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This paper proposes a novel approach for identifying coefficients in anearnings dynamics model with arbitrarily dependent contemporaneous incomeshocks. Traditional methods relying on second moments fail to identify thesecoefficients, emphasizing the need for nongaussianity assumptions that captureinformation from higher moments. Our results contribute to the literature onearnings dynamics by allowing models of earnings to have, for example, thepermanent income shock of a job change to be linked to the contemporaneoustransitory income shock of a relocation bonus.

Identifying an Earnings Process With Dependent Contemporaneous Income Shocks