u2010\nk$$ k $$ Inference for Conditional Extremal Quantiles","volume":"40","author":"Sasaki Y.","year":"2022","journal-title":"Journal of Business & Economic Statistics"},{"key":"e_1_2_9_49_1","doi-asserted-by":"publisher","DOI":"10.1214\/aos\/1176350499"},{"key":"e_1_2_9_50_1","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1765(86)90168-0"},{"key":"e_1_2_9_51_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2015.08.006"},{"key":"e_1_2_9_52_1","doi-asserted-by":"publisher","DOI":"10.1198\/jasa.2009.tm08458"},{"key":"e_1_2_9_53_1","doi-asserted-by":"publisher","DOI":"10.1080\/01621459.2013.820134"}],"container-title":["Journal of Applied Econometrics"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/pdf\/10.1002\/jae.70017","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/full-xml\/10.1002\/jae.70017","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/pdf\/10.1002\/jae.70017","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,2,12]],"date-time":"2026-02-12T05:19:54Z","timestamp":1770873594000},"score":1,"resource":{"primary":{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/10.1002\/jae.70017"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025,10,3]]},"references-count":52,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2026,1]]}},"alternative-id":["10.1002\/jae.70017"],"URL":"https:\/\/doi.org\/10.1002\/jae.70017","archive":["Portico"],"relation":{},"ISSN":["0883-7252","1099-1255"],"issn-type":[{"value":"0883-7252","type":"print"},{"value":"1099-1255","type":"electronic"}],"subject":[],"published":{"date-parts":[[2025,10,3]]},"assertion":[{"value":"2024-11-29","order":0,"name":"received","label":"Received","group":{"name":"publication_history","label":"Publication History"}},{"value":"2025-09-04","order":2,"name":"accepted","label":"Accepted","group":{"name":"publication_history","label":"Publication History"}},{"value":"2025-10-03","order":3,"name":"published","label":"Published","group":{"name":"publication_history","label":"Publication History"}}]}}